Starshollow

and - from their legal point of view - for the right reasons. KYC as defined by the SEC does not allow them, to.   Cheerio  

    Which is why they simply don't accept resident from abroad as clients anymore.  Sad, but somehow understandable... thank the US gov and the SEC for it.

As long as you have investment funds (ETFs or actively managed funds - no difference there) in the US, i.e. US-domoziled funds where the ISIN begins with us-xxxxx, you are out of trouble with the IRS. In Germany for taxation reasons you'll have to do some paperworks, but since the last changes of the relevant tax laws, foreign investment funds are being dealt with by the German tax authorities like German or EU-domiziled funds: 1. value of fund at the beginning of the year 2. compared to the value of the fund at the end of the year 3. including dividends and interest reinvested or not paid out 4. differed by 100% stocks cvs 100% bonds vs mixed-investment funds (different percentages of taxation apply)   A good German tax advisor should have no problems with your foreign funds, but it is extra paperwork so probably extra fees apply. I would imagine..   What you can't and never should do is buy non-US-domiziled funds. while their taxation may be a wee bit easier in Germany, they'll cause you tons of headache and, worse than that, costs in fees for US-based tax-accountants because the IRS considers these foreign investment funds as PFICs. And the taxation for PFICs is a nightmare in reporting and thus in fees to pay.   Cheerio  

Well, I'll give it a try.  You have been hoodwinked and unfortunately this is way too common in Germany where consumer protection in insurances and finance is unfortunately a joke in international comparison. first of all, you went all wrong when you went to a bank (or an insurance company) and expected obviously to be advised in your best interest. An agent - at least you got the wording right here - is a representative of the insurance company (and in this case also of the bank) and not of you. This is different to a broker or consultant. for better understanding read here or watch the video: https://crcie.com/insurance/insurance-sold-germany/   If you now contacted one of the well-known and respected brokers on Toytown, you have to understand that without you offering them a fee for their troubles, they won't start to touch this. Because you paid - totally involuntarily and obviously being cheated - to the bank and insurance company a lot of money for your savings plan. And they (the brokers) would now work for naught in order to change or erradicate this.  You can understand certainly why this is not really attractive to anyone to correct a mistake that you made (and I am not accusing you, you have been taken for and that is absolutey unfair, but you can't expect others to invest several hours of worktime for free to help you here, right?) if there is no fee to reimburse them for your troubles. There are two options you have now (actually three, see below, the last one however takes a good knowledge of language and laws in Germany): 1. you can hire an insurance consultant (Versicherungsberater) to represent you and demand that the plans you signed are cancelled backwards because of false information.  A good consultant can do a lot for you, they have lawyer-like powers in Germany. But you'll have to pay a fee and only if it can be proven that the other side was in gross violation of consumer protection laws will the other side eventually have to reimburse you for these fees, too.  From your descripition -but without having seen the written/printed evidence, which would be crucial here because you might have unknowingly signed away your rights to challenge this in the paperwork you had to sign for these contracts to start - you'll stand a good chance of getting everything back. But you'll have to fork out some more money at the beginning yourself in order to pay the insurance consultant. 2. You can go to the nearest VErbraucherzentrale (consumer protection agency). They have offices all accross Germany and will analyse your case for relatively small fees and then represent you against the agent/Bank. The good thing is that banks and insurance become extremely unhappy and agitated when they get mail from the Verbraucherzentral, because that often comes with a lot of clout and negative PR.  The bad thing is that they are often overrun with cases and may not have ample time to help you. 3. The third option is that you contact the "Ombudsman" that is certainly listed somewhere in the paperwork you got. You'll explain all the facts in a formal complaint which will lead the Ombudsman to investigate. The good thing is that banks and insurance companies hate to be investigated by the OMbudsman because each case gets listed as another number for complaints in the yearly statistics and the OMbudsman has a lot of clout, too.  BUt AFAIK the Ombudsman will only accept German language complaints, hence you need to phrase your complaint very well in German or have someone do it for you.   Last but not least you could chalk if off as bad experience, write off the losses, cancel the plans and move forward.  I am not recommending this, just need to mention it. You have to weigh the costs and consequences for your what of the options above you chose instead. Good luck and next time you have an insurance or pension issue, chose one of the several well-respected financial advisors and insurance brokers here on Toytown instead ;-)   Cheerio  

We had tried to create an opportunity with Interactive Brokers but they won't, after carefull consideration, offer US-domiciled funds to clients who a residents in Germany (or other EU-memberstates for that matter).  I'll try Lynxbroker next, but am pretty sure that there will be the same outcome... Cheerio  

Most Germans only know "Cheerio" from "Dinner for one" when one of the "guests" (is it Sir Toby or Mr Winterbottom) roars drunkenly "Cheerio, Sophie, me gal !" But many, many years ago I fell in love with the movie "World's fastest Indian" where Anthony Hopkins plays the epic role of the Newzealand motorcycle racer Burt Monroe who travelled to the US in the 1960s with his self-improved old trusty 1920' Indian Scout to set up some speed records...  he always uses the "Cheerio", especially when he is over in the United States.  I took my "Cheerio" over from that particular movie and use it ever since ;-)

with private health insurance that is entirely possible and you'll even get a rebate/discount for pre-payment. Not so sure about public health insurance...   Cheerio  

