My Expat Brokerage Account Got Flagged and Locked !!! It Could Happen to Other Expats !!!!

A brief talk about my Brokerage Account being locked !!!

[@MrSteven5975]

The fact that everything was Ok when I left. And now it’s changed is very strange. They were told upfront about everything.

[@gregoriopuro]

I've been traveling and living abroad for the past 25 years .. I've always maintained a US Address and I NEVER tell banks or other financial institutions that I'm living outside of the US .. the less information you give people about your personal business the better off you are... Also I use a VPN with a US based IP address whenever I log into my accounts...

[@franciscofletes1948]

It might be helpful for new guys coming over here to establish residency in a state with zero state tax before they come here. For me it was easy as my last duty station in the Army before I retired was fort hood Texas so I have Texas residency, no state tax. But you don’t have to live in Texas to qualify for Texas residency. Every US citizen has the right to be a resident of a US state even expats. For most people it is the last state you lived in before you became an expat but it doesn’t have to be. You can make the following attestation… “if and when I come back to the US I will choose Texas as my state of residency.” Make an affidavit of undertaking. Then get a drivers license or file a will in Texas or the state of your choosing before you leave the US. You will have established residency in that state.

[@tropicalquitter124]

Three things: 1. There is a Schwab International account that allows you trade when you live out of the country. You just can't own US mutual funds. 2. The usual issue in these cases are that mutual funds can only be owned by US residents. This law caused a lot of issues with Schwab and Vanguard closing accounts a few years ago. 3. Alternative: Interactive Brokers. They are expat friendly and Philippines are on their allowed list.

[@lawman3966]

A couple of years ago, a Schwab representative told me that, once I was settled overseas, I should contact Schwab to have my U.S. account holdings transferred into an international brokerage account. If you don't do the above, you're playing with fire because the account-locking accompanied by a forced sale of your stocks could take place. I'd also suggest never relying on the word of single rep or salesperson as that person could be misinformed. Always best to verify anything stated by a telephone rep with printed materials.

[@RealGaryGibson]

It's nobody's business if I'm on an "extended " visit to the Philippines. I keep a Texas mailing address with a virtual mail service and a TX driver's license. I also use NordVPN with a server out of Dallas so no one knows I'm logging in from the Philippines. And I use Mint Mobile with WiFi calling for $15/mo keeping my USA phone number. I can make/receive calls and texts from the USA as long as I have WiFi. Works for me!

[@dr.michaellittle5611]

Hi Steve, I have a similar experience to relate to you, and a suggestion for you to consider. Before I moved to Manila, I had my IRA account with UBS in Boston. Because I have been satisfied with them for many years, I wanted to keep it with them. Before I moved, I spoke to the guy who was overseeing my account and told him of my intent. He told me that he could not continue to work with me because his license within UBS was only for US domestic residents, and that my account would need to be transferred to another person who is licensed within their company to service US residents overseas because of the need to comply with SEC and banking rules. So, they transferred my account to a different person and group within UBS who is licensed to service US residents living in Asia. I speak monthly with them, and it works fine. So, I don’t think your problem is at all related to the use of a VPN, or the current administration, or state income taxes. It’s just that sometimes these compliance issues take a while to show up. One thing that may work for you is to inquire about having your account handled by someone in the company who resides in the US and who is is licensed to trade on behalf of US residents who are living in Asia. This potentially means you couldn’t do your own trading at-will online from here, but would need to speak with someone there who would execute the transactions on your behalf. Check this out and see if it works for you.

[@colinnewton7020]

Bank of America found out we might be moving to the Philippines and promptly told us we would need to close checking account and Investment accounts. At this moment we re still living in the US. However, my wife went to the Philippines for six weeks and used their credit card. When they noticed they called our house and asked if she was still living in the US and would not believe me when I said she was. They insisted on talking with her. Fortunately at that time she was back from er 6 week stay. I will need to find an alternative baking system if we ever move there.

[@iwantthatcom]

That's easy, transfer your account to Merrill Lynch(own by Bank of America which has a branch in the Philippines), Chase Bank investment account (they also have a branch in the Philippines BGC) Citi Bank Investment Account who has a branch in Makati or Morgan Stanley. All offer fee commission trades.

