Are Fidelity closing non-resident accounts
#1
Forum Regular
Thread Starter
Joined: Mar 2017
Posts: 64
Are Fidelity closing non-resident accounts
I've been keeping my head low wrt my Fidelity 401k/IRA as I am non-resident.
However I just received this in an email from them:
==========
Certify your foreign tax status today
Accounts: *****
Our records indicate you are a non-U.S. investor for whom a foreign tax certification is not on file or will be expiring on December 31. A letter with complete details is available online.
===========
Has anyone else had this message?
Is it the start of the process for closing an account?
However I just received this in an email from them:
==========
Certify your foreign tax status today
Accounts: *****
Our records indicate you are a non-U.S. investor for whom a foreign tax certification is not on file or will be expiring on December 31. A letter with complete details is available online.
===========
Has anyone else had this message?
Is it the start of the process for closing an account?
#2
Re: Are Fidelity closing non-resident accounts
I haven't had anything from them and that's who my company uses for our employee stock purchase plan.
#3
Re: Are Fidelity closing non-resident accounts
We haven’t received an email.
We have received something similar from Nat West Bank regarding residency status for taxes.
We have received something similar from Nat West Bank regarding residency status for taxes.
#4
Re: Are Fidelity closing non-resident accounts
I've been keeping my head low wrt my Fidelity 401k/IRA as I am non-resident.
However I just received this in an email from them:
==========
Certify your foreign tax status today
Accounts: *****
Our records indicate you are a non-U.S. investor for whom a foreign tax certification is not on file or will be expiring on December 31. A letter with complete details is available online.
===========
Has anyone else had this message?
Is it the start of the process for closing an account?
However I just received this in an email from them:
==========
Certify your foreign tax status today
Accounts: *****
Our records indicate you are a non-U.S. investor for whom a foreign tax certification is not on file or will be expiring on December 31. A letter with complete details is available online.
===========
Has anyone else had this message?
Is it the start of the process for closing an account?
That just reads to me like you should have submitted a W8-BEN form to show that you're a not a US tax resident, and you haven't. It's completely standard, and required by US law. That doesn't in itself imply that they're going to close your account.
#5
Forum Regular
Joined: Feb 2006
Posts: 150
Re: Are Fidelity closing non-resident accounts
I have a Fidelity account, but then I'm a US resident.
That just reads to me like you should have submitted a W8-BEN form to show that you're a not a US tax resident, and you haven't. It's completely standard, and required by US law. That doesn't in itself imply that they're going to close your account.
That just reads to me like you should have submitted a W8-BEN form to show that you're a not a US tax resident, and you haven't. It's completely standard, and required by US law. That doesn't in itself imply that they're going to close your account.
#6
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Are Fidelity closing non-resident accounts
I have a Fidelity account, but then I'm a US resident.
That just reads to me like you should have submitted a W8-BEN form to show that you're a not a US tax resident, and you haven't. It's completely standard, and required by US law. That doesn't in itself imply that they're going to close your account.
That just reads to me like you should have submitted a W8-BEN form to show that you're a not a US tax resident, and you haven't. It's completely standard, and required by US law. That doesn't in itself imply that they're going to close your account.
#7
Re: Are Fidelity closing non-resident accounts
Strange.
I emailed the people at work that deal with our Stock Plan to find out some more information, if any.
I emailed the people at work that deal with our Stock Plan to find out some more information, if any.
#9
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Are Fidelity closing non-resident accounts
I think the issue is about non-residents. The previous thread was about someone who had been here and (I believe) had a 401K, then moved back to the UK and therefore became non-resident. Sounds like the same situation as the OP in this thread.
#10
Re: Are Fidelity closing non-resident accounts
I agree, but it does seem that there is some difficulty with Fidelity and non-residents. There was a recent instance here on BE where someone, having moved back to the UK, had his account frozen because he did not have a US address. You should be able to find it in a search.
#11
Re: Are Fidelity closing non-resident accounts
I agree, but it does seem that there is some difficulty with Fidelity and non-residents. There was a recent instance here on BE where someone, having moved back to the UK, had his account frozen because he did not have a US address. You should be able to find it in a search.
http://britishexpats.com/forum/usa-5...1k-ira-901989/
The only thing similar that happened to me recently was that HSBC required me to send some documents due to the HSBC Safeguard policy.
HSBC Safeguard global homepage | Business
#12
BE Forum Addict
Joined: Oct 2007
Location: Charlotte,NC
Posts: 1,717
Re: Are Fidelity closing non-resident accounts
I've been keeping my head low wrt my Fidelity 401k/IRA as I am non-resident.
However I just received this in an email from them:
==========
Certify your foreign tax status today
Accounts: *****
Our records indicate you are a non-U.S. investor for whom a foreign tax certification is not on file or will be expiring on December 31. A letter with complete details is available online.
===========
Has anyone else had this message?
Is it the start of the process for closing an account?
However I just received this in an email from them:
==========
Certify your foreign tax status today
Accounts: *****
Our records indicate you are a non-U.S. investor for whom a foreign tax certification is not on file or will be expiring on December 31. A letter with complete details is available online.
===========
Has anyone else had this message?
Is it the start of the process for closing an account?
I'm going through this exercise for all the clients I work with. W-8-BENs expire on Dec 31 three years after signature - we're not closing accounts, just keeping them compliant. Also W8-BENs, both for individuals and entities, were re-issued this year so we're re-papering to take into account the additional data fields.
#13
Forum Regular
Thread Starter
Joined: Mar 2017
Posts: 64
Re: Are Fidelity closing non-resident accounts
It was my 401k/IRA that was frozen.
I was happy to leave it like that for a year or so while I dealt with other pressing issues.
However, if it looked like the account would be closed, I had a backup strategy of transferring it to a Roth account, but would have to pay the conversion taxes.
I assume you work with Fidelity.
Could you explain why non-resident accounts would be frozen?
I was happy to leave it like that for a year or so while I dealt with other pressing issues.
However, if it looked like the account would be closed, I had a backup strategy of transferring it to a Roth account, but would have to pay the conversion taxes.
I'm going through this exercise for all the clients I work with.
Could you explain why non-resident accounts would be frozen?
#14
BE Forum Addict
Joined: Oct 2007
Location: Charlotte,NC
Posts: 1,717
Re: Are Fidelity closing non-resident accounts
It was my 401k/IRA that was frozen.
I was happy to leave it like that for a year or so while I dealt with other pressing issues.
However, if it looked like the account would be closed, I had a backup strategy of transferring it to a Roth account, but would have to pay the conversion taxes.
I assume you work with Fidelity.
Could you explain why non-resident accounts would be frozen?
I was happy to leave it like that for a year or so while I dealt with other pressing issues.
However, if it looked like the account would be closed, I had a backup strategy of transferring it to a Roth account, but would have to pay the conversion taxes.
I assume you work with Fidelity.
Could you explain why non-resident accounts would be frozen?
#15
Re: Are Fidelity closing non-resident accounts
I’m about to leave the US for a few years. If I change my address with Fidelity (and other banks/credit card isuers) to my parents’ address (also in the US), am I likely to escape hassle?