US Citizen Using US Brokerages while living in Argentina

[BostonBucket]

Hello!

I'm wondering if anyone has been living in Argentina and using a US brokerage account with a declared foreign address in Argentina. What requirements & limitations have you faced vs. having a US address on file with your brokerage account?

I read online that Charles Schwab is particularly friendly but I'm not sure exactly what the services offered would look like. From what I understand, mutual funds are banned for all expats but anything else restricted?

 

[Caribbean Cool]

Why in the world would you ever tell Schwab you are in Argentina. Use a U.S. address for the account, no printed statements, and be quiet.
Don't tell SocSec nor your ex-wife either.

 

[LuckyLuke]

The limitations should be available online. It's my understanding that it's individual to each prospectus and not necessarily entire categories. That being said, Merril Lynch threatened to close all my IRA accounts once they found out. They never did in the end, but I transferred the money to avoid any surprises. As Caribbean said, I would not recommend disclosing your move unless you have no alternate US address. Of course there is always the risk that you are forced to unwind losing trades should they discover it later on. I was given 90 days to show utility statements in my name. Not a whole lot of time to organize. If you want to sleep easy at night, your best bet is probably Schwab International.

 

[LongtimeExpat]

Schwab allows expats with an Argentina address to have an account. You have to open an international account with a minimum of US$25000. You are correct that you can't buy mutual funds. I'm not sure about other restrictions. I only trade US listed stocks and etfs, and occasionally options.

When I called the US to open the account from Argentina some years ago, they were very friendly and helpful. It did take a couple weeks to get the account open and funded from here. I haven't had to talk to them personally in years. Their support through online chat was good and with real people in the US when I needed it. I can't say if it's changed or not in these days of AI.

I think the trading software is all the same that's used in the US. I personally don't have any worries about Argentine taxes. I'm below all thresholds. But you should, of course, investigate the tax implications. I didn't investigate any other US brokers, but Schwab works for me.

I do understand the notion that people have here of not giving out to governments any information that they don't need, but I wanted an account that was explicitly allowed because I didn't want the types of problems that Luke was describing somewhere down the road.

Hello!

I'm wondering if anyone has been living in Argentina and using a US brokerage account with a declared foreign address in Argentina. What requirements & limitations have you faced vs. having a US address on file with your brokerage account?

I read online that Charles Schwab is particularly friendly but I'm not sure exactly what the services offered would look like. From what I understand, mutual funds are banned for all expats but anything else restricted?

 

[Gringo80]

I use Schwab. No problems. I always use a vpn to block my location as well as to protect my information. I have a US PO box mailing address. I never any need to discuss Argentina. Same with my banks, SSA, IRS, etc. On rare occasions when I need something mailed here, I say that I'm retired and travel a lot currently in Argentina.
The only problem I've had was that Google Fi (phone service) detected that all my calls are from Argentina and cancelled my account. I switched to My Tello.

 

[BostonBucket]

Why in the world would you ever tell Schwab you are in Argentina. Use a U.S. address for the account, no printed statements, and be quiet.
Don't tell SocSec nor your ex-wife either.

Just to avoid having to deal with being asked to leave a brokerage abruptly and having to go through that whole ordeal

 

[BostonBucket]

Schwab allows expats with an Argentina address to have an account. You have to open an international account with a minimum of US$25000. You are correct that you can't buy mutual funds. I'm not sure about other restrictions. I only trade US listed stocks and etfs, and occasionally options.

When I called the US to open the account from Argentina some years ago, they were very friendly and helpful. It did take a couple weeks to get the account open and funded from here. I haven't had to talk to them personally in years. Their support through online chat was good and with real people in the US when I needed it. I can't say if it's changed or not in these days of AI.

I think the trading software is all the same that's used in the US. I personally don't have any worries about Argentine taxes. I'm below all thresholds. But you should, of course, investigate the tax implications. I didn't investigate any other US brokers, but Schwab works for me.

I do understand the notion that people have here of not
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giving out to governments any information that they don't need, but I wanted an account that was explicitly allowed because I didn't want the types of problems that Luke was describing somewhere down the road.

thank you for the detailed response! Sounds good, yeah I’m not really worried about tax implications, only about not having to deal with any headaches of having to ACAT or liquidate my account if they find out

 

[toast]

Hello!

I'm wondering if anyone has been living in Argentina and using a US brokerage account with a declared foreign address in Argentina. What requirements & limitations have you faced vs. having a US address on file with your brokerage account?

I read online that Charles Schwab is particularly friendly but I'm not sure exactly what the services offered would look like. From what I understand, mutual funds are banned for all expats but anything else restricted?

The core issue that rattles around this topic is tax evasion. Since I am not a licensed accountant in ARG I cannot offer an opinion on tax implications of US financial accounts declared or clandestine. I can share that I have a Schwab International account, and trade online on occasion with it. My mutual fund, a minor part of my assets held with Schwab, was acquired before my formal address was changed to ARG. But the dividends paid by that fund are reinvested routinely, so that would imply there is not a block on mutual funds.

 

[Caribbean Cool]

You don't need a VPN for Schwab trading. Tello for incoming messages and bank verifications. Google Voice for outgoing calls. Maybe $75 a year for a workable U.S. address. And, under no circumstances are your U.S. investment funds going to be impounded (thats a new one!). We should have a contest for the goofiest problem that can be invented here.

Mr. Cool-Former broker

 

[BellaPaolina]

I use Schwab. No problems. I always use a vpn to block my location as well as to protect my information. I have a US PO box mailing address. I never any need to discuss Argentina. Same with my banks, SSA, IRS, etc. On rare occasions when I need something mailed here, I say that I'm retired and travel a lot currently in Argentina.
The only problem I've had was that Google Fi (phone service) detected that all my calls are from Argentina and cancelled my account. I switched to My Tello.

You use Tello abroad? How does it work? Thanks!