[@michaelbyrne5469]

Ok found something we can use a company called IB , then you can invest from anywhere. It is illegal to trade US stocks from here and my research confirms getting a VPN to take care of it is a terrible idea.

[@billyjohnson9166]

Transfer your account in full to a new brokerage and start using a VPN. EAZY PEAZY

[@marchoman1776]

Citibank broker's account. They have offices in manhattan and manila.

[@Time2Live.online]

Thanks for this info, I'm in the process now of opening a Schwab account. What ever you decide, I suggest keep your Schwab bank account if you have one. Opening a U.S. bank account from overseas is a nightmare, I'm sure you probably already know this.

[@billyjohnson9166]

What flagged your account is accessing your brokerage from the Philippines that’s why you need to open an account in a new brokerage and they will transfer your account in whole. The new brokerage will do it for you. It’s easy. Never acces your new account without a VPN. IVE BEEN THROUGH IT. It’s been two years with new brokerage no problems.

[@mikewashburn1087]

Good to know

[@leftyinhesperia1662]

why not just move your residence to a USA state that has no income tax, like Nevada or Texas. Many vloggers have. Reekay moved his residence from California to Texas recently before he went back to PH. I wonder why hehehehe

[@51dbail]

Would suck to sell stocks now. I didn’t change my address to here with Schwab. No problems yet. But I do pay state tax

[@mistermcluvin2425]

Has anyone heard of any other brokers for PI expats besides Interactive Brokers?

[@passwordtaco]

Does anybody worry about the stock market. It seems like big business is more worried about making kids gay them making a profit. The bud light, target, Ford all these big corporations seem to be committing financial suicide. Dosent this affect shareholders especially the people using it as a supplement to retirement?

[@FreeAmericanSpirit]

Open up a Robinhood account. This is why I mostly stop buying stocks and turned to crypto.. tired of these clowns telling me what I can and can't do with my money

[@brianandlynphilippines]

I never saw an update to this. My webull account sent me a notice for trading in the Philippines. I am from Texas, no state taxes. It is the IP address that flags the account. I looked into using a VPN to trade and then flags for money laundering suspicion may result in seized account. Any updates?

[@MrSteven5975]

I just quit trading stocks at this point.

[@danielwarnes7231]

Very interesting to me. I am just like you in the enjoyment of trading. Please keep us informed. I use Fidelity. You mentioned using a VPN, what about residence in say Nevada with no state tax? I've subscribed because just found you today and have already seen a lot of good information. Thanks.

[@rocketranger1000]

Never a dull moment in the Philippines! Last year , while living in the Philippines, my US bank merged and cut any access to my account. I had to fly back to the US to straighten this out. When landing in the US I had only $100 in my pocket and no access to my accounts.

[@randybarlow8822]

Welcome to the Biden administration

[@CB_4216]

Good to know. I am with Schwab and currently still living and working here in the US until I retire in 2026. I invest every month and don't plan on stopping purchasing stocks when I retire even if I am living overseas. Keep us updated.

[@smartbiz888]

I have had some of the same issues with all banking...We have business accounts in Minnesota and Florida and my personal account is in Indiana...My retirement address is in Germany (HOR for USA Fed taxes) and I vote in Florida (last home I owned in USA was there)...I also have foreign accounts in Germany...In regards to investments I've just left everything as it has been (registered with USA addresses I still use)...Definitely will do some queries quietly...PayPal has been acting up as well for small businesses and sole proprietors...Topsy turvey times we're in...Thanks for the heads up, Steve...Enjoy the weekend...

[@wayneirvine7653]

I don't trade but I am a TD Bank member Thanks

[@mannyc4224]

Get VPN and use I.P from the U.S.

[@coocoocachooglin]

File this under, "It always works - until it doesn't"

[@BeerBikes]

anybody there having any issues with Vanguard? thanks Steve very informative topic. Peace.

