H4 kids education fund
I am on H1 visa, can I open account 529 for my daughter's education?
@cel Yes, you can.
Thanks, I went to Bank of America yesterday and they said I can't open as I am not a green card holder. Could you please suggest which Bank should I approach ?
A brokerage firm with experience in international customer accounts can help you. I recommend scottrade- they seem to have the regulatory approval for intl investment accounts
@cel BOA is running outdated legacy systems beqcuse of so many acquisitions over the last 10-15 years.. they were unable to open an IRA account for a non-us citizen a few years ago. Charles Schwab is my recommendation.
To BofA's defense, they are a bank. The regulatory overhead of certain investment vehicles are too burdensome for them to accept for non-citizens. Things with tax implications and multi-state variability in implementation are just freaking complex.
AML fines have had most of the majors scared. The best is to open open a Roth IRA, at the custodian of your 401k. They know you, and you tend to have the least hassle. Unless, you are putting in massive amounts of money in a 529, like 5 times the gift amount at once (14k, I think) 529 s are a hassle. Roths allow 5500 a year. You can always pull your contributions out, spend what you want for college expenses penalty free, or leave it for retirement if your situation changes down the line.
Please feel free to leave Blind.
Chancellor which American reservation do you belong to?