“Take your retirement accounts elsewhere”
I used to think, naively, that the way we do things would continue for eternity. As I have grown and matured I have realised that we should take nothing for granted. The last few years have been horrendous from a personal family perspective with unexpected out of the blue events happening in close succession. I speak to clients about black swan financial events on a daily basis and the best way of avoiding them.
What I have realised more recently is that not only does nothing stay the same from an investment perspective but also not from a tax perspective. I will write about this in more detail in future blogs but I want to draw you to an article written in International Adviser about US financial institutions asking US expats to move their 401k/IRA investments. The world is changing – on one side the US and other countries are instigating FATCA legislation (which is making it harder for US expats to open accounts abroad) and on the other side the US are closing retirement accounts for US persons living outside the US.
I recently discussed these topics with Mark Battersby, Editor of International Adviser. Please click here to watch the video and click here to read about how US citizens are being told to “Take their accounts elsewhere”.