This is a German text recommended to use to demand that your public health insurance starts offering you free use of your insurance card again if (!) you have reached an agreement about a repayment plan with the public insurance and if (!) you are paying both your normal monthly premiums and the monthly rates for repayment properly. In which case you have a legal right to be reinstated in your health insurance in full. Absender, Datum An die …-Krankenkasse Recht auf Leistungen trotz Beitragsschulden Meine Mitgliedsnummer: … Sehr geehrte Damen und Herren, wegen Beitragsschulden verweigern Sie mir das Recht auf Krankenbehandlung und wollen nur im Notfall und bei Schmerzen Leistungen bezahlen. § 16 Absatz 3a Satz 3 SGB V sagt jedoch wörtlich: „Ist eine wirksame Ratenzahlungsvereinbarung zu Stande gekommen, hat das Mitglied ab diesem Zeitpunkt wieder Anspruch auf Leistungen, solange die Raten vertragsgemäß entrichtet werden.” Da ich meine Beitragsschulden in regelmäßigen Raten abzahle, habe ich folglich Anspruch auf die normalen Leistungen. Mit freundlichen Grüßen Unterschrift   Cheerio

  That would be absolutely illegal and the law (and the high courts) are absolutely clear on that. But it isn't the first time and won't be the last that one has to explain to some emplyoees at a Krankenkasse the actual laws. The times I had to explain and quote to public health insurance employees that the 18-months waiting time before you can give notice to your public health insurance does not apply when a voluntary member decides to switch to a private health insurance is unbelievable... Which is why I quoted the above so that other Expats finding themselves in a similar situation know the law and their rights and can insist on it.   Cheerio  

@solomongrundy what is your status regarding repaying your debts with TK currently/before that emergency? If you have worked out an agreement/plan to repay your debts with monthly rates on top of your ongoing normal monthly premium payments, then you are actually out of the emergency coverage and back to the full coverage (as long as you keep up with the plan, of course).  therefore it would be important to know how your debt-resolving is set up with the TK.   Regarding as to what consists as an emergency legally, here is a definition by the scientific services of the Federal Parliament which is in line with rulings by the high courts:   3.4.2.2. services for the treatment of acute illnesses and painful conditions. According to § 16 para. 3a sentence 2 half-sentence 1 sentence part 2 case 2 SGB V, the following are also excluded from suspension services that are necessary for the treatment of acute illnesses and pain conditions ...". are". Although the wording of this legal text refers to the treatment of acute illnesses "and" pain conditions, there is - as far as can be seen - agreement on the fact that beside the presence of an acute illness not additionally the existence of pain conditions is is necessary161. The word "and" is here to be taken in the meaning of an "or".   Your description of your roommate calling ambulance because of a massive actue psychological isse including danger of suicide sounds to me very much like a necessary treatment for an acute illness/condition. therefore I would strongly advise to contact a "Verbraucherschutz"-office nearby to have them help you making your claims at TK.   Cheerio      

I reckon you mean "thesaurierte" dividends? I.e. dividends that are simply directly reinvested and not paid out to the owner?  Is this for stocks or investment funds?  different rules apply to either.   Cheerio  

our advisor and main mortage specialist, Paul Downes, already replied to this inquiry above. He is THE man to hire if there is a complicated mortgage to set up. If he can't arrange it, nobody can ;-)   Cheerio  

Hi JOhn - but according to the OP he was privately insured thru his company while in Ireland? Now if he was also statutory insured in the Irish national health system, he is safe and I am totally with you on this. But he would need proof of that, right? Unless Tk in the meantime (and a good thing it would be!!) would just accept anyone coming from another EU-member state after more than 12 months stay as publicly insured. Will keep my fingers crossed for the OP Cheerio  

Hi there, since 2006 I have been a member of the Toytown community and will remain so.  So, this is definitly not a Good-Bye of any sorts, rather a report on a change of status ;-) Under my AKA "STarshollow" I have written countless info and contributions here on Toytown during these years and got to know many of the Toytown regulars quite well over time.  With my team of advisors we have assisted and advised more than 5.000 Expats in Germany during those years and created a brand that is considered to be trustworthy to the core by Expats all accross Germany. Not a mean feat in a sector of business that is rich with sharks just eager to devour helpless prey for their own financial benefits. In 2020 I had the chance to run for public office in my old hometown. I have always been politically active and, lo' and behold: I was actually elected as Mayor of Baierbrunn, a town 20 km south of Munich https://www.baierbrunn.de/index.php?id=0,1 Since this is a fulltime job, I quit active advising our clients then but have been assisting the company and our team of advisors during the past.  And I simply can't quit writing here on Toytown, this has become a habbit actually quite dear to me over the years ;-)   Since my wife with whom I shared the management of the company (and who became an extremely qualified and dedicated advisor in her own right during that time)  did not want to run the company all on her own, we were looking for some time to find someone to take over the business who fits to our ethical standards and continues to put the interest of the clients always first in the advice process. That took some time (of course also thanks to the Corona pandemic). At the turn of the year we have finally signed over the company to ZVO, a very experienced advisor company that caters to clients all over Germany from Karlsruhe (main office) and several other offices accross Germany. They have ample experience with "Grenzgänger"-advice and are also extremely experienced in offering advice digitally in contrast to most German advisor companies. They have taken over all of our staff and will continue to expand the business. All clients have meanwhile received an info about this. Chambervelt, Rooselain & Cie remains a brand fully dedicated to Expats in Germany and will continue to serve its thousands of existing clients and all new ones yet to come.   I myself, while not advising any clients directly anymore, will continue to write here on Toytown as "Starshollow" and also some time later this year start an independent financial blogg for Expats in Germany in continuance of my "hobby". Meanwhile I'll remain helping the new owners of the company as external counselor to continue and increase the business. Therefore I'd also like to bring to the attention of all here on Toytown their current job offer. If someone is interested in working in finance and was always looking for a partner he or she can trust in and work proudly for: here is your chance!!!! Cheerio

Job offer:  CR & Cie are hiring new insurance/financial advisors.  Ideally near Karlsruhe (main office now) but the job can basically been done every in Germany with support from the main office.  Some time for training in Karlruhe should be possible, though.