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no regulations stopping US residents from opening offshore accounts

  • #101
  • Oct 12, 2010 6:41am Oct 12, 2010 6:41am
Quoting billflet
That's right. Another free ride.
Looks like you are misinformed. GoMarkets customer Rep via chat just told me that this applies to any US resident who is paying taxes in the US, not just US citizens.
  • #102
  • Oct 12, 2010 7:01am Oct 12, 2010 7:01am
Quoting forextrader9
Looks like you are misinformed. GoMarkets customer Rep via chat just told me that this applies to any US resident who is paying taxes in the US, not just US citizens.
If they pay taxes. lol
  • #103
  • Oct 12, 2010 7:09am Oct 12, 2010 7:09am
Quoting calderone
If they pay taxes. lol
Well, you will be surprised that those on work permit pay their taxes, 100% of them.
  • #104
  • Oct 12, 2010 7:10am Oct 12, 2010 7:10am
Quoting forextrader9
Looks like you are misinformed. GoMarkets customer Rep via chat just told me that this applies to any US resident who is paying taxes in the US, not just US citizens.
I wonder how they would verify this. Send them your overseas vs. US tax return?
  • #105
  • Oct 12, 2010 7:51am Oct 12, 2010 7:51am
Quoting forextrader9
Well, you will be surprised that those on work permit pay their taxes, 100% of them.
That's like saying all US citizens pay taxes. lol
  • #106
  • Oct 12, 2010 10:47am Oct 12, 2010 10:47am
Quoting GoMarkets
Jeff,

I agree with you, but our lawyers are at present finding out if there are recipricol agreements between US regulators and Australian regulators and then that could throw a spanner in the works.
There are agreements between the SEC and ASIC so now they are searching for CFTC and ASIC agreements.

Again this is not a stance we want to take but will keep clients updated accordingly and being a regulated firm we have to act in a proper fashion.

Cheers
I had really wanted to open an account with you guys.
My suggestion to your government, the first 43 presidents are no longer in power. Don't sign agreements with these despots anymore...and let me in.
And I mean there's a lot more than this CFTC law going on here. From paycheck capping to regulating a veggie garden!! Not including toliets and lightbulbs.

I don't open many accounts, I've only had one broker live for years now and only had two alternates in mind.

Quoting PIP-Squeak
Think about it. Do you think those foreign entities are going to report and comply to the tax laws of EVERY country in the world? OMG! Can you image them sending 1099's to all US citizens they do business with and filing a copy with the IRS, or for that matter a year end tax report to the taxing authorities of every nation, for every customer round the globe? Are our US brokers currently doing that for every customer they have in a foreign nation? I don't think so. My God we can't even get some foreign nations to extradite criminals, but were supposed...
No not a nanny state to protect you, a state to control you and make sure you don't become as wealthy as say...a Senator.
Sounds like that healthcare law where I have to send a 1099 to everyone I do business with in a year. I have to send tax forms...to my supermarket!
To my cable company! Do you pay over 600 bucks in car insurance? 1099!


Quoting calderone
That's like saying all US citizens pay taxes. lol
40 something people in the white house don't, and a few congresspeople are under investigation or trail for not.
I saw a story, YESTERDAY, about how much insider trading goes on with congressional staffers.

it's fine for them, not for you.
Now that my slave employment income is capped, and I'm kicked out of another market working for myself, time to see what I can capitalize on next. When I started looking at stocks decades ago, no one ever told me to hurry up, the Gov't will shut it down someday.

****
The problem is, say I sent a letter to my congressman about my experience with all these regulations for years? What can they do? This is a regulatory body that was just authorized with too much power. It's not an actual law correct?
Or can we hope for free trade people to change something to allow us to go offshore? They passed laws where, like this healthcare thing, they HAVE to offshore to india to stay in profit. So why can't i?
  • #107
  • Oct 12, 2010 11:20am Oct 12, 2010 11:20am
Quoting JP_s
I wonder how they would verify this. Send them your overseas vs. US tax return?
Yup. Frank/Dodd Bill is giving CFTC power to team up with IRS to monitor your overseas activities. Apparently, on the tax return form, there is a section for declaring non-US assets and income and that's where they monitor it so I have been told.
Make your losses in demo. Earn your profits live.
  • #108
  • Oct 12, 2010 2:41pm Oct 12, 2010 2:41pm
So far at least. Just tried to open commercial accounts with GFT/UK and FXsol/UK for my entity, acting as CFO and was denied based on MY status, which has nothing to do w/ the entity I work for. This violates pure entity status, and I'm not the/a beneficiary.

So am I to believe that no other US corps are allowed to trade foreign FX??
Can't be, so how are they doing it??

OR - Unless someone can offer a list of REPUTABLE FX brokers who do not have US branches, yet do allow us entities.


stir it.

P
  • #109
  • Oct 12, 2010 3:27pm Oct 12, 2010 3:27pm
Quoting piposterous
So far at least. Just tried to open commercial accounts with GFT/UK and FXsol/UK for my entity, acting as CFO and was denied based on MY status, which has nothing to do w/ the entity I work for. This violates pure entity status, and I'm not the/a beneficiary.

So am I to believe that no other US corps are allowed to trade foreign FX??
Can't be, so how are they doing it??

OR - Unless someone can offer a list of REPUTABLE FX brokers who do not have US branches, yet do allow us entities.


stir it.

P
My research tells that banks (local and foreign) are not bound by these new regulations. These are banks and NOT brokers.

