T.D. Ameritrade has joined the ranks of at least eight other retirement account custodians that are no longer processing IRA applications for U.S. expatriates, and expats with retirement accounts are now scrambling to find a willing custodian. Precious-Metal.org analyst Bill Franklin says there are now three types of IRA custodians expats need to understand.
“T.D. Ameritrade may not be accepting new clients who are expats, but we have heard that they are accommodating current IRA clients who live abroad,” Franklin said. “Other IRA custodians are not only not opening new accounts for expats but they are contacting their current expat clients and telling them to move the retirement account to another firm.”
Some custodians have instituted a threshold of $500,000 that expats must meet to keep their accounts with their current custodian. The majority of IRA custodians, however, are still welcoming expats with open arms. “Custodians like Equity Institutional, which was formerly known as Sterling Trust, and GoldStar Trust, which was formerly known as American Church Trust, will be happy to take those retirement accounts off the hands of T.D. Ameritrade, Vanguard and others who have turned their backs on expatriates,” said Franklin. “The benefit of using an alternative IRA custodian such as Equity Institutional is that you can choose between stocks, bonds, money market accounts and other traditional investments, and you can also invest in real estate, an LLC and even precious metals.”
If you’d like more information on transferring your IRA or 401(k) to a custodian thatprovides you with such a wide range of options call Precious-Metal.org today and the paperwork will be sent to you immediately, and Precious-Metal.org’s non-commissioned advisers will be more than happy to answer all of your expat IRA questions.