[@riverdogsavioroftheunivers978]

South Dakota is great for establishing residency....I plan on getting a residency there when I'm 62 and get the hell out of California .... I'll spend time between the Philippines and here in the States as a nomad....so South Dakota works....no smog requirements either

[@tomgerryinphilippines8817]

It seems they love to get into financial stuff using everyone's social internet stuff. It sucks to think they got you by the balls. They days of being low key and flying under the radar. I think more of these things will happen as time goes by.

[@phaedrus2633]

This burns my biscuits. Aren't YOU their customer? Perhaps I'm naive, but why do the banks, and now private businesses so willing to be stooges of the stinkin' gummit? I really think the whole banking system stinks.

[@bigjohnson7415]

It probably has to do with international money laundering. Of course, the bad guys and Rich always seem to be able to get around it. Like when Russians bought multi-million dollar properties here in the US. I guess it's like the IRS. Easier to audit 1 million small accounts than auditing 1 Billionaire!

[@sunebird]

This is happening because the Philippines remains on the FATF GRAY LIST THE Philippines remained on the “gray list” of jurisdictions subjected to increased monitoring for “dirty money” risks, according to the Financial Action Task Force (FATF). Officials are hoping that the Philippines will be removed from the FATF’s gray list by January 2023.

[@spritfxr]

Why not open a brokerage account in Singapore or Hong Kong? Also a vpn will solve your location issue.

[@CADYMAN069]

Thanks for the info. Since I am not moving to the Philippines for another 2 years I have some time to figure this out. I contacted my financial guy who handles my brokerage accounts and annuities, and he confirmed what happened to you. Apparently, the brokerage houses have put the Philippines on the prohibited list of countries around the world. You will only be able to sell what is in the account. I am assuming it's because of a lot of scams and fraud in the Philippines. Even when I send money to my wife's kids in the Philippines thru Western Union, they sometimes freeze the transfer and give me the third degree before they will release the money. President Marcos even signed into law that all sim cards in the Philippines have to be registered now because of the scams.

[@toroviejo226]

I have an account for over 20 years, where I get my SS every month. Without any warning they suspended my debit card linked to the account. So, now I can't get my SS on an ATM. No one was able to explain to me why.

[@grumpymcgrump5822]

Like other folks suggest, simply set up a mailing address in a US state that has no income tax. I have several brokerage accounts, (including Charles Schwab, btw), and none of them have any problem with my mail service address, (which is also on my driver's license, as it is my legal address), EXCEPT TD Ameritrade, who could never accept this address as valid. So I simply closed my TD Ameritrade account.

[@egovorch]

Steve, it is a bit late, but if u would of used a VPN like surf shark when logging in, it may if made a difference…if u have family in the US, u could just keep the investment accounts address in the US…just a thought 🤔🤔🤔

[@MrSteven5975]

I had everything OK’ed by them to be sure and it still happened.

[@samfish6938]

did you try robin hood

[@colinnewton7020]

Banks can get fined billions of dollars for allowing money laundering and criminal activities even if they are not aware of it. I think this is why they do not want you trading from another country. Another strategy other than speaking with Schwabb is to. use foreign trading platforms, although I never have. On KZbin research KenPerfin, "How to invest in the US stock market as a foreigner". You will probably find a lot of advice. I am not recommending , just making you aware. There has to be a way of investing from another country that is trustable.

[@ImDoubleB]

Trade Bitcoin

[@bigjohnson7415]

I wonder if your 401k accounts will be affected as well? It's crazy that "International" banks, meaning ALL of them, won't handle business internationally. The Phil's was a US territory for decades, but I guess it could be the Philippines reluctance to allow "International" ownership of property and business and such that they don't allow a more easy movement of funds in and out of the country? Seems like Marcos dad and mom had no problem moving money out of there in the past!🤣🤣🤣

[@jeffegg2]

Question: when they locked your account, could you still see the charts? I'm wanting to open an IBKR account. IBKR is a real international broker. But I hate their charts, and wanting to use TOS. I'll switch to TV if I need to, but prefer the charting that TOS offers.... What are your thoughts?

[@andymartinez9446]

I saw a video log where the Sims card on the phone has to be registered something the current administration has begun. My thought is the Philippine government may be monitoring its citizens and especially the expat community through the Sims card.

