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? |
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.
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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. |
Re: Are Fidelity closing non-resident accounts
Originally Posted by formfill1
(Post 12392433)
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? 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. |
Re: Are Fidelity closing non-resident accounts
Originally Posted by Owen778
(Post 12392451)
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. |
Re: Are Fidelity closing non-resident accounts
Originally Posted by Owen778
(Post 12392451)
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. |
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. |
Re: Are Fidelity closing non-resident accounts
Originally Posted by BenK91
(Post 12392499)
Strange.
I emailed the people at work that deal with our Stock Plan to find out some more information, if any. |
Re: Are Fidelity closing non-resident accounts
Originally Posted by BenK91
(Post 12392499)
Strange.
I emailed the people at work that deal with our Stock Plan to find out some more information, if any. |
Re: Are Fidelity closing non-resident accounts
Originally Posted by MidAtlantic
(Post 12392461)
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.
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Re: Are Fidelity closing non-resident accounts
Originally Posted by MidAtlantic
(Post 12392461)
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 |
Re: Are Fidelity closing non-resident accounts
Originally Posted by formfill1
(Post 12392433)
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? 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. |
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'm going through this exercise for all the clients I work with. Could you explain why non-resident accounts would be frozen? |
Re: Are Fidelity closing non-resident accounts
Originally Posted by formfill1
(Post 12393308)
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? |
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?
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