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Topic: Opening an USA IRA account with a UK Address  (Read 1355 times)

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Opening an USA IRA account with a UK Address
« on: October 31, 2016, 02:37:51 PM »
Given that ETrade in the USA is closing my brokerage accounts due to me having a UK Address I need to open a USA IRA account with my residential UK Address (to transfer IRA funds into).

I know that Schwab US can do this (and they have a London office).  But I'd prefer to use another brokerage company for diversification. 

Which brokerages can do this in these circumstances?


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Re: Opening an USA IRA account with a UK Address
« Reply #1 on: October 31, 2016, 06:42:13 PM »
Does anyone have feedback on this important question for a lot of non-resident US people.
e.g. does anyone know which US brokerages will NOT open such an account?

I have personal experience that ETrade and Scottrade WILL NOT and that Schwab WILL.  But we need other US brokerage choices as well.


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Re: Opening an USA IRA account with a UK Address
« Reply #2 on: October 31, 2016, 07:43:34 PM »
I know that Vanguard allows existing customers to have an overseas address, but to open a new account with them you first need a US address.

I don't know of any US brokerages which allow overseas residents yo open accounts, but I'd be interested to hear if any do.
Dual USC/UKC living in the UK since May 2016


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Re: Opening an USA IRA account with a UK Address
« Reply #3 on: November 12, 2016, 09:51:47 AM »
TIAA-CREF requires you to have a US residential address to open a new IRA. (It has to be a residential address, as in, you must be resident in the US)


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Re: Opening an USA IRA account with a UK Address
« Reply #4 on: November 12, 2016, 10:51:15 AM »
reportedly, Interactive Brokers; Goldman Sachs; Charles Schwab; Morgan Stanley

The US know your client rules require money laundering checks which, apparently, most brokerages are not set up to do for overseas addresses.  The second problem is that the KYC rules require an analysis of whether the client is 'doing the right thing' and 'understands' their options. These two are expensive to implement and mean that most brokerages or banks, such as RBC in London and Goldman Sachs, Morgan Stanley, turn away anything less than USD 500k in the RIA and 2m in all. It's a conundrum.

BTW does it make sense to have many brokers? A good custodian with clear title to the assets solves the security concern, for anything less than a global systemic risk. If one manages all quoted assets through one broker it is easier to negotiate better terms for volume, and co-ordinate the management of risk: although for international clients, one is often forced to use two.
RNW
'Consistently beating the average global asset manager'


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Re: Opening an USA IRA account with a UK Address
« Reply #5 on: November 12, 2016, 01:33:12 PM »
i use interactive brokers for everything as it allows me to link addresses and accounts across multiple jurisdictions and pay in / out in multiple currencies in different jurisdictions with extremely tight FX spreads. you can also borrow on margin etc. in a variety of currencies
Cloudsource Tax


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