# Critical info US Expats with US Investment Accounts



## jsharbuck

I talked to our Fidelity Fund broker today and he advised the following that I wanted to pass on, this is not second hand info so I find it credible.

Last week Fidelity as well as other like companies were informed that in 60 days the following restrictions will be in place for accounts held by US citizens living abroad.

1. Account holders will not be allowed to make any trades or position changes on their accounts. However you have dispersed your investments will have to remain as such.

2. You also will not be able to make any further contributions to any accounts.

3. ThIs follows recent changes that prohibits such companies from giving trading advise to any overseas customers

4. No restrictions in next 60 days as to accessing funds. "additional restrictions are anticipated in the next 6 months."

The advisor told me that Fidelity would "understand and help should we choose to liquidate our acct.". He stated they received these new regulations last week and are scrambling to send out notices to their clients. This was a complete surprise to them.


Anyone else hear anything ? Any thoughts ? We will be studying what to do. Does anyone have experience in taking 401k or Roth Funds and transferring to New Zealand accounts without taking the US tax penalty ?


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## sillygumbo

*transfer 401K*

Based on your last question in regards to transferring 401k to NZ- I just met a financial planner that explained this to me. One of her coworkers is trained in doing the transfer. He is based in Tauranga. She said he is really good at doing these and not many people are trained in this area. I guess the USA just opened these accounts to allow them to be transferred to someone's new home country. If you want, I can find out who the contact is.


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## jsharbuck

Hi

thanks, I would really appreciate the contact info. Could you PM me the details? We have heard from many different sources within the financial field in the US that something is in the works and we would like to be ahead of it.

Have a good evening


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## engr1dgf

US expat living in Thailand. Fidelity sent email this day saying my IRA rollover managed account would be closed in 60 days.
I believe this to be related to new "KYC" or FATCA US government rules and the fact that companies like Fidelity do not want the hassle of reporting foreign accounts to the point they are closing all accounts for anyone living outside of the US. I have no idea what to do with my IRA. Any one have a suggestion?


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## actemplin

jsharbuck said:


> Hi
> 
> thanks, I would really appreciate the contact info. Could you PM me the details? We have heard from many different sources within the financial field in the US that something is in the works and we would like to be ahead of it.
> 
> Have a good evening


Could you send them to me as well? We are thinking about what well do with our accounts as well.


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## sharbuck

Hi. We ended up transferring our $$$ over with a 25% tax penalty.. What Fidelity didn't tell us(because it is not legal to give us advice) was that 401k s do not have the same restrictions and we could transferred the $$$ there. Of course that was 
Last year so please be responsible and check with a professional. In no way take what we did as advice. 

To say that we were upset was an understatement. It came down to our confidence or lack thereof in the Federal Govt and the likelihood of future changes that could affect us. We are glad to have moved and will concentrate on the wonderful opportunities and lifestyle we have here.


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