IC Markets Seychelles account privacy

Hi friends.

I will open an account is Seychelles IC Markets. I asked them if the account is private and if it will be shared, they told that:

~Quote
Thank you very much for contacting IC Markets.

We do not deduct any funds for taxes. It is your own responsibility to declare any earnings to your own local tax authority.

However, in case we are requested to provide information, we will inform the relevant authorities.

Please do not hesitate to contact us, should you have any further inquiries.
Have a nice day!
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I understand tax is a sensitive issue and they were unable to answer that properly.

With relevant authorities may be it was Seychelles authority. How can they claim tax evasion?

I saw that Seychesseles does not have tax agreement with Turkey and Turkish government. (I am a Turkish citizen residing in Turkey.)

Will I pay taxes for gains? Does any one knows that? Is there people has any similar situation and how they solved it? May be you know someone involving tax free whom I will be directed .

I am in Turkey and Turkish citizen.

I want a reliable well known broker with low spred, low commisions and ECN. I want to involve with IC markets.

Thank you!...

If you are not using the entity for money laundering or to park big amounts of money without trading activity you shouldn't worry too much, At the end of the day the broker will send your profits to your local bank account, and then you will need to declare your earnings to your local tax authorities as you would do with any taxable income.

This is your obligation as a Turkish citizen living in Turkey.

Depending on how much volume you will move and the tax structure of your country, you might consider incorporating a company in Turkey or offshore for your trading activities. However, I strongly recommend you to have a reliable lawyer that knows well the local jurisdiction where you will incorporate the company.

Not sure about your concerns about privacy, any indication of dodgy business the regulator or government agencies can request to the broker to access your details and pretty much any decent regulated broker will provide the data.

Thank you so much for the reply bascupower. No I am not laundering money I will just trade. But I can get a debit card to use the money onshore without tax authorities knowledge. Secondly in Turkey, every 2 years or so they are making amnesty for money earned offshore, you can send your money earned offshore to your local bank account and pay %1 tax. It should sound pretty weird but this is the tradition in Turkey. Do you have anything to say or are there any other people who can help?

Thank you for the response bascupower.

Even non-Turkish investment income is taxable in Turkey, the scenario you mentioned can be considered tax evasion by your local authorities. I will personally be very reluctant to have that setup, the tax office might don't care if you are making a couple of hundred dollars but if you start making real money or big deposits they will love to know a little bit more about your lifestyle. Considering you said you are living in Turkey and most probably you will register your account in Turkey, I would rather sleep at night and declare your earnings. The short answer is yes, if they really want to know your trading data and your profits they will get them.

It is not the same to operate in a private company registered in a certain jurisdiction as having a company in that jurisdiction. Any reputable firm will collaborate with the authorities.

Hi all. New member, so I don’t think I can start threads. Has anyone else had experience with IC Markets Seychelles ? Do they have good withdrawals/ non buggy platform ?
The demo account seems good, I’m hoping to transfer my real account over to them from IG

I did not suggest you transfer it, not regulations at all, if you have big amount, fund safety is the first thing you need to emphasis.

You will be regulated by the Financial Services Authority of Seychelles (FSA), we can agree you can not compare it with the 1-Tier regulations, however, they have improved a lot since the SIBA times, if leverage is not an issue for you, there are better jurisdictions to choose depending on your location, however, for whatever reason if you are looking for more flexible leverage it is a legit option.

You still have negative balance protection if you are trading with their FSA jurisdiction, they also have insurance that will cover up to US$1,000,000 per client in case of bankruptcy.

I would rather trade in FSA than Belize, Vanuatu, or Saint Vincent and the Grenadines.

In terms of platform performance, it is the same, their Metatrader servers are located in New York anyway.