IRAs for non resident citizens

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Bumble
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Joined: Tue Apr 23, 2019 1:07 am

Re: IRAs for non resident citizens

Post by Bumble » Tue Apr 23, 2019 2:07 am

@nelsona I notice that the TD Ameritrade statement you quoted does not explicitly indicate retirement versus non-retirement accounts. It could be their no-open, no-maintain policy now applies to both retirement and non-retirement accounts, but I have some suspicion whether the person sending you the statement was clear that you were inquiring specifically about retirement accounts, given what seems to be a long history of TD allowing such accounts to be maintained. Even Norbert Schlenker (of Norbert's gambit fame) wrote, (although, back in 2006) "I have an IRA at TD, they know I'm in Canada, and they haven't given me any grief about the account or trading in it since 2000." (See viewtopic.php?t=1491&p=18253 )

I'm a dual citizen myself and plan to return to Canada this summer. My plan is to transfer my retirement savings from Vanguard and Merrill Edge to at least two brokerages (likely, Fidelity and TD Ameritrade) that appear to be Canadian-resident-friendly. This way, even if one of the two brokerages changes their policy down the road, I probably can still transfer my assets to the other one.

I'd love to hear any further developments in the next few months before my move.

nelsona
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Location: Nowhere, man

Re: IRAs for non resident citizens

Post by nelsona » Tue Apr 23, 2019 9:19 am

Yes, I intend to follow-up more closely with TDA, but be assured I asked the right question. I do suspect the answer however.

I did get excellent confirmation from 2 sources at Fidelity, in writing, that I can maintain, without restriction my Fidelity retirement accounts, and they did also correctly add that non-retirement accounts could NOT be maintained.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

coco1106
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Joined: Sun Jan 20, 2019 3:40 pm

Re: IRAs for non resident citizens

Post by coco1106 » Fri May 03, 2019 3:38 pm

Guy,

This is a letter I received from TDA with regards to maintaining retirement accounts in USA for non usa residents, I told them we were dual citizens.

"Thank you for allowing me to assist you today . Thus letter serves to confirm the following information for Canadian residents who have IRA accounts with TD Ameritrade. Consistent with Canadian law, TD Ameritrade, is permitted to act as the US brokerage firm holding your IRA account. TD Ameritrade and your IRA account will be subject to applicable US laws and regulations and will not otherwise be subject to,or covered by the protections of, Canadian law and regulations."


Then the letter just gave a phone number for client services.

I assume from this letter that TDA will allow non US residents maintain IRAs in USA ........hope this includes Roths,
when I spoke to them they said yes to Roths, I am just copying the letter in case it helps someone.

nelsona
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Location: Nowhere, man

Re: IRAs for non resident citizens

Post by nelsona » Fri May 03, 2019 4:17 pm

Thanks,
I got similar letter from Schwab, and have decided to go with them. They even said that a Cdn resident could open up a new account with them, so long as they had proof of previous US residency. The also stipulate that only retirement accounts could be maintained.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

coco1106
Posts: 80
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Re: IRAs for non resident citizens

Post by coco1106 » Fri May 03, 2019 4:46 pm

good to hear on CS...

We are not decided yet, TDA,CS or stay with Fidelty ...Fidelty would be the easiest , but it is very good to have options, and I would like to thank everyone for the input.

I have meetings set up with the above 3 firms I will report back !

coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

Re: IRAs for non resident citizens

Post by coco1106 » Fri May 03, 2019 5:07 pm

One more thing TDA did specify that we could NOT maintain a non retirement account with them, which is keeping in what everyone has been posting.

Nelsona , I am a bit surprised at TDA saying they could not maintain Roths...they told me yes, I will double check with them again on the Roths.


I was happy to read the comments with regards to Fidelity being able to maintain accounts...that would be the best IMO..but its good to have options, someone said about maintaining accounts in 2 firms, which seems like a good idea as well.

nelsona
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Location: Nowhere, man

Re: IRAs for non resident citizens

Post by nelsona » Fri May 03, 2019 6:25 pm

As was mentioned earlier, I think I got a telephlunkie, who, rather than admit not knowing and would do research, just gave me a flat canned answer.
That poor customer service was enough for me.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

LasseOstera
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Joined: Mon May 06, 2019 3:12 am
Contact:

Re: IRAs for non resident citizens

Post by LasseOstera » Mon May 06, 2019 3:15 am

hi

Bumble
Posts: 14
Joined: Tue Apr 23, 2019 1:07 am

Re: IRAs for non resident citizens

Post by Bumble » Mon May 20, 2019 10:39 pm

nelsona wrote:
> As was mentioned earlier, I think I got a telephlunkie, who, rather than
> admit not knowing and would do research, just gave me a flat canned answer.
> That poor customer service was enough for me.

Poor customer services are everywhere. I checked with Schwab using online chat last week, and was told that I cannot maintain my retirement and non-retirement accounts following my move to Canada due to U.S.-Canada tax treaties. I then called Schwab's telephone line who transferred me to the international desk and was told that I can maintain my retirement accounts but not my non-retirement accounts. I tried to ask the rep to send me some written rules about this but wasn't successful.

@nelsona, do you mind providing the written response you received from Schwab on this subject please? (Through what channel did you receive the written response?) Thanks much in advance!

lbeauvil
Posts: 7
Joined: Wed Mar 04, 2015 4:19 pm

Re: IRAs for non resident citizens

Post by lbeauvil » Sun Jun 30, 2019 8:15 pm

Hi coco1106, did you get any news from your meeting with Fidelity in May? Did they confirm you can keep your retirement account with them after moving to Canada?

I'm trying to get the same confirmation from Prudential but not easy to have a clear answer.

pencileveryone
Posts: 2
Joined: Sun Sep 22, 2019 12:10 pm

Re: IRAs for non resident citizens

Post by pencileveryone » Mon Sep 23, 2019 3:25 am

@coco1106 / Ibeauvil - Did you get any further updates? I am in the same boat. I have a rollover IRA and a Roth IRA and I am looking for firms that would allow me to hold them while living in Canada. Thanks!

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