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US expats or US connected people in Europe are used to having a tough time when it comes to managing their finances. The requirements of the IRS, FATCA and restrictions on investments lead many non-US institutions to turn away US-connected clients.


Things have just got worse with the news that both Charles Schwab and TD Ameritrade – two of the largest firms operating in Europe who accept US connected clients – are shutting down parts their European business in anticipation of the effects of Brexit.


According to Reuters, some Schwab clients have received emails informing them that their accounts will be closed, their positions liquidated and they will be required to withdraw their funds.


US expats and US connected people resident in Europe suffer not only the onerous tax reporting requirements brought about by The Foreign Account Tax Compliance Act (FATCA) but when it comes to saving and investing in Europe they have to be extremely careful of what might be classed by the IRS as a Passive Foreign Investment Company (PFIC) as explained in this video.


It is not just US expats and US connected individuals which have reporting obligations to the IRS, but also the financial institutions that look after them as clients. Further to this if a financial institution has been deemed to not have properly reported the accounts and activities of their US connected clients then punitive fines with the further threat of their US dollar transactions being suspended or halted altogether.


This makes dealing with a US connected person in Europe a risky and costly business and many institutions have simply closed the doors to US expats and US connected people looking to save money and invest. The news that Charles Schwab and TD Ameritrade who have provided support in the past reduces the options even further and is a sign of a worrying trend.


As independent financial advisors we specialise in assisting expats of all backgrounds wherever you are in the world. We have the size, strength, expertise and all the appropriate regulation to provide financial planning services to US expats.


Through our holistic financial planning approach we can introduce clients to a range of investment and savings options to US expats and US connected people resident outside of the US. EUR denominated portfolios do not fall foul of the PFIC rules and for those who wish to save and invest in EUR and we can also offer access to traditional USD solutions. That includes USD investments accounts (both US and European based) and services related to 401ks and IRAs.


Furthermore, we provide continuity of advice and service over the long-term so should you ever relocate to another country or repatriate to the US then your relationship with us and long-term financial plans do not need to suffer.


If you’re a US expat or US connected person looking for advice and support with your financial situation then please contact us via the form below and we’ll be in touch to discuss things further.



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