[@MrSteven5975]

I don’t think that’s the reason from what I heard. It’s more about scams.

[@metricmoo]

Get a US address with a mail forwarding service. Unless something has changed in the last 6 months, you won't have a problem with a TD account

[@user-rw718]

Any recommendations on what banks to use for living overseas for debit cards savings account or checking account. I'm worried that Capital one and chase bank will close my account once I move. Unfortunately I don't have family to use there address. I own a home in the USA that I'm selling and will keep the money from the house in those two banks. Any idea on how this will be an issue when living in the Philippines. Thanks

[@MrSteven5975]

SDFCU is one people recommend….. but I’m not a fan.

[@bitemenow609]

My Brokerage account with Schwab is still active.

[@michaelbyrne5469]

Wow Steve i am surprised that you are just finding out about this. Here is the low down , it has been forever that you can not trade when you live in the Philippines. If you are a US citizen you can not trade stocks while you live the Philippines . You can go in an out of a Mutual Fund no issues. You have been violating US law. It has nothing to do with paying state taxes . In Arizona for example you have to live a certain amount of days before you are required to pay taxes , most states are like that. The only way your account will be flagged is if you are trading that is against the law and subject to major fines. I love your blogs but i think you are very weak on this subject . I have been wondering when you were going to get nailed on this.

[@MrSteven5975]

I went over this totally with them when I moved and they said no issues. They said it was ok.

[@colinnewton7020]

Does anyone. know if I can open a dollar bank account in the Philippines before actually moving there.. My wife tried to open an account at Union bank and they said they only allowed Philippines residents to have such accounts, not people living abroad. But different banks have different policies. Anyone have a comment?

[@MrSteven5975]

No, you gotta be here to open it and have an ACR card or be on a resident type ViSA.

[@ArielBatista]

Maybe make your home state one that doesn't have any income taxes. Like Florida. Good luck on this let us know if there are any updates.

[@stevedice5963]

How did this work out? Did you switch your investments to another company?

[@MrSteven5975]

I pulled them

[@banjammy4116]

Maybe , they said you were broke after taxes, you being from taxachuesetts you said yea and he said yea?

[@MrSteven5975]

I don’t pay state taxes anymore

[@majtom5421]

One should consider changing their state of resident to a state with no income tax. Also use a VPN with a US server. The US is of few countries that tax their citizens living outside the US.

[@MrSteven5975]

That’s not the issue if you are a resident here you owe no state taxes there.

[@Murph_.]

I keep a US address by owning a home which rent out. It has been paid off so I only pay property taxes. Since it's in South Dakota, there's no state tax and the property taxes are EXTREMELY low.

[@jamesgilbert2181]

J.P. Morgan Chase is in Minila I have my account is with them

[@Mike-jx2gm]

Wow, sorry to hear Steve. Please keep us updated. Would be important to know the reason, like you said. Based on where you are logging in from? Or that they did a review and got you on state tax/address issue (even tho they ok’ed it originally). If it was based on login, would that mean, even a one week vacationer couldn’t sell stock when in Philippines? 🤔 That sounds crazy, but who knows.

[@richardhowe5583]

I think you already watched The nomad capitalist channel on KZbin.. he may have the answer to your problem.. if one of his videos does not cover it I'm sure he will answer your question and give some good advice.. just a thought from my pee brain for today.. thanks 👍👌😎🤗

[@MrSteven5975]

I think it’s due to recent changes and IRS changes also.

[@robertriebel8064]

You're still on the hook for Capital Gains taxes, even as an Expat. Not sure why you thought you wouldn't be? You may be better off though, recall you singing ARK Funds praises a bit back - if you were riding the Cathy Woods train you got hammered 🔨

[@MrSteven5975]

I was referring to State taxes

[@bbqstation1190]

navy fed lets me do it from thailand

[@wonderlama8883]

I am glad you made a video about this. I am also in the middle of all of this, including moving all my holdings from Schwab to interactive brokers. I have had several conversations with Schwab and if the information I have been given is correct is after December 6th your atm cards will stop working, transferring your funds through ach to your us accounts will not work any longer, will need special permission or a wire transfer. There will be no purchasing of shares but you can sell, but they reserve the right to liquidate your account without notice, and all the tax affects that would create on you. If you have a Schwab account, live in the Philippines and have gotten this email you should make sure and take action to best take care of yourself. I worry for some retired people that may not be as tech savy and are not seeing the email possibly. Well thanks for spreading the word on this, help protect some people from being cut off from there money. Again I have found interactive brokers to be a good alternative allowing you to trade without problems from the Philippines as a US citizen.

