How Do US Citizens In Thailand Own US Mutual Funds

[tjo o tjim]

The problem is that it complicates tax calculations for mutual funds, and Schwab doesn't want to have any part in it. The funds need to determine their tax liability for any countries they do business in, and separating US tax liabilities from other countries on capital gains and dividends is a big deal.

As others said, use a family mailing address, or get a mail forwarding service. Mail forwarding is the easiest route in my book; mail comes by FedEx or UPS and actually has a tracking number. I think I paid $100/year plus shipping for the first year, and they waived the annual fee thereafter.

One important thing to do though is to keep an address in your current state. It saves a number of hassles later on.

[Carmine6]

I asked Fidelity's brokerage arm and they gave a definite maybe, not a definite no. I'm assuming their funds are still available as they were in 2004 per that article posted by Khnom.

Here's what Fidelity said:

"The ability for people living in foreign countries to purchase Mutual Fund shares is determined by the Mutual Fund not the brokerage firm.

The easiest way to determine if a Mutual Fund is available for foreign purchase is to simply call our Trading department 24 hours a day at 800-544-6666. They will be able to look up the details and provide them to you.

We appreciate your business and are always happy to help. Please let us know whenever you have questions or comments.

Thank you for investing with Fidelity."

[UnknownPoster]

Just to add my 2 cents, this isn't a Thailand thing. HSBC in HK won't allow a US citizen to open an investment account at all (even if it's to buy HK shares).

Yes, US citizens are having a hard time invsesting offshore ever since the Patriot Act.

You can open a HSBC account in Singapore og Hong Kong for savings but investing is a no go.

HSBC Offshore can help but it's expensive.

[Valjean]

I also had the issue with Fidelity that I couldn't get a debit card on my brokerage account with a foreign address. I use them as my US bank so I wanted this feature – I hadn’t run into the mutual funds issue. I’ve ended up keeping a mailing address and local phone number (Vonage so it rings here in Bangkok) in the US. I happen to come from Washington State so there aren’t income taxes there which keeps that simple. I use this address for Fidelity and one credit card. I’ve found for the credit card it’s nice to have a US address & phone number for some online purchasing. All total for the services and mail forwarding it’s a few hundred dollars a year – I’ve done this a few years now and I suppose I could shop around for something cheaper but it works.

[UnknownPoster]

Edward Jones Co asked my friend to close his account is the USA, since he lived overseas full time.

[Carmine6]

I also had the issue with Fidelity that I couldn't get a debit card on my brokerage account with a foreign address. I use them as my US bank so I wanted this feature – I hadn’t run into the mutual funds issue. I’ve ended up keeping a mailing address and local phone number (Vonage so it rings here in Bangkok) in the US. I happen to come from Washington State so there aren’t income taxes there which keeps that simple. I use this address for Fidelity and one credit card. I’ve found for the credit card it’s nice to have a US address & phone number for some online purchasing. All total for the services and mail forwarding it’s a few hundred dollars a year – I’ve done this a few years now and I suppose I could shop around for something cheaper but it works.

Have you signed up for electronic statment delivery with them? I still get a lot of prospectuses, annual reports, proxy statements and other things in the mail. But nothing extremely important.

I always thought I'd just have that stuff thrown out if I ever needed to physically out of the country for a long period.

[sfokevin]

Here is a PO box company that I was thinking of using as my US address - They are located in Texas which has no income tax. And they have what seems to be a nice computer interface that lets you see a scan of your mail.

http://www.usa2me.com/site/pgeMailManager.aspx

Does anyone use them? What is your opinion?

[ProThaiExpat]

After six years of dealing with the issues of which this thread deals, I found that the only time I needed a U.S. address was when I wanted to establish a new savings account, bank account or other arrangement for the first time.

Schwab shuffled my U.S. established account into their International Division once I was long stay in Thailand and their platinum debit card works well as an alternative to my Citibank credit card that carries my Thailand address.

I have no difficulty in order online with either of these cards and most online vendors are now shipping overseas without a problem. Yes I opt for electronic contact so I don't get their junk mail most of the time except for proxy statements.

Schwab gives one wire transfer a quarter free to me and Citibank had not problem with changing my Advantage Miles Card to a no fee card upon request with a Thai address. Amazingly, my extremely high credit card limit is still there despite a radical lowering of my income stream upon retirement.

My U.S. bank still sends me statements in Thailand with the word "FOREIGN" boldly showing in the address box. It is a Hawaii bank, however.

[thaihome]

Here is a PO box company that I was thinking of using as my US address - They are located in Texas which has no income tax. And they have what seems to be a nice computer interface that lets you see a scan of your mail.

http://www.usa2me.com/site/pgeMailManager.aspx

Does anyone use them? What is your opinion?

I use Global Mail, mentioned earlier, they have worked fine for me for over a year now. Only thing it does not have is the scan/online review, which could be nice. Not worth it to change, but if just starting an account, would affect my decsion.

TH