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Posts Tagged ‘expat retirement account’

Morgan Stanley to Expats: Take Your $500,000 IRA Somewhere Else

Thursday, March 20th, 2014

Morgan Stanley is no longer accepting applications from expats who wish to open a new IRA or roll over an existing IRA, unless the account in question is valued at $500,000 or more, according to recent reports. While the exact reasoning behind this policy change is unclear analyst Charles Hancock believes the move is “50% compliance and 50% greed”.

“Laws such as [know your customer] and the Patriot Act have made it more difficult for expats to maintain certain types of financial accounts, but that doesn’t mean it is impossible,” Hancock said. “If current laws made it impossible to own an IRA while living outside of the United States then Morgan Stanley and other custodians who have taken similar measures wouldn’t have a threshold of half a million dollars.”

Hancock says that while some expats may receive calls or correspondence from their custodian requesting that they find another home for their IRA such tactics are still the exception rather than the rule. “There are quite a few IRA custodians that accept expats with retirement accounts,” Hancock said. “Two that come to mind are Equity Institutional and GoldStar Trust, and both of those firms offer traditional investments as well as alternative assets like gold bullion.”

Individuals who are interested in opening or transferring an IRA or inactive 401(k) can call directly for an obligation-free portfolio evaluation. advisers are non-commissioned representatives and can walk you through the IRA rollover paperwork from start to finish so that your account is set up the way you want it so you can get back to,living your life.

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