More and more Americans living in Israel have recently “been fired” by their brokers in America. Their advisors, with whom they may have worked for decades, have informed them that their brokerage firm will no longer service accounts with non-American addresses. Although people of all ages have been ousted, retirees have been hit the hardest…. Read more
Israel & Aliya
“I’m making aliya next month, Doug,” a soon-to-be-retired doctor called from New York to tell me. “Now that I’ll be living in Jerusalem, should I move my investments to Israel and transfer all my brokerage and bank accounts to one of the Israeli banks?”
Look at each part individually
Moving yourself and your family to Israel,… Read more
Many American brokerage companies have stopped servicing their clients who have foreign addresses, including those who made aliya. These firms have decided that government regulations have simply made the job of maintaining clients overseas too complex. For some people, it may seem like bad news when their broker sends them a letter saying,… Read more
If you’re an oleh from the United States and you’re considering putting your money into an Israeli or other foreign mutual fund, think again.
Owning a foreign mutual fund may cause increased U.S. taxes
If you have money in a teudat sal,… Read more
What should you do with your American IRA account (Individual Retirement Account) when you live in Israel?
Your initial thought might be to cash out your IRA account and transfer the funds to Israel. But that’s probably not too wise because of the tax-deferred nature of an IRA.
Moving your retirement account to Israel may be expensive
IRAs are good vehicles for retirement saving because they let you defer paying American taxes on capital gains,… Read more
If you are an American oleh, people may encourage you to open an investment account through an Israeli bank. But if you try to do so, as an American citizen, you will need to sign some very specific documentation.
Is the alphabet soup a deterrent: FATCA, FBAR, PFIC?… Read more
Multicurrency strategies are part of the everyday life of most dual citizens.
If you are balancing your investment account in U.S. dollars but recording your grocery and rent expenses in shekels, you’re probably an American oleh.
The following three areas make currency volatility a real challenge for cross-border investors:
Two-thirds of retail foreign exchange traders lose money…. Read more
When you change jobs, everything you need to take with you can be neatly packed into a box – except your retirement plan. When you leave your job, you need to think about rolling your 401(k) into an IRA (Individual Retirement Account). If you left your job to make aliya,… Read more
As a Certified Financial PlannerTM sitting in Jerusalem, I work mostly with American immigrants who keep the majority of their assets in American investment accounts. When a recent oleh listed the various retirement plans that he held in the United States, he mentioned:
- Individual Retirement Account (IRA)
- 401(k) retirement plan from an old employer
- 403(b) plan from when he taught in a school.