Possible to get around restrictions on BC residents? | Forex Factory

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Possible to get around restrictions on BC residents?

  • #1
  • First Post: Feb 26, 2009 11:13am Feb 26, 2009 11:13am
I see that both MB Trading and ATC Brokers don't allow BC residents to have accounts. Does anyone know of any way to get an account from them anyways? I am looking at starting an account with 25,000 and have gotten quite comfortable with using mt4 platform. also I hear if I go with someone like MIG which is swiss they will not report my earnings and therefore I can make the money tax free? Any other BC residents here what broker do you guys use and how do you avoid the income tax?
  • #2
  • Feb 26, 2009 11:38am Feb 26, 2009 11:38am
See my post 3220:
http://www.forexfactory.com/showthre...10002&page=215
  • #3
  • Edited 12:19pm Feb 26, 2009 12:03pm | Edited 12:19pm
Quoting Kenz987
See my post 3220:
http://www.forexfactory.com/showthre...10002&page=215
Quoting Kenz987
Ricky: Just go over to Bermuda and open an IBC.
Is it worth flying to Bermuda to open an account that only has 25k in it? A quick search revealed there are companies that can help you setup an IBC without actually going there. Trading companies like MB Trading ask for ID that is not expired and a utility bill with the same address. How can I get around that aspect of it?
  • #4
  • Feb 26, 2009 12:33pm Feb 26, 2009 12:33pm
Well I haven't done it yet myself - but plan on it someday (hopefully soon). While you are there get a bank account and a business office with a phone (supplied by your resident agent). "Only 25K"! Do you know what you can do with that much money? Day trading margin on ES is only 3100.! 2 ticks after comm is $20, x 8 contracts = $160. x 10 trades / day = 1600. OK, let's be more conservative, let's just say you make only $500 / day on a $5000 account. Now, how much is that plane ticket??...
  • #5
  • Feb 26, 2009 1:26pm Feb 26, 2009 1:26pm
Maybe it's "better in the Bahamas" this time of year. ;==)) There is a book "Tax Havens of the World" by Thomas Azzara - and he has a web site - I have not read it yet but looks promising. No affiliation. Just passing on information.
  • #6
  • Feb 28, 2009 10:20am Feb 28, 2009 10:20am
Quoting g5ricky
I see that both MB Trading and ATC Brokers don't allow BC residents to have accounts. Does anyone know of any way to get an account from them anyways? I am looking at starting an account with 25,000 and have gotten quite comfortable with using mt4 platform. also I hear if I go with someone like MIG which is swiss they will not report my earnings and therefore I can make the money tax free? Any other BC residents here what broker do you guys use and how do you avoid the income tax?


It sounds to me like you are talking about income tax evasion which is illegal.
You are required too report all of your worldwide income. As for restrictions on BC residents all of these brokers will let you open an account as long as you are an "accredited investor". Which is basically a form you fill out for your broker stating your financial status.

Dont be so concerned about taxes. Why be greedy pay your fair share and make lots so you can share. My 2cents

Bluesteele
Master your Mind,,,Master the Market
  • #7
  • Mar 1, 2009 2:25pm Mar 1, 2009 2:25pm
Quoting bluesteele
It sounds to me like you are talking about income tax evasion which is illegal.
You are required too report all of your worldwide income. As for restrictions on BC residents all of these brokers will let you open an account as long as you are an "accredited investor". Which is basically a form you fill out for your broker stating your financial status.

Dont be so concerned about taxes. Why be greedy pay your fair share and make lots so you can share. My 2cents

Bluesteele

Taxes are never good . But your right as long as I am making money the government needs its cut too.

As far as the accredited investor form goes I don't see it on ATC's website. So if we fill this out we can give our BC address and they will let us trade? I wonder why the guy in the MB Trading thread didn't mention this
  • #8
  • Last Post: Mar 1, 2009 3:47pm Mar 1, 2009 3:47pm
make friends with someone in ontario?
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