Just accepted a job in the US that will probably keep me here for quite a while. I have some money in mutual funds and stocks in Germany that I would like to keep. However, I read on an e-Mail list that US residents are not allowed to own this kind of stuff abroad. One guy made that claim, and from the responses it seems there a lot of Germans living in the US to whom this applies.

My question therefore: Is this true? If yes, am I a resident? Is this actually a law, or just a recommendation to keep US citizens from making risky investments abroad? And what are the tax implications? Anyone know anything about this, or at least whom or where to ask?

Thanks!