Foreign Persons and Retirement Accounts

Submitted by brcwm on Mon, 2021-12-27 15:40

With the Secure Act, is there any changes to the below summary of the Ed Slott article from 2015?

“You can name someone who lives in a foreign country as the beneficiary of an IRA or other retirement plan. And, Foreign beneficiaries have the same options as any other beneficiary. “

https://irahelp.com/slottreport/dealing-foreign-persons-and-retirement-accounts-global-economy#:~:text=To%20answer%20the%20first%20question,take%20a%20distribution%20in%20full.



Submitted by Alan - IRA critic on Mon, 2021-12-27 15:58

The only change is that a foreign beneficiary is now subject to the RMD rules of the Secure Act, mostly meaning that the 10 year rule will apply rather than life expectancy unless the beneficiary is an eligible designated beneficiary. The other mechanics involving mandatory withholding remain as before and there are no new restrictions for naming a foreign beneficiary.

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