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|Subject: Re: Investing IRAs Abroad||Date: 8/30/2003 9:08 PM|
|Author: TMFPixy||Number: 37065 of 80192|
Greetings, curanderotk, and welcome. You asked:
If an American citizen lives full-time abroad, such as in Mexico or Canada, can he/she transfer thier IRA monies abroad, to a safe tax-
haven, such as the Netherlands, Switzerland, Austria or the Bahamas...?
No, (s)he cannot do that for a very good reason. By law, an IRA is a trust or custodial account set up in the United States for the exclusive benefit of you or your beneficiaries. The account is created by a written document. The document must show that the account meets a number of requirements. One of these is that the trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian.
You will find these details listed on page 10 of IRS Publication 590 (Individual Retirement Arrangements) available for download at http://www.irs.ustreas.gov/forms_pubs/pubs.html.
Hope that helps.
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