# Opening a new IRA account from abroad



## saracita (Aug 16, 2011)

I am a US expat living abroad for ten years. Recently an IRA account (a 10 year CD) I had set up with in the US came up for renewal. As the rate my bank offered on a new CD was lousy, my plan was to move it out of my bank, and start a new IRA account at an internet bank (like ING) that offered a better rate. 

Problem is, I found out you have to be living in the US to open a new IRA account with ING. I do have a US address, passport and SS#, so my question is, wouldn't it be possible for me to just open an account anyway? I know it's ok to keep your US accounts once you move abroad, so would it perhaps be ok to fib and open a new account even though I don't technically live in the US anymore?

Thanks for any advice on this matter!


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## Bevdeforges (Nov 16, 2007)

You can always roll-over your account - as long as you do it within 60 days of receiving the money from your old account. You can't open a new IRA because, unless your earned income (i.e. salary) is higher than the overseas earned income exclusion, you aren't allowed to put any new money into an IRA.

Ask ING about rolling over an IRA from your old bank. That, they may well be able to do - and often it can be handled bank to bank (without you having to do much more than fill out a couple forms).
Cheers,
Bev


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