Will Trice <not[at]monitored.net> wrote:

- quote -

Yup. Got any ideas?

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Carl Chase wrote:
- quote -

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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Dave Dodson <dave_and_darla[at]juno.com> wrote:

- quote -

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

http://www.mlnbank.com/EN/services/raccounts.htm

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On Sep 13, 2:21*pm, Carl Chase <car...[at]hotmail.com> wrote:
- quote -

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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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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On Sep 13, 2:21*pm, Carl Chase <car...[at]hotmail.com> wrote:
- quote -

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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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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