Expats with US-based assets - 3 reasons you need a check-up

Yes, we know. It’s been a long time coming.

You asked, we listened… But then we spent all the time necessary to find the right solution for our clients. Now what do you need to know?

A large proportion of our clients here at Extended Investments Limited in Europe are US-connected and most of you in that position have some assets back in the States, in the form of 401k or other employment pensions, IRA (traditional or Roth) or investment portfolios that may or may not be managed, overseen or even considered more than once in a blue moon. These assets form an important part of your financial life and shouldn’t be neglected.

We have partnered with US-licensed teams to offer a seamless service so that your EU-licensed advisors at Extended Investments Limited, working with US-regulated managers and advisors, can now help you understand and manage your investments worldwide.

Here are three big considerations that we can help with:

1. Retirement Rollovers (401k and IRA)

Is your 401k being managed? If you have 401k or similar retirement benefits accounts, you might benefit from rolling these over into an IRA (individual retirement account) in order to reduce cost, take more control of the investments or increase flexibility.

It is very unlikely that your 401k plan will allow you to draw benefits in any currency other than US dollars or have your retirement income paid to a foreign bank account, so the more likely you are to retire overseas, the more important this decision becomes.

A traditional IRA, in turn, can be rolled over into a Roth IRA. This can be beneficial in terms of current and future tax liabilities.

Through our seamless service, we can ensure you receive advice on whether a rollover is right for you and a team to help with the ongoing management of your diversified pension portfolio.

2. Annual Contributions

In some cases, there may be a benefit to continuing to make annual contributions to your US-based pension plans. We will help you understand the pros and cons of this from both your European residence perspective and your US one.

If extra contributions to your retirement accounts in the States are the right thing for you to do, we can help you make those transfers in a cost-effective and tax-efficient way.

3. US-based Investments

 If you previously had investments in the USA that are now frozen, dormant, or out of your control, we can advise on whether it is best for you to keep them there or relocate the assets closer to where you are now. If your investments will be staying stateside, we can provide a team of licensed professionals who can help you to manage those assets while you are overseas.

Compliance with local regulations and with the regulations where your money is sitting can be difficult, so we will ensure that you have help from properly regulated and qualified professionals who are licensed in each of the jurisdictions that we need to consider to protect you and work towards your financial goals.

If you have any questions about this or you have pensions or investments in the US that you would like some help with, please contact us right away at info@extinvestments.com or speak directly to any one of our team.