Living in Israel with U.S. investment accounts? Be careful when transferring money overseas!

In this insightful recording, Doug Goldstein, CFP®, GFP®, founder of Profile Investment Services, Ltd., unveils essential tips and best practices for successful cross-border investing. From working with reputable financial institutions to maintaining meticulous records, he shares expert advice on navigating the complexities of transferring money overseas.

Key pointers from the show:

• Make sure to report all of your foreign financial accounts to the IRS. Violations may lead to severe penalties.
• Choose reputable financial institutions to work with when transferring money to ensure compliance and avoid potential issues.
• Be transparent with the IRS and report all financial transactions accurately.
• Avoid using checks or traveler’s checks. The preferred method of money transfer is wire, this lowers the risk of raising red flags with the IRS.
• Document all your transactions to ensure a clear financial record.

These are valuable points to consider when dealing with cross-border financial transactions.

Please share your thoughts and experiences on this in the comments below.

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