IRA No US Address

My parter is an American citizen with permanent residency in the UK (“Indefinite Leave to Remain”) and he has been in the UK for ten years, since he retired from teaching in Maryland.

For a number of years he has maintained an IRA with Lincoln Investment in the USA.

He has just been alerted that Lincoln will no longer allow US citizens abroad to retain their IRA if they don’t have an American address.

He does not have an American address.

The IRA is roughly $230,000. We wanted to know any options, suggestions, ideas, tips regarding what he can/should do.

Any and all replies are greatly appreciated!

Thanks in advance.

Best to find a trusted friend or family member and use their address back in MD. I can’t imagine they’d close out an IRA and subject you to catastrophic tax consequences. Otherwise open a new IRA that allows an overseas address and transfer.

Best to find a trusted friend or family member and use their address back in MD. I can’t imagine they’d close out an IRA and subject you to catastrophic tax consequences. Otherwise open a new IRA that allows an overseas address and transfer.

I agree.

If there is no option of the address of a friend or relative then opening an account from overseas to roll the IRA into may also be problematic.

Does it have to be a residence address, or can it be a mailing address? If the latter, there are a number of companies that give you a "street" mailing address or a PO box. The government and a lot of institutions are aware that these addresses are not residences, but if the institution in question just needs a US mailing address, I used USGlobalMail.com while we were in the UK and it served us well. (We also listed our USA "home" address as that of a friend of my daughter's.)

Does it have to be a residence address, or can it be a mailing address? If the latter, there are a number of companies that give you a "street" mailing address or a PO box. The government and a lot of institutions are aware that these addresses are not residences, but if the institution in question just needs a US mailing address, I used USGlobalMail.com while we were in the UK and it served us well. (We also listed our USA "home" address as that of a friend of my daughter's.)

A street mailing address will work if you can set one up remotely.  Our daughter set one up before she moved back from LA a year ago. Don’t know how much it costs but the company photographs the mail and if she needs a paper copy they will mail it. Her US bank, Chase, has her address as her UK address, so they definitely support overseas customers. (She also has a Chase UK account)

US Global Mail was cheap - something line $15 a month. And yes, they would scan and email, or physically forward, any mail to anywhere.

US Global Mail was cheap - something line $15 a month. And yes, they would scan and email, or physically forward, any mail to anywhere.

Do you know if it is possible to set up such an address if you are not a US resident and haven’t been for 10 years?  If you can then this will be a good solution for the OP.

Not sure, but they can easily contact the company at that address and ask them.    USGlobalMail.com  I think.

Anything beats $46,000 tax hit

Thanks all for the advice
Gives  us something to go on…