[@phillyboylaboy]

Smh when uncle sam will tax US cit globally yet will not cover medicare globally. 🤬

[@bgreen2266]

That sucks. Why does Schwab have to know where I physically reside? My Texas mail forwarding service is my mailing address on the account. Since my DL and voting use California I will continue to pay a modest state income tax. BTW I recently voted November election long distance as a California resident via email to fax.

[@craiggallup5706]

The last time I checked US citizens can open brokerage and IRA accounts while living abroad with Interactive Brokers using their foreign address and passport for ID. I was thinking of switching my IRA from Fidelity because they were threatening expats. However I'm pretty sure the minimum to open such an account is quite high. Anyone interested contact them for current policies. Be open about being an expat to them. Another thing is that their platform is geared to experienced investors.

[@johnandrosekelly6719]

That's why I like crypto...my keys, my coins !!!!!

[@David-ng4ut]

Spoke to a friend he said Fidelity will allow you to live in the Philippines as long as you have a US address. Check with them

[@michaellee2652]

Wow...that's crazy Steve?! That's good to know and other expats should definitely look into it and be on alert! I just hope it works out and everything gets worked out. That way you don't have any penalties. God Bless

[@surfboy344]

FINRA rules and banking rules are different as Steve just found out. Fidelity might be able to help. The issue of account registration for brokerage firms is that FINRA requires the account registration to be accurate. Some of it is semantics. If you use a US address to register the account, you can't then tell them over the phone "hey, I live overseas ". Foreign accounts are handled differently.

[@jd1811]

Steve, yet USAA. They have a brokerage and it may be fine for them. And Vanguard as well.

[@rockydlp]

JP Morgan Chase has Brokerage accounts that you can link to your Chase deposit accounts and they have branches in the Phillippines.

[@leonardmarlin4330]

Interesting Steve, I have money in my 401 and am just holding on to it I'm down since Biden took office 28 percent and hoping things turn around. I have my address in Florida I keep my duplex in Clearwater Florida. Not sure how I will be affected if I were to take any money out ? If I take any money from my GE retirement fund I know the penalties are steep and taxes are high but at some point I may take my money out of it. Good video Steve, something to think about that's for sure.

[@kenjohnson9654]

My stock trading days are over, so a non-issue with me. I occasionally have my account flagged and frozen until I contact them to verify my identity. Can be an inconvenience at times. God bless.

[@davidg.2217]

THIS IS NOTHING NEW. MOST BROKERAGE ACCOUNTS IF YOU MOVE AND SET UP PERMANT RESIDENCE IN A FOREIGN COUNTRY YOU ARE SCREWED. THIS HAS BEEN KNOWN FOREVER. THE ONLY THING YOU COULD HAVE DONE IS NOT TOLD THEM ANYTHING . MOVE TO INTERACTIVE BROKERS.

[@808pera6]

I have had no problems with them. I pay federal taxes on my dividends that i receive. I haven't paid state taxes in seven years, since i sold my income properties. I never mentioned to them that i live in the Philippines. My mail forwarding information and US cell phone number is all that i gave them. I don't see why they would do something like that. My Filipina wife just set up a US LLC and got an EIN online from the IRS to do business in the US and open a US business bank account. If you are an accredited investor, you shouldn't have any problems. But thanks for the Information, I'll look into this.

[@edexter97]

Basically they can dump a huge amount of shares on the market and minipulate prices. I have noticed the no po box rules some companies have as well but that just means they want you to use someone who competes with the post office.

