Hey, check out this video for more info, and if you want to open up your own account, feel free to book a call with me (booking link is below the video): https://retiredabroad.co/neutral-zone-account
Not specifically a question about expat banking, but a large share of my retirement saving is in an uninsured tax-defferred 457 account with a govt-contactor/financial services company, not an actual bank. My portfolio, such as it is, is mostly invested in a relatively low-risk low-yield manner. I'm trying to figure out a way to better protect my money w/o incurring a huge tax liability and secondarily increase my earnings. Any suggestions would help.
Hey Jennifer, check out this video for more info, and if you want to open up your own account, feel free to book a call with me (booking link is below the video): https://retiredabroad.co/neutral-zone-account
Hey Sally, check out this video for more info, and if you want to open up your own account, feel free to book a call with me (booking link is below the video): https://retiredabroad.co/neutral-zone-account
Hey Steve, check out this video for more info, and if you want to open up your own account, feel free to book a call with me (booking link is below the video): https://retiredabroad.co/neutral-zone-account
Am I getting this right… My Social Security and pensions need to continue to go to a US account. I’m retired and take money out of an IRA with Fidelity. Can that Fidelity account be moved to my own Switzerland or does that need to be stateside as well?
your SS can also go into a foreign account, many expats do it that way.
Moving an IRA out of US custody cannot be done. What can be done is e.g. a self-directed IRA, where custody is technically still in the US, but it has other advantages, that would be to complicated to explain in a short comment, but if you research it, you will find some answers.
Ben, new subscriber here. Primarily interest is the fourth account type. What are the implications for governmental reach for foreign accounts in offshore banks with a U.S. presence, such as BNP Paribas (Suisse).
nice to have you here, and great question, I'm actually preparing an article on that exact topic.
There's a spectrum.
A domestic US bank account can be frozen with a court order (on the same day). A foreign bank with US presence (like BNP Paribas Suisse) is harder. NY courts upheld the "separate entity rule" in 2014, meaning a restraining order on the bank's US branch doesn't automatically freeze accounts at the Swiss branch. The branches are treated as separate entities.
But the federal government has more tools than a private creditor. PATRIOT Act subpoenas can reach any foreign bank with US correspondent accounts, and the 2021 NDAA expanded that to all federal crimes.
Most of the banks I work with have no US presence. DM me if you want to talk specifics.
I have $250k in a US federal credit union savings account. I’m scared of the USD crashing and want to out my $ in a safe alternative. Would you suggest a physical option and also a nonUS option. Is Bitcoin an option?
What are the tax implications from moving money from a Roth, 401k or traditional ira into a product in say that Caribbean from the US obviously but is it just the same it's a cash out penalty. Are there similar products you can transfer into?
Revolut is good for converting currency, same as Wise. I don't see any issue with using it alongside a local account. I would however not use it to store wealth, only "spending money".
I’m confused. When my Swiss daughter-in-law was getting her fiancé visa, and in the process of the green card and in the process of getting married to mine to us a US citizen she had to immediately close her Swiss bank accounts. So I’m confused.
That's really common. Her Swiss bank didn't want to deal with FATCA reporting once she became a US person, so they tell her to close the accounts. That's the bank's decision, not the law, and every bank can do it. Americans can legally hold foreign bank accounts, but you have to find banks that are willing to do so.
wow, so helpful!!
Hey, I’m glad :) You can also check this video for further info: https://retiredabroad.co/neutral-zone-account
Sweet, thnk you!
ACCOUNT
Hey, check out this video for more info, and if you want to open up your own account, feel free to book a call with me (booking link is below the video): https://retiredabroad.co/neutral-zone-account
Not specifically a question about expat banking, but a large share of my retirement saving is in an uninsured tax-defferred 457 account with a govt-contactor/financial services company, not an actual bank. My portfolio, such as it is, is mostly invested in a relatively low-risk low-yield manner. I'm trying to figure out a way to better protect my money w/o incurring a huge tax liability and secondarily increase my earnings. Any suggestions would help.
