How to manage your money while living abroad

 

Life abroad is certainly glamorous and life-changing, but it doesn't come without its complications. Differences in culture, local laws, attitudes, currency, and maybe even a new language. Many of the same things that make living abroad fun! Only later does it become increasingly apparent that no financial institution wants your money.  Let me explain.

Being an American overseas means you will likely want a local checking account and investments, while retaining money in the U.S. Due to onerous restrictions and reporting obligations imposed by the U.S. government, more and more foreign financial institutions choose not to do business with U.S. citizens.

Then what about keeping money at home? While keeping a U.S. checking account is likely problem free, many expats find themselves lying to their U.S. bank about their “residence” and keeping the fact that they live abroad to themselves. They might use an old U.S. address or that of a family member for their account profile. Financial institutions are catching on by confirming residence and even the tracking I.P. address used to login to access accounts. Forget about opening up new investment accounts with major firms like Ameriprise, Merrill Lynch, and the like with your non-U.S. address. They just won't do it.

What's the real risk? They could sell everything and close your account, creating a potential tax liability while sending you a check for the balance to the address of record.

At Eureka Wealth Management, I can assist you with your cash management and investments while you live abroad. I also am teamed up with the International Financial Planners Association, a group with tax advisers and attorneys that stretches the globe to help answer your local questions. Create peace of mind with your finances and enjoy being abroad!  Visit, eurekawealthmanagement.com/expats or call +1-760-537-0791 and schedule your virtual initial consultation at no charge.
 

 

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125 E. Tahquitz Canyon Way Ste. #203

Palm Springs, CA. 92262

info@eurekawealthmanagement.com

(760) 537-0791

©2017 BY EUREKA WEALTH MANAGEMENT.

Eureka Wealth Management is a registered investment adviser in the State of California. The adviser may not transact business in states where it is not appropriately registered, excluded or exempted from registration. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment advisory services. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.