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I have an IRA account that is maturing here shortly.
Am I allowed to roll it over into a Swiss bank? Seems
unlikely, but I cannot find a prohibition in the few books
I have scanned.
Carl
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On Sep 13, 2:21 pm, Carl Chase <c...@h...com> wrote:
> I have an IRA account that is maturing here shortly.
> Am I allowed to roll it over into a Swiss bank? Seems
> unlikely, but I cannot find a prohibition in the few books
> I have scanned.
An IRA is a custodial account, and the custodian must be approved by
the IRS and is obligated to file certain reports to you and to the
IRS. I doubt that the IRS would authorize a Swiss bank to be an IRA
custodian, but you could check with the bank you plan to use.
Another possibility is that you might find a company in the United
States that is willing to act as your custodian and permit the funds
to be invested in a Swiss bank. In this case, the Swiss bank would
probably send its reports, dividends, and/or interest payments to the
custodian, who would hold the funds and file the required reports to
you and the IRS. Perhaps a typical American brokerage company would
permit an IRA accout to invest in CDs issued by a Swiss bank.
Dave
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Overseas swiss bank accounts usually
dont pay interest and have fees, so
they are effectly negative interest rate.
Usually not for investing, but for "other purposes".
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On Sep 13, 2:21 pm, Carl Chase <c...@h...com> wrote:
> I have an IRA account that is maturing here shortly.
> Am I allowed to roll it over into a Swiss bank? Seems
> unlikely, but I cannot find a prohibition in the few books
> I have scanned.
Maybe it would help if we knew why.
In general, you can't make the transfer without it becoming a taxable
distribution and even if you could it usually isn't smart.
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to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
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Dave Dodson <d...@j...com> wrote:
>On Sep 13, 2:21 pm, Carl Chase <c...@h...com> wrote:
>> I have an IRA account that is maturing here shortly.
>> Am I allowed to roll it over into a Swiss bank? Seems
>> unlikely, but I cannot find a prohibition in the few books
>> I have scanned.
>
>An IRA is a custodial account, and the custodian must be approved by
>the IRS and is obligated to file certain reports to you and to the
>IRS. I doubt that the IRS would authorize a Swiss bank to be an IRA
>custodian, but you could check with the bank you plan to use.
>
>Another possibility is that you might find a company in the United
>States that is willing to act as your custodian and permit the funds
>to be invested in a Swiss bank. In this case, the Swiss bank would
>probably send its reports, dividends, and/or interest payments to the
>custodian, who would hold the funds and file the required reports to
>you and the IRS. Perhaps a typical American brokerage company would
>permit an IRA accout to invest in CDs issued by a Swiss bank.
>
>Dave
>
Thanks - are you (or anyone) familiar with the bank below?:
http://www.mlnbank.com/EN/services/raccounts.htm
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Carl Chase wrote:
> I have an IRA account that is maturing here shortly.
> Am I allowed to roll it over into a Swiss bank? Seems
> unlikely, but I cannot find a prohibition in the few books
> I have scanned.
What do you mean when you say that your account is maturing? Do you
mean that you have a CD in an IRA and the CD is maturing?
-Will
william dot trice at ngc dot com
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Will Trice <n...@m...net> wrote:
>Carl Chase wrote:
>> I have an IRA account that is maturing here shortly.
>> Am I allowed to roll it over into a Swiss bank? Seems
>> unlikely, but I cannot find a prohibition in the few books
>> I have scanned.
>
>What do you mean when you say that your account is maturing? Do you
>mean that you have a CD in an IRA and the CD is maturing?
>
>-Will
>
>william dot trice at ngc dot com
>
Yup. Got any ideas?
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