The banks that are accepting US residents are:

Citi Fx Pro - 1:50 (Min deposit $10000)
Saxobank - 1:200 (min deposit $10000)
Dukascopy - 1:100 (min deposit $1000)
DBFX - 1:100 (min deposit $5000)

All, please advice what your research tells.
  • #110
  • Oct 12, 2010 3:32pm Oct 12, 2010 3:32pm
Quoting forextrader9
My research tells that banks (local and foreign) are not bound by these new regulations. These are banks and NOT brokers.
The banks that are accepting US residents are:

Updated list:

MIG Bank - 1:500 (Min deposit $2000)
Citi Fx Pro - 1:50 (Min deposit $10000)
Saxobank - 1:200 (min deposit $10000)
Dukascopy - 1:100 (min deposit $1000)
DBFX - 1:100 (min deposit $5000)

All, please advice what your research tells
  • #111
  • Oct 12, 2010 3:39pm Oct 12, 2010 3:39pm
Quoting forextrader9
My research tells that banks (local and foreign) are not bound by these new regulations. These are banks and NOT brokers.

The banks that are accepting US residents are:

Citi Fx Pro - 1:50 (Min deposit $10000)
Saxobank - 1:200 (min deposit $10000)
Dukascopy - 1:100 (min deposit $1000)
DBFX - 1:100 (min deposit $5000)

All, please advice what your research tells.
And the vague 'discretionary' nature of the regs suggests our predicament is not clearly stated law, but 'interpretation' based on industry buy-in and they (brokerages) don't haven the stones to class-action those bribed sell-out snakes who somehow have them by the short 'n curlies. But as others say here, lets wait for the actual pan-out first.

P
  • #112
  • Oct 12, 2010 5:32pm Oct 12, 2010 5:32pm
Quoting piposterous
And the vague 'discretionary' nature of the regs suggests our predicament is not clearly stated law, but 'interpretation' based on industry buy-in and they (brokerages) don't haven the stones to class-action those bribed sell-out snakes who somehow have them by the short 'n curlies. But as others say here, lets wait for the actual pan-out first.

P
This is the problem all big companies are having in regards to every 2000 page bill passed this last year or two. Some companies are still asking for clarifications for regulations after deadlines have passed.
I dont' know why we need a congress if they are going to delegate power everywhere else.
And I"m not even talking banking bill!

Welcome to being a "citizen of the world".
  • #113
  • Oct 12, 2010 5:42pm Oct 12, 2010 5:42pm
Quoting techno79
This is the problem all big companies are having in regards to every 2000 page bill passed this last year or two. Some companies are still asking for clarifications for regulations after deadlines have passed.
I dont' know why we need a congress if they are going to delegate power everywhere else.
And I"m not even talking banking bill!

Welcome to being a "citizen of the world".
How about going open source. The rationale/idea for a congress has come and gone. Let, us, the people write the laws wikipedia style. Once enough people agree, then it gets emailed to the senate/pres for approval. This would also kill 99% of pork bills and virtually make it impossible for special interest to lube the gears.

Send the crooks home... it's our turn!
  • #114
  • Oct 12, 2010 6:02pm Oct 12, 2010 6:02pm
Well then MIG Bank and Saxo Bank are about to get a huge amount of business from independent USA based traders like me.

Quoting forextrader9
The banks that are accepting US residents are:

Updated list:

MIG Bank - 1:500 (Min deposit $2000)
Citi Fx Pro - 1:50 (Min deposit $10000)
Saxobank - 1:200 (min deposit $10000)
Dukascopy - 1:100 (min deposit $1000)
DBFX - 1:100 (min deposit $5000)

All, please advice what your research tells
  • #115
  • Oct 13, 2010 10:37am Oct 13, 2010 10:37am
Heh.. I think it's the Go Markets rep who may be misinformed. One of their emails uses the term residents, another says citizens. I get the sense it's almost as confusing to them as it is to us.
As to paying taxes, if you're an illegal you could (or should) not be able to get an SS number. However, this is an area way beyond the scope of this thread, and could go on and on..
  • #116
  • Oct 13, 2010 5:40pm Oct 13, 2010 5:40pm
Quoting forextrader9
The banks that are accepting US residents are:

Updated list:

MIG Bank - 1:500 (Min deposit $2000)
Citi Fx Pro - 1:50 (Min deposit $10000)
Saxobank - 1:200 (min deposit $10000)
Dukascopy - 1:100 (min deposit $1000)
DBFX - 1:100 (min deposit $5000)

All, please advice what your research tells
Looks like MIG Bank is the way to go with that colossal leverage. I just chatted with one of their reps and he confirmed that they are not affected by CFTC regulations. If this is true, then this will be my new broker for some time. Kudos!
  • #117
  • Oct 13, 2010 6:13pm Oct 13, 2010 6:13pm
Quoting Pipsqueak
Looks like MIG Bank is the way to go with that colossal leverage. I just chatted with one of their reps and he confirmed that they are not affected by CFTC regulations. If this is true, then this will be my new broker for some time. Kudos!
Right, until July 2011. Then what will you do?
  • #118
  • Oct 13, 2010 6:16pm Oct 13, 2010 6:16pm
Quoting compujock
Right, until July 2011. Then what will you do?
Can you please share the link where it says "until 2011" because you seem to know more than the banks. Even they are looking into this and don't know much about this rumor.
  • #119
  • Oct 13, 2010 6:18pm Oct 13, 2010 6:18pm
Quoting forextrader9
Can you please share the link where it says "until 2011" because you seem to know more than the banks. Even they are looking into this and don't know much about this rumor.
In any case, I would recommend checking with CFTC as they are best positioned to advice on this. We all can only guess.
  • #120
  • Oct 13, 2010 6:30pm Oct 13, 2010 6:30pm
Quoting forextrader9
Can you please share the link where it says "until 2011" because you seem to know more than the banks. Even they are looking into this and don't know much about this rumor.
It's all over the web. Here's one link for you:
http://www.greencompany.com/blog/index.php?sectionid=17
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