am i allowed to keep my investments (stocks and mutual funds) in canada if I move to other country to work?
Jay c asked:
im canadian citizen but i was told by my bank that i cant keep my investments if i no longer a resident of canada…is this true? what are my options?
im canadian citizen but i was told by my bank that i cant keep my investments if i no longer a resident of canada…is this true? what are my options?
Jeff H:
I am not a Canadian. I know in Denver, Colorado, the bank that I used there did not want customers who lived outside the Denver area. They asked me to find a bank in my new home area.
February 4, 2009, 2:44 amDepending on the amount of time until your move, you should be able to transfer your investments (stocks and mutual funds) to a company such as Fidelity Investments. Fidelity has the capability to work with you in most any country.
The question becomes what country you will pay your taxes and maintain your citizenship in.
Example: If you were to become a missionary in another country, you could maintain your owerships in your home country. There are procedures which an attorney who specializes in international law should be able to tell you. You should have an attorney’s advice before you live out of your home country for more than 30 days anyway.
HeavyD:
I used to live overseas (I am a US pp holder) for several years and during that time I kept all my US investments and had statements sent to me in the country where I resided. I don’t know Canadian law but I can’t imagine the bank can somehow force you to sell your assets! But keep in mind that it may be difficult to access these assets quickly from overseas. D
February 6, 2009, 10:17 pm