Charles Schwab accounts

We understand that Charles Schwab are reaching out to their clients in a select few countries (inclluding New Zealand) and advising them that they may need to 'adjust' their banking realtionship, and in some cases, they may need to close their brokerage accounts (including IRA accounts). There are potential US and NZ tax consequences of any such action.

We further understand that in some instances, Charles Schwab may close the account and mail a cheque to the account holder. If this is you, then before you cash that cheque, you may want to seek tax advice (in fact, ideally you would seek advice before this point in time).

If you want to understand the issues that may (or may not) arise for you, give us a call, and we can steer you through your options.