Cancelled Permanent Residency

[JimmyV]

Hello,

I was a Permanent Resident in the United States, but have relocated to Israel a just over a year ago. I plan on living in Israel the remainder of my life, so I terminated my green card, and handed it over to the U.S consulate here in Israel.

I still have U.S assets and am wondering what laws exist regarding foreign citizens having U.S assets. I still have a U.S bank account , the funds are relatively small, under $10,000. I also have a stock investment account with ETrade with under $30,000 in it. I know to open the accounts I needed to provide my social security number, but now that I'm no longer a U.S Permanent resident, nor U.S citizen, do I have to immediately withdraw my funds?

The only reason I haven't withdrawn all my funds is because of convenience purposes. I haven't set up a investment trading account here in Israel yet. Although I plan on doing it soon. I would like to know if I am breaking any laws by having these accounts that I assume are for U.S residents only. The last thing I want is my accounts to be frozen, or pay some sort of fine. Thanks.

[LawResearcherMissy]

It's not illegal for you to hold these accounts, but it may violate the bank's terms of service. You'll need to check with your bank about their policies.

With eTrade, you appear to be fine. eTrade explicitly allows for foreign nationals to hold accounts. You may want to contact them with respect to your change of residence, however, and supply any additional information they might ask for.

You'd also do well to consult a tax attorney.