Just moved to the US: am I allowed to keep my mutual funds in Germany?

Asked by mario (2

) November 23rd, 2007

Just accepted a job in the US that will probably keep me here for quite a while. I have some money in mutual funds and stocks in Germany that I would like to keep. However, I read on an e-Mail list that US residents are not allowed to own this kind of stuff abroad. One guy made that claim, and from the responses it seems there a lot of Germans living in the US to whom this applies.

My question therefore: Is this true? If yes, am I a resident? Is this actually a law, or just a recommendation to keep US citizens from making risky investments abroad? And what are the tax implications? Anyone know anything about this, or at least whom or where to ask?

Thanks!

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3 Answers

Don’t ask us; that’s fur shure. Are you a citizen of US or Germany? I assume that you will have a green card if the latter is the case (athlo English must be your first language). Try tax lawyer, the consulates or embassies, and the brokerage house where you have your present portfolio, should have an international expert.

gailcalled (54647

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My father works for a top brokerage house and says that the issue is very complicated, more due to requirements of the German government than the US Government. He would refer you towards the Office of Chief Counsel, Division of Investment Managment, Securities and Exchange Commission. www.sec.gov

sjg102379 (1250

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