US citizen looking to invest while living in Sweden

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Horace
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Joined: Mon Mar 25, 2013 4:25 pm
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US citizen looking to invest while living in Sweden

Postby Horace » Mon Mar 25, 2013 4:27 pm

Hi,

I am a US citizen currently working and living in Sweden full time. I am looking invest my money. However, there are so many federal laws coming from the US side that it is getting incredibly overwhelming, so I am looking for advice on recommendations of brokers for those of you who are in the same or similar situations. So far, what I have found out is that:

1) According to Nordnet, US citizens cannot open in investment account in Sweden. This is due to a new US federal law that resulted in many lost customers for Nordnet.
2) Sharebuilder, Scottrade, Trade King all require you to be inside USA. They also said this is due to US regulations
3) It seems like only Vanguard replied with a more positive response, in which they said I only need to have a permanent US address, which I have. However, I feel like it would be weird that Vanguard would have slightly different rules than the other American discount brokers.

Any tips?

Thanks,
Horace

smithson1
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Joined: Sat Feb 23, 2013 12:09 am
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Re: US citizen looking to invest while living in Sweden

Postby smithson1 » Mon Mar 25, 2013 6:38 pm

You could probably open the account as long as you use your permanent U.S. address. From my experience in the financial services sector, as long as you don't tell them you are residing in Sweden, shouldn't be any problems. If your mail is forwarded, that could be an issue as well. It could get back to the investment firm.

fantasma
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Joined: Wed Oct 07, 2009 4:16 pm
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Re: US citizen looking to invest while living in Sweden

Postby fantasma » Mon Mar 25, 2013 7:24 pm

Vanguard is a solid company, I would verify with a certified/qualified tax person or a lawyer (worst case scenario). I'd also join an expat forum to verify.

I'd go with what Vangaurd stated, and call the IRS.
They definitely should be able to give you an answer.
Be what you want to attract.


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