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Here's my issue. I have a sister that lives in Israel. She is a US citizen, and holds a US passport, and is also a citizen of Israel. 20+ years ago, they opened a Cash Management Account (CMA) in the US with Merill Lynch. ML sent them a letter in Israel (the mailing address they have on the account) that they were closing the account.
ML said they can either send them a check for the liquidated assets in the account, or they can be transferred to another institution. They don't want to check or the money to be sent to them, but rather, do a transfer to a new institution. I use ScottTrade for all my investments. I was going to go to their office. Do you think they will open an account for them with a local US address (my address ), or is this not even possible?

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    If your sister has Internet access, can she open an account with ScottTrade, entering your US address while applying for the account? Or is it necessary to have you do it for some reason? – Dilip Sarwate Dec 16 '13 at 2:35
  • Well, she could do it, but I am not sure what sort of documentation is required. – OldProgrammer Dec 16 '13 at 2:36
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They will not open an account if you come in wanting to open an account for a third party. Your sister will have to do it herself.

Assuming she has a SSN and credit history to verify her identity, she'll easily be able to do it online, and use whatever address she wants to send mail to (she can have separate mailing and residence addresses).

There are also Israeli institutions who provide investment accounts to Israelis with ability to trade in the US. That might be easier for her than having an account in the US and filing tax returns in Israel every year. Unless she evades taxes in Israel, that is...

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