IRA To Swiss Bank

I have an IRA account that is maturing here shortly. Am I allowed to roll it over into a Swiss bank? Seems unlikely, but I cannot find a prohibition in the few books I have scanned.

Carl

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Reply to
Carl Chase
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An IRA is a custodial account, and the custodian must be approved by the IRS and is obligated to file certain reports to you and to the IRS. I doubt that the IRS would authorize a Swiss bank to be an IRA custodian, but you could check with the bank you plan to use.

Another possibility is that you might find a company in the United States that is willing to act as your custodian and permit the funds to be invested in a Swiss bank. In this case, the Swiss bank would probably send its reports, dividends, and/or interest payments to the custodian, who would hold the funds and file the required reports to you and the IRS. Perhaps a typical American brokerage company would permit an IRA accout to invest in CDs issued by a Swiss bank.

Dave

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Reply to
Dave Dodson

Overseas swiss bank accounts usually dont pay interest and have fees, so they are effectly negative interest rate. Usually not for investing, but for "other purposes".

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Reply to
rick++

Maybe it would help if we knew why.

In general, you can't make the transfer without it becoming a taxable distribution and even if you could it usually isn't smart.

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Reply to
kastnna

Thanks - are you (or anyone) familiar with the bank below?:

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Reply to
Carl Chase

What do you mean when you say that your account is maturing? Do you mean that you have a CD in an IRA and the CD is maturing?

-Will

william dot trice at ngc dot com

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Reply to
Will Trice

Yup. Got any ideas?

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Reply to
Carl Chase

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