[@jefflay8515]

Change your residency to Florida, Tennessee, or Texas. I’m sure there are a few more to choose from

[@MrSteven5975]

That’s not the issue

[@paulmackie5622]

wow, scotty trade I miss that Co, never liked TD and Schwab,not so much, Good luck

[@rfbos]

Wow, sorry thats happened to you. I have a CS checking account but have a residence address in the states and when I log into my account, I use a VPN in the states that give me a US ip. Haven't heard anything in 6 months now but will check to make sure I'm not blind sided. Thanks for the head up

[@jeffbarnes1102]

it also depends on what the laws are in the Philippines and whether they adhere to banking know your customer laws and agree to report to US on financial transactions. I had a similar issue in Nepal and was told by Fidelity that it was because Nepal is not a signatory to international banking laws.

[@Ian-iu2tl]

Changing address can create problems with and confuse trading software. Also, with internatuinal tax treaties in a virtual world, it does not matter where you are on the planet. You might as well be sitting in Nebraska as much as you are in Philippines. The tax man wants your money as long as you are a US citizen...and he will have it. Don't dodge him cuz he has a long arm and a short wick.

[@MrSteven5975]

I wasn’t dodging Federal taxes but State taxes that I did not owe.

[@dimakonax]

that sucks man cause i am a futures trader , and make damn good money some months trading. I was hoping to goto PH and trade live on Beach

[@eriksundstrom6826]

Hey Steve. Interesting info. Thank you. I heard the Schwab Checking acct is one of the best for international travellers. I am going to contact Schwab because I am curious about this whole issue. Take care.

[@youngster9267]

Back in April, 2021, I withdrew $12,000 from ATM machines here in the Philippines for a downpayment on a car. I have daily $2,000 withdrawal limit on each of my two checking debit cards so took 3 days to do it. A couple of weeks later I received an email from Schwab stating that they believe I am residing overseas and that all my accounts with them would be shut down within 60 days unless I provide proof I still reside in the US. Although Schwab is my primary bank and they could see my mortgage and utility payments were coming out of my checking accounts, I guess that was not proof enough. I was planning to go back to the US the following month, so took care of it then.

[@bmurphy847]

I would guess that the IP address located you outside the USA. I would suggest that a VPN with a USA IP address would be a solution. I would tell them that you are on vacation, not moved overseas. But you will need to pay USA taxes. My understanding is that the only way to get out of US taxes is to denounce your US citizenship.

[@pnoon43]

I have Edward Jones but my broker takes care of my trades but i still live in Liberty,South Carolina nw corner near Clemson and Greenville. I wonder if i finally move to philllippines what ramifications i would run into as a fulltime resident there.

[@Kuka007]

I've been living in Thailand for 20 years. The same thing happened to me with TD Ameritrade and Robinhood. I'm with Charles Schwab now and everything is okay for international clients.

[@jomazerud]

Maybe it could be for your own protection also. Off- topic here but just a heads up. I messed-up my online-banking password for Capital One and dealing them for a reset from PH was a major pain the ass. They locked my account and flagged it as "suspicious". Had to contact my attorney in DE to give my daughter there a SPOA to bank with them on my behalf.

[@Iron2011rob]

Unfortunately we are in a age where too much information (honesty) cost us.

[@throughblindeyesmyphilippi2015]

Well I have a Chatles Schwab brokerage account so I'll be contacting them asap. Good information to know Steve thanks for this video 👍

[@richardhowe5583]

Thanks for bringing up another interesting thing we should think about before we move there.. do you think that the new Philippine government headed by bong bong has anything to do with your problem.. maybe the Philippines has passed some kind of hinky law you do not know about under the new administration.. I am anxiously waiting to hear if you find out any more information.. like Paul Harvey says, and now the rest of the story.. thanks 👍

[@Srichardson64]

also use vpn to log on with usa ip addy :) just a thought

[@dustbusterz]

