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Opening non-US acc as US resident and having dual citizenship? 17 replies

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Dual Citizenship to access bigger pool of brokers

  • Post #1
  • Quote
  • First Post: Jul 11, 2019 4:15pm Jul 11, 2019 4:15pm
Hey all, I am a US citizen who is curious about what it takes to obtain citizenship in a different country? The main reason would be to access better brokers abroad than what is provided in the US.

If anyone has any info or ideas, please let me know! Thank you.
Success is a daily habit
Just be aware that even if you were able to have dual citizenship, you would still need to prove residency in that country to the brokers. They require evidence like utility bills, bank statements, etc. to prove that you reside there and not in the US.
Life is too short to have anything but delusional notions about yourself.
Quoting iggiduckets
Hey all, I am a US citizen who is curious about what it takes to obtain citizenship in a different country? The main reason would be to access better brokers abroad than what is provided in the US. If anyone has any info or ideas, please let me know! Thank you.
MES (Micro E-mini S&P 500): Wednesday Volume (Final) : 242,428 contracts. GAME-CHANGER.

Before you go to such lengths to trade Forex, I would advise looking into trading the new Micro futures.

Tax treatment:

Futures: 60/40

Forex: 100% Ordinary Income
Wyckoff VSA: Always FIBbing, but never lying.
Quoting HiddenGap
{quote} MES (Micro E-mini S&P 500): Wednesday Volume (Final) : 242,428 contracts. GAME-CHANGER. Before you go to such lengths to trade Forex, I would advise looking into trading the new Micro futures. Tax treatment: Futures: 60/40 Forex: 100% Ordinary Income
I know nothing about e mini or futures...would you be able to explain? Or provide some info on it? I really only have FX experience.
Success is a daily habit
Honestly, I'm more concerned with getting into trading crypto. My last broker allowed it but stopped serving US clients.
Success is a daily habit
Quoting hoss
Just be aware that even if you were able to have dual citizenship, you would still need to prove residency in that country to the brokers. They require evidence like utility bills, bank statements, etc. to prove that you reside there and not in the US.
Yes. Ideally you would open up the account whilst in your 2nd passport country and show them the passport, bills and possibly bank accounts. You could also incorporate.
Quoting iggiduckets
Honestly, I'm more concerned with getting into trading crypto. My last broker allowed it but stopped serving US clients.
Do you think WHY those brokers stopped servicing US ? most of will not connect you to the market ... its a bet for them,as 90% of traders are losing their money in forex market,brokers say this client has 10,000$ ,9 out of 1 chance is he will losing it,so if i wont connect him to the market,if he lost his capital i will have 10,000$,but if he is going to win maybe 2000$ i will pay him because 90% of all traders are losser . at the end broker will have all of 90% capital and just pay 10% of winner profit . stick to your citizenship.
I'm pretty sure it's residency that matters more than citizenship. How easy it is to prove residency in another country I have no idea.
Quoting HiddenGap
{quote} MES (Micro E-mini S&P 500): Wednesday Volume (Final) : 242,428 contracts. GAME-CHANGER. Before you go to such lengths to trade Forex, I would advise looking into trading the new Micro futures. Tax treatment: Futures: 60/40 Forex: 100% Ordinary Income
I have the utmost respect for your VSA abilities but I have to respectfully disagree.
Except being a corporation, you can get the same 60/40 capital gain treatment whether futures or forex using Form 6781.

i.e. from Investopedia:
Download Form 6781: Gains and Losses From Section 1256 Contracts and Straddles
Here is a link to a downloadable Form 6781: Gains and Losses From Section 1256 Contracts and Straddles.
KEY TAKEAWAYS

  1. Form 6781 is a tax form distributed by the Internal Revenue Service and used to report gains and losses from straddles or financial contracts.
  2. Form 6781 has separate sections for straddles and Section 1256 contracts.
  3. Section 1256 contracts include regulated futures contracts, foreign currency contracts, options, dealer equity options, or dealer securities futures contracts.

Best Pip Wishes!

Probably it can help if you are really interested in trading seriously and most likely with large capitals, because in the other case it makes no sense. On the other hand, if you are thinking about capital allocation, you can keep the capital in different companies, or even trade and invest in stocks in parallel, so that you can also spend time in trading and be able to devote time to other activities that are important to you. In fact, it will still require the preparation of documents and you need to think everything through so that everything is legally correct, and then you can really try it. I would also find a good consultant.
  • Post #11
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  • Last Post: Sep 12, 2020 3:49pm Sep 12, 2020 3:49pm
  •  jtc
  • | Joined Sep 2020 | Status: Junior Member | 1 Post
DO NOT move abroad. There are ways around paying, but the filing is a killer. If you move, you still have to pay/file taxes to the US. It has become a nightmarish fact of life for expats since the passing of Obama's FATCA law, which tried and failed to catch tax cheats. Apart from Eritrea this is unique to US citizens. I know the situation all too well, as I just moved back from Japan after 14.5 years because of it.
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