What should you do to your brokerage account when you have to leave the country?

Amazon
amzn2021

Go to company page Amazon

amzn2021
Jan 9, 2021 8 Comments

Assuming an h1b loses his job and can’t find anything within 60 days, in that situation what is the best advice regd brokerage account if the individual has lot of money in Stocks in a US based brokerage account?

Selling is not a good decision. But in the home country like India there is no branch of Vanguard, Fidelity etc.

#workvisa #h1b #investing

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TOP 8 Comments
  • Cisco
    bottomf

    Go to company page Cisco

    bottomf
    Good post, someone please advise.
    Jan 9, 2021 0
  • I have no actual experience here. But my plan is to keep filing taxes as foreign individual (w9-ben) and call them up about change of address. Then have wire transfer set up for whenever I need to withdraw. Have zero clue how this works in reality or if it's possible to do so though.
    Jan 9, 2021 0
  • Whenever you sell it, you will owe US taxes.
    In addition, you'll owe taxes to your residence country.
    If both countries have a tax treaty, then you will get credit for taxes you paid in one country. A CPA will be able to help.

    Additionally, some countries may give you a period during which you can move money tax free. For example, if you are moving back, India let's you repatriate your money back over 2 years tax free. After that it's taxed.
    Jan 9, 2021 3
    • How is it locked? You can hold it as long as you want. And when you need the money, you can sell and transfer the money at any point.

      You still own the stock. Being outside the country doesn't mean you relinquish ownership. Everything is online now. Why do you physically need to enter to access those stocks? I have never set foot in a Fidelity office yet :)
      Jan 9, 2021
    • All you need to do is make sure you follow all the reporting laws in both countries. There are plenty of people who own assets in the US that don't live in the US
      Jan 9, 2021
  • Amazon
    KpskXcyt

    Go to company page Amazon

    KpskXcyt
    Following. In similar situation
    Jan 9, 2021 0
  • Does IBKR not operate in your country?
    Jan 9, 2021 0