IRA investment restrictions

Hi, I've been in the UK since 2005. Due to financial restrictions (or new enforcement) since the last crisis, I'm no longer able to do anything with my mutual fund IRAs in the States but watch them deteriorate through RMDs. (That is, I can't move funds or add anything.) Can anyone tell me of financial information or advisors who can help me determine whether I just need to transfer all my savings over here?

Thanks in advance. 

From your post it sounds like your current company will not let you move your money from one fund to another or to a new fund within your IRA?

I'm afraid RMDs are a fact of life that will apply to any company that holds your IRA. Being a resident in the UK means you are going to find it difficult to move your IRA to a brokerage that works better with overseas customers.

If you are a US Citizen then moving all your money to the UK will be unlikely to get you better returns as any equivalent funds in the UK will be taxed heavily by the IRS as PFIC's plus you may have a lot of up front tax to pay to the IRS should you withdraw all your money in the same year.

Thanks. I'm fine with RMDs; it's just that I can't add or move anything. I'm with four different brokerage firms (formerly 7) and none of them can do anything for me now.

Due to closing some beneficiary IRAs, I have too much $ in a savings account but can't invest that either.

I will look into the PFIC situation. Thanks again.

PFIC's are Passive Foreign Investment Companies and even if you invest in stock and bond funds within an ISA in the UK the IRS will still tax them as PFIC's.  I believe you can invest in individual stocks and bonds without any punitive IRS taxes.

I'm so sorry to be learning all this, but it's about time. I have a very low income and those savings mean everything to me. This is the first time I've ever thought about renunciation. Thanks for the information, Durhamlad.

I'm so sorry to be learning all this, but it's about time. I have a very low income and those savings mean everything to me. This is the first time I've ever thought about renunciation. Thanks for the information, Durhamlad.

Hi Suzanne, I just sent you a pm. Just commenting here in case it didn't alert you.

I'm so sorry to be learning all this, but it's about time. I have a very low income and those savings mean everything to me. This is the first time I've ever thought about renunciation. Thanks for the information, Durhamlad.

Don't overlook budgeting for whatever tax you owe HMRC each year on the RMDs. You should never owe a dime to the IRS, but may owe tax to HMRC depending on your overall income.