Thread: Opening non-US acc as US resident and having dual citizenship?

Originally Posted by ;

Fucking US guy lol. I guess I will be stuck with something like Oanda for now. . .fml

If your system is profitable and you trade with subject you'll make money, regardless of what FX broker you are using.
And Oanda is as great as any other broker, makes no difference at the end.

As long as the dumb Dodd-Frank regulation in place, regardless how many citizenship you're of nations in the world, you won't have the ability to exchange with any non-US companies because the problem is NOT on your side, the problem is on that overseas firm's side because Dodd-Frank insists that for almost any overseas brokerages that want to offer their financial service to a US resident, they need to register themselves with the appropriate US regulatory body, either SEC or NFA/CFTC so 99 percent of their overseas brokers, especially the people that are already governed by their own respective regulatory bodies like the FCA at UK (that is much better than the US ones) just gave the finger and went their merry way and also banning US residents from opening accounts together along the way.

Just to give you an idea of how little protection that CFTC/NFA accords to customers of retail FX: below the FCSA at UK up to 50K pounds of your investment capital using a FCA regulated company is paid to the customers in the event of the bankruptcy of a FCA regulated company and ALL client funds are needed to be protected from the company performance funds. After Alpari UK failed after the SNB crisis all the customers got their money back. Under the joke of CFTC/NFA, NONE of the client funds using a retail FX company is if that company is gone and segregatednone of the client funds can be recoverable. If Gain Capital let us say acknowledges bankruptcy tomorrow, every penny of their client funds could be dropped. So you can imagine if a company has already invested resources to be controlled by FCA, a far superior regulatory body do they want to devote the funds to be governed by the crap of CFTC/NFA??

So as long as you still maintain your US residency and citizenship, no overseas companies, unless they registered themselves with the US regulatory bodies will take you on as a customer. If you're an American, the ONLY way for you to have the ability to exchange with a brokerage company would be to renounce your US citizenship AND live abroad. But just you need to cover $2,350 as your exit charge, the world's greatest price of citizenship renouncing fee.

Good luck!

I don't even know what to say. This is such an offensive law to the individuals for no fucking reason. It literally says fuck you people of US, you are piece of shit - US gov.

Well at least we are pretty bullish at the US ganja market Gonna need to keep it lit while investing out of this nation.

Originally Posted by ;

quote Even if he resides in Antarctica he remains obligated to pay US taxes on any income he receives from his trading activity. And then what do you believe will happen if the IRS (US taxman) finds that he obtained his income from an international FX broker...? See the problem here?

I pay my taxes with a offshore broker, I believe I said, good luck to all

So , the way I see it it's legal to open an offshore broker if you're a US citizen and citizen as you can prove it and have a physical address in a different country. In my case I am also a citizen of Bulgaria (a native one if it even matters) so that should help even more. And most important I need to cover my US taxes no matter what. I must be okay? If it comes to taxes could I must pay taxes for the country where my address I used for the broker account would be just or in addition to the united states US?

Originally Posted by ;

Thus , the way I see it it's legal to start an offshore broker if you are a US citizen and resident provided that you've got a physical address in another country and can prove it. In my case I am also a citizen of Bulgaria (a native one if it matters) so that should help even more. And most important I need to pay my US taxes no matter what. So long as I pay my taxes I should be okay, right? If it comes to taxes could I need to pay taxes to the nation where my speech I used for the broker account is as well as the united states or just US?

Well lets just say the IRS ask you if you own 50 percent or even more of a offshore firm or if you have a offshre bank account, I suggest you be honest other then that your right about what else

Might it be feasible to have residency that is American and a citizenship ? That might be my perfect scenario lol.