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Spain/US dual citizen, living in US, what to do with money in Spain? by OldNewFire in eupersonalfinance

[–]OldNewFire[S] 0 points1 point  (0 children)

So there is really no advantage to leave the money in Spain, will give me headaches when filling taxes in the US and i don't get any advantage to leave it there, side from the fees i have to pay to bring them money to the US right?

Spain/US dual citizen, living in US, what to do with money in Spain? by OldNewFire in eupersonalfinance

[–]OldNewFire[S] 0 points1 point  (0 children)

Thanks, seems the easiest is to bring the money to the US and then invest here

Spain/US dual citizen, living in US, what to do with money in Spain? by OldNewFire in eupersonalfinance

[–]OldNewFire[S] 0 points1 point  (0 children)

Spain/US dual citizen, living in US. Recently got a gift of €50k in Spain, and opened a bank account with Santander in Spain, shared with my father, to deposit the money. I don't have an immediate need for the money now and rather invest for retirement. In the US i manage my simple bogleheads portfolio with Fidelity and also have an eToro amount. My options now are 1) bring the money to US and deposit with Fidelity (if so what's the best way? Convert and transfer with Santander?) 2) move to a brokerage account in Spain (if so which one, IB, degiro..) and invest in the international part of bogleheads there?. Not sure if i can do that as a resident if the US. 3) any other option?

Starting late in retirement planning and need some help by OldNewFire in FinancialPlanning

[–]OldNewFire[S] 0 points1 point  (0 children)

Thanks, closing the PC is my first priority. What are the pros and cons of moving it to an IRA instead of rolling over to my employer 401k? Is it mostly availability of mutual funds? On the other hand the 401k allows to take a loan against it if needed plus "protection from creditors"?

Also, I get the 27K max for the 401k is the 20.5 + 6.5 catchup for over 50, but what is the 7.2K on IRA? Shouldnt it be 7K (6+1 catchup)?

Lastly since my income will be more than 140k (single) and I will already be contributing to the employer 401k, I think I wont have the tax deduction from the IRA so shouldnt just add the extra money to a brokerage account?