- April 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Studying Abroad and Investment Concerns
Hello,
I am not asking for professional advice but to inquire about what others in similar situations are doing. I am planning to study abroad soon in Japan and have concerns about my investments in the US. Currently, I use Fidelity for my IRA and Robinhood for stock investments.
I have a few questions that I am unsure about and would appreciate some clarifications from individuals facing similar circumstances:
1. **Continuing Investments While Living Abroad**: Will I be able to continue investing, i.e., buying and selling stocks, while living abroad?
2. **Part-Time Work Impact**: If I decide to work part-time while studying, will that have any implications on my investments or financial situation?
3. **Working in Japan After Studies**: If I plan to work in Japan after studying there for a certain number of years, what will happen to my accounts back in the US?
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It’s fine, nothing will change with your brokerage UNLESS… you change your mailing address to anywhere outside of the states. If you do then the brokerage will put restrictions on your account such as not being able to add money, there’s more but it’s been years and I forget.
You avoid this problem by maintaining a US mailing address, patents/siblings/etc. basically anyone you’d trust to collect your mail for you.
You could also hire a company to do this, about $120 a year seems to be standard.
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For a year abroad, you should use the mailing address of a trusted friend/family member during that time (and also go as paperless as possible).
There are a couple US brokers (vanguard, schwab) that will allow US expats here update their address to Japan, and to then continue using there accounts while here. But they do not accept new accounts from here, only allowing pre-existing accounts to continue (and perhaps also with an eye/preference for investors over folks who just want checking account services). Also, I’m not sure, but I don’t think Fidelity serves US expats here–i.e., ones who want to change their address to Japan (i.e., be careful with them).
Depending on the likelihood of you staying in Japan for some years after your study, you may want to open an account with, say, Vanguard. Then, if you do have troubles as an expat with Fidelity/Robinhood, you’ll already have a fallback. (which is near impossible to set up later)
Tangential, and you’re probably not ‘trading’ mutual funds, but US brokers are not supposed to sell mutual funds to expats, tho ETFs/stocks are perfectly okay. I mention this since your Fidelity IRA may be in MFs. You can continue to hold those, no problem with that–but you should not add more shares of any MF. If using a US address, this is the catch-22 of it: the broker doesn’t know you’re an expat, and may allow your account to purchase MFs. And if they later discover your expat status, they may be a little PO’d about it–might ask you to close your account or move it elsewhere.
Also, two commonly mentioned cards that are good for overseas use (transaction fees, and good f/x rates) are Capitol One and Schwab.
Happy studies!