Investment accounts after leaving US

Amazon / Eng
Jdk

Go to company page Amazon Eng

Jdk
Apr 8, 2018 4 Comments

Just wondering how to deal with the investment accounts like Robinhood, and Wealthfront after leaving US.

Is it OK to keep them open? How to handle tax stuff?

Thanks a lot!

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TOP 4 Comments
  • Google
    boombo

    Go to company page Google

    boombo
    Don't play with investment accounts. Suggest liquidate everything and close them. If you enter in some form of tax liability you are not aware of. You may get blacklisted for future US entry. Why to take that risk in life?
    Apr 9, 2018 1
  • Amazon
    pQvt82

    Go to company page Amazon

    pQvt82
    What country are you moving to? And are you a US citizen, or s permanent resident? If PR, have you lived in the US more than five years?

    All these questions impact how much and what kind of tax could be payable on leaving.

    You should consult a cross border tax expert who knows the tax treaty that exists between your country and the US to find out how 401k, IRA, etc will be taxed an what kind of departure tax may be owing.

    Depending on your country and the advice from the tax expert, you can look into transferring your accounts. You can open a brokerage in your new country and you may be able to transfer assets in kind without selling them.

    A few US brokers will allow you to keep your account with a foreign address, like Interactive Brokers. The problem is they will issue US tax forms and not the forms you need to pay tax in your new country, which is why transferring the assets to a local brokerage is likely better.
    Apr 9, 2018 0
  • You have to close your wealthfront account if you are not a citizen and no longer a resident. Not sure about Robinhood.
    Apr 8, 2018 0