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US Securities Act of 1933, [US] Person living in [CH] (feddit.ch)

submitted 10 months ago by johnyrocket@feddit.ch to c/personalfinance@lemmy.ml

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I just came here to say fuck the US Securities Act of 1933. I am sure it must have some very important reason for existing, but at the moment it is preventing me from doing anything reasonable with my money.

In all seriousness, though, does any US Person who has lived abroad somewhat long term have any experience doing money business in the country of residence?

Specifically, I am trying to put some money (15K) aside for further education in about 7–10 years, and I am looking for an option to at least keep inflation at bay. Every option I look at from a Swiss bank has a clause in the fine print, blaming the US Securities Act of 1933 for not allowing any US Persons to even look at or distribute the document. Archive.org

Is my only option to invest in American banks? I just worry that it will complicate Taxes to a painful degree. I would appreciate any hints in the right direction

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[–] sevan@lemmy.world 2 points 9 months ago (2 children)

Thanks for posting this question. I can't provide any helpful answers, but I plan to move out of the US in the future and was not aware of this issue. I will be adding this to my long-term planning list.

[–] johnyrocket@feddit.ch 1 points 9 months ago* (last edited 9 months ago) (1 children)

I don't know if this is the case in all countries or just some. If I were you (and if its legal) I would stick with your american bank accounts and just move some money to a new one in the countrey of residence. That way, you can accept paychecks and pay bills in that country, but you only have to create one account. Even that is a pain because you have to sign 10 different forms authorising the us gov. to do this and that with your bank accounts.

[–] sevan@lemmy.world 2 points 9 months ago

My plan is to move to the EU and I assume I will want to get a local account to handle local transactions. I would not necessarily need a local brokerage account if I can keep my investments in the US, I would just need to work out the reporting requirements for local taxes.

A lot of the details will depend on my work situation at the time (local employment, US remote, or retired). I've started a list of things I will need to figure out, but am mostly just adding to the list right now since any potential move is still several yeats away (at best).