Steve, I think you need to Speak with An Attorney Like Now. You see, There is a Stipulation in Federal Law, that States that if you are a US Citizen ( Either Born there or Naturalized) ( Naturalized meaning you were the Child of At Least 1 American Parent). You will Owe Taxes to America No Matter Where you Live when you Earn that Money. Example: there was a Family, American Family. They had a Child While Living in America.. once that Child was Born , They Move Immediately to Canada. Now , That Child Grows up in Canada( never Having Lived in, or worked in America) . She gets a Job in Canada, and pays all Her Canadian taxes regularly. Suddenly, At Some Point in Time, She receives a Letter from the IRS. Turns out it's a Tax Bill plus Late Fees, Penalties, and Interest. I don't know if She Won, List or If it's Still going through the Court System , But She Sued because she said she wrote them , explaining she had never lived in America, or Worked there, Yet She is Being Charged American Taxes. Government Didn't care, She is American meaning She Owes taxes for All her Lifetime Earnings.. If you have a Live in Partner in the Philippines, she can Work and Pay taxes in the Philippines and be Fine, But, I believe, The Moment the 2 of you Get Married, Her Earnings will then co Mingle with Your Earnings And the 2 Of You Could Owe Taxes on Her Earnings(Same as a Married Couple living in America Filing Married Filing Separately or Married Filing Together) . Cause Any Money you Earn In America or in the Philippines , Is Subject to American Taxes. Better Get Council to make Certain you Are Not Hit with Any Back Taxes. My Concern is, You Tube.. We become Expats, Start a Vlog on You Tube, It gets Monetized and you Start Earning money. There Could Be Taxes Due in America on Those Earnings. So then I get Social Security , that gets Added together, I may owe even on my Social Security ( not Sure exactly how this All works) . Before I get there, I guess I'm Gonna Need to Consult a Tax Attorney to get this All Straight .

[@MrSteven5975]

I pay my taxes to both the Philippines and US. It’s not a tax issue that caused this. Also I have an attorney for my Channel and I reported to the US and payed to the Philippines and am all legal here and there tax wise.

[@tyronedavis7656]

I can't figure out if I'm slow, or if I'm stupid. I get a certain amount of money per month for the rest of my life. Why does it feel like I'm the only one who doesn't feel the allure and glamour of investing, as opposed to just saving and allowing my money to stack in the bank? If I was younger, it would make more sense to me. But I'm 50. What future am I planning for? I have a 7 yr old baby, but between my life insurance, and whatever I have in the bank when I pass, she'll be filthy rich. Is it the fun of it, like fantasy football or something? I am RETIRED. That means I don't wanna worry about investments, I don't wanna start a business...nothing. I can go back home and worry.

[@glendasagendorf2355]

Wow, nice information Steve. But if you want to participate or join in one of the Philippine Brokerage, I know a company or rather organization that you can trade or do a direct investment with ZERO load as long as you are a member of this organization or you can buy Mutual Funds without any fee. And don't you know that any earnings or gains from Mutual funds are tax free under RA 8424?

[@kurtnigbor7165]

Definitely let us know what you find out

[@jonb3189]

What you're saying is really strange to me. I'm in Tokyo. Since the year 2000, I've used Charles Schwab to trade stocks, and trade all the time. Never an issue. That said, I do have a CPA and do file (and pay US federal and State taxes, I'm in Arizona). Never had a problem. Got moved to their Schwab International account about a year or two ago. Other than that, it's smooth sailing. Concerned that when I move to Philippines if they will give me a hard time with this.

[@MrSteven5975]

Tokyo is not restricted and the Philippines is.

[@mikerichards6311]

Maybe you could get an address in Guam

[@Chu6um]

That was some great information. I'd never heard of such issues with brokerage accounts, and I didn't see anything in my documentation from Fidelity on that. Fortunately, I still have few months before I planned on making the move, so this comes in at a great time. Living in a tax free state already, and looking to pick up property in another tax free state, but I may just move my investments over to an international account.

[@mac6779]

simply get a PO Box in Texas (no state income tax). you must still pay federal tax. other states include: Alaska, Florida, Nevada, Tennessee, Washington, Wyoming. as far as trading goes, get a VPN and set the server to one of the tax free states.

[@MrSteven5975]

Not that easy anymore

[@JOHNHSMITH2]

I was told rhe opposite. I could close my Schwab checking and link my card to my brokerage. Lol.

[@hongisland3016]

Son of a gun. But they hire people from other countries to handle the customer support. Its nuts.

[@MrSteven5975]

Lol