I DM’d you!
Account
Sent via mail, and you can also check this video for further info: https://retiredabroad.co/neutral-zone-account
Account
Hey Jennifer, check out this video for more info, and if you want to open up your own account, feel free to book a call with me (booking link is below the video): https://retiredabroad.co/neutral-zone-account
ACCOUNT. Very helpful, thank you.
Hey Sally, check out this video for more info, and if you want to open up your own account, feel free to book a call with me (booking link is below the video): https://retiredabroad.co/neutral-zone-account
I have been running on similar lines but had not thought of the Neutral Account to hold the pot. Where do you suggest?
Hey Steve, you can find more info here: https://retiredabroad.co/neutral-zone-account And you are interested to open such an account, feel free to reach out!
ACCOUNT
Hey Steve, check out this video for more info, and if you want to open up your own account, feel free to book a call with me (booking link is below the video): https://retiredabroad.co/neutral-zone-account
Am I getting this right… My Social Security and pensions need to continue to go to a US account. I’m retired and take money out of an IRA with Fidelity. Can that Fidelity account be moved to my own Switzerland or does that need to be stateside as well?
Hey Robin,
your SS can also go into a foreign account, many expats do it that way.
Moving an IRA out of US custody cannot be done. What can be done is e.g. a self-directed IRA, where custody is technically still in the US, but it has other advantages, that would be to complicated to explain in a short comment, but if you research it, you will find some answers.
If you have any questions, feel free to DM me.
Ben, new subscriber here. Primarily interest is the fourth account type. What are the implications for governmental reach for foreign accounts in offshore banks with a U.S. presence, such as BNP Paribas (Suisse).
Thanks.
Hey John,
nice to have you here, and great question, I'm actually preparing an article on that exact topic.
There's a spectrum.
A domestic US bank account can be frozen with a court order (on the same day). A foreign bank with US presence (like BNP Paribas Suisse) is harder. NY courts upheld the "separate entity rule" in 2014, meaning a restraining order on the bank's US branch doesn't automatically freeze accounts at the Swiss branch. The branches are treated as separate entities.
But the federal government has more tools than a private creditor. PATRIOT Act subpoenas can reach any foreign bank with US correspondent accounts, and the 2021 NDAA expanded that to all federal crimes.
Most of the banks I work with have no US presence. DM me if you want to talk specifics.
Thanks, Ben. That better informs my search.
JC
Welcome John, glad this helped!
What country in the Caribbean do you recommend for the wealth accumulation account? What do you think of Mexico?
Hey Jiva, I will DM you!
Account
DM'd you!
I found your write-ups helpful, but one important peiece is missing: where (in which country) and at which bank to open that fourth account.
Hey Thomas, I will DM you!
I have $250k in a US federal credit union savings account. I’m scared of the USD crashing and want to out my $ in a safe alternative. Would you suggest a physical option and also a nonUS option. Is Bitcoin an option?
I will DM you!
What are the tax implications from moving money from a Roth, 401k or traditional ira into a product in say that Caribbean from the US obviously but is it just the same it's a cash out penalty. Are there similar products you can transfer into?
I will DM you!
ty 💚
🫶
Very interesting perspective. Im curious what do you think having Revolut for US SS and use it as bank account in Italy let’s say.
Revolut is good for converting currency, same as Wise. I don't see any issue with using it alongside a local account. I would however not use it to store wealth, only "spending money".
Crap. Self custody Bitcoin.
I also hold BTC in self custody, yes. But it's not the solution for everything.
I’m confused. When my Swiss daughter-in-law was getting her fiancé visa, and in the process of the green card and in the process of getting married to mine to us a US citizen she had to immediately close her Swiss bank accounts. So I’m confused.
That's really common. Her Swiss bank didn't want to deal with FATCA reporting once she became a US person, so they tell her to close the accounts. That's the bank's decision, not the law, and every bank can do it. Americans can legally hold foreign bank accounts, but you have to find banks that are willing to do so.