If new US Forex restrictions hit | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

New restrictions on ESMA regulated brokers 0 replies

Set my own trading restrictions with software 0 replies

Employee Trading Restrictions? 13 replies

Possible to get around restrictions on BC residents? 7 replies

FX Broker Restrictions 0 replies

If new US Forex restrictions hit

  • #1
  • First Post: Apr 14, 2010 7:18pm Apr 14, 2010 7:18pm
If the new 10-1 leverage limit becomes law in the US, is it possible to move my account offshore?

If so what is the procedure for doing this and what Brokers would people recommend?
  • #2
  • Apr 14, 2010 7:35pm Apr 14, 2010 7:35pm
Yes you can move account offshore. I went with FX Solutions UK. Interbank FX says they will be opening a branch in the UK. but can't say when.
  • #3
  • Apr 14, 2010 7:45pm Apr 14, 2010 7:45pm
Thanks man. Was looking at MIG bank in Switzerland as well. Just wasnt sure it was legal to move the money
  • #4
  • Apr 15, 2010 4:20pm Apr 15, 2010 4:20pm
One thing to note, that most brokers wont tell you, or even know about:

http://www.irs.gov/pub/irs-pdf/f90221.pdf

You need to fill this out. Since the bank secrecy stuff that went down a year and a half ago or so, you can get in a lot of trouble if you dont report the existence of an overseas bank account, which is what you'll have if you opne an FX account with a UK broker, a segregated account.

I am pretty sure there are no extra taxes or restrictions, you just need to make sure you report the account.
  • #5
  • Apr 16, 2010 4:27am Apr 16, 2010 4:27am
Quoting ForexSooth
One thing to note, that most brokers wont tell you, or even know about:

http://www.irs.gov/pub/irs-pdf/f90221.pdf

You need to fill this out. Since the bank secrecy stuff that went down a year and a half ago or so, you can get in a lot of trouble if you dont report the existence of an overseas bank account, which is what you'll have if you opne an FX account with a UK broker, a segregated account.

I am pretty sure there are no extra taxes or restrictions, you just need to make sure you report the account.
"No report is required if the aggregate value of the accounts
did not exceed $10,000"
  • #6
  • Apr 16, 2010 6:01am Apr 16, 2010 6:01am
Quoting magnumfreak
"No report is required if the aggregate value of the accounts
did not exceed $10,000"
... or if your trading acct is offshore, yet the actual bank acct is held in a US branch.
  • #7
  • Last Post: Apr 16, 2010 6:52am Apr 16, 2010 6:52am
I thought this was a dead idea? I thought that the cftc decided not to impose this? If so when?
0 traders viewing now