Can Americans living abroad open accounts with non-US brokers? | Forex Factory

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Can Americans living abroad open accounts with non-US brokers?

  • #1
  • First Post: Oct 26, 2014 8:36pm Oct 26, 2014 8:36pm
Hello Forex Factory. I was wondering if anyone had any experience with being an American living abroad and opening accounts with non-US brokers. I know that in the States you're prohibited but if you no longer reside in America would the same rules still apply? For example, if I'm an American citizen but I live in Thailand (for more than 7 years) could I open an account with a European or British broker since I no longer reside in the States? Does anyone else have any experience with doing this?
  • #2
  • Oct 26, 2014 9:12pm Oct 26, 2014 9:12pm
I'm pretty sure yes - but you can easily confirm with the broker of your choice.
  • #3
  • Oct 26, 2014 10:23pm Oct 26, 2014 10:23pm
hi
I think the answer is not...by the way, I am an expat, happen to living in Thailand.
The broker wants verification docs, and that start with passport! Unless you can show them a non-US one, you are American, period.
Same goes with proof of address, it isn't easy to have bills to your name, though a bit better chance.
However, unless you have a residency permit, I still think the answer is no.

I for one, trade on an account under my thai wife name, makes things simple.
Do you have any questions, drop me a message.
there is always, always another trade!!
  • #4
  • Oct 26, 2014 10:34pm Oct 26, 2014 10:34pm
They always write "residents of the u.s." - not citizens. So a foreigner living permanently in the US is out of luck too, a u.s. citizen living abroad might not. The broker not only wants proof of identity (passport) but also proof of residency/address (utility bill or bank statement with the address on it). But a chat with the broker can clear this right up.
  • #5
  • Oct 26, 2014 11:56pm Oct 26, 2014 11:56pm
Hey, thanks for the responses all. I just talked to one broker from Australia that is pretty well-known and the person I was chatting with said that with a Thai driver's license and any utility bill in my name I could open an account with them. @Profitfarmer, that's not a bad idea opening an account under your wife's name. I never even thought of that.

One interesting thing I've already noticed is that with my current US broker I have access to CFD's and metals that US residents can't get because I'm listed as living abroad.
  • #6
  • Oct 27, 2014 4:33am Oct 27, 2014 4:33am
In my experience, it's mainly a case by case thing. Each broker has its own policies. Some effectively don't take residents, for others, just being a US citizen will close you their doors. When you want to open an account in a company name, most won't accept US companies, but with a foreign company, it again totally depends on the broker when there is a US citizen and/or resident as director and/or shareholder.

The best is to talk directly with the broker you want to deal with.
  • #7
  • Oct 27, 2014 5:46am Oct 27, 2014 5:46am
Quoting ChokdeeCF
if I'm an American citizen but I live in Thailand (for more than 7 years) could I open an account with a European or British broker since I no longer reside in the States? Does anyone else have any experience with doing this?
Hi ChokdeeCF,

You can indeed. It's simple to apply for an account with us. We only ask our clients for documentation based on their country of residence as opposed to their nationality.


Alex

________
Alexander Chadwick
Alpari (UK) Representative
  • #8
  • Oct 27, 2014 6:32am Oct 27, 2014 6:32am
Quoting Alpari UK
{quote} Hi ChokdeeCF, You can indeed. It's simple to apply for an account with us. We only ask our clients for documentation based on their country of residence as opposed to their nationality. Alex ________ Alexander Chadwick Alpari (UK) Representative
i live in america but own a offshore company in the bahamas and would like to open account in that company name, can i do that since the company is a resident of the bahamas
  • #9
  • Oct 27, 2014 7:06am Oct 27, 2014 7:06am
Quoting profitfarmer
hi I think the answer is not...by the way, I am an expat, happen to living in Thailand. The broker wants verification docs, and that start with passport! Unless you can show them a non-US one, you are American, period. Same goes with proof of address, it isn't easy to have bills to your name, though a bit better chance. However, unless you have a residency permit, I still think the answer is no. I for one, trade on an account under my thai wife name, makes things simple. Do you have any questions, drop me a message.
How's living in Thailand as a trader? Do they chage capital gain tax? Is public security good enough? I heard a well know trader Joe Dinapolie lives in Thailand....
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #10
  • Oct 27, 2014 7:43am Oct 27, 2014 7:43am
Quoting PoundTrader
{quote}i live in america but own a offshore company in the bahamas and would like to open account in that company name, can i do that since the company is a resident of the bahamas
Hi PoundTrader,

Thank you for your post.

It may be possible for you to open an account for your company in the Bahamas.

Please complete our application form and return it to [email protected] along with your corporate documents so we can review your application and make a decision as to whether the company can be on-boarded.


Alex

________
Alexander Chadwick
Alpari (UK) Representative
  • #11
  • Oct 27, 2014 9:04am Oct 27, 2014 9:04am
Quoting heispark
{quote} How's living in Thailand as a trader? Do they chage capital gain tax? Is public security good enough? I heard a well know trader Joe Dinapolie lives in Thailand....
guess life is like everywhere else...it is generally warm and sunny, and I sure dont miss ice and snow.
as far as I know there is no capital gain tax.
we live on a farm now, so, not too much public around...lol...but seriously, I never had any problem living here, or elsewhere, for that matter. maybe sheer luck. maybe I am careful. or maybe ugly enough to be scary. or a combination of all. but it worked till now.
there is always, always another trade!!
  • #12
  • Last Post: Oct 29, 2014 5:29am Oct 29, 2014 5:29am
Hi ,
I am American living in Russia . I can hook you up with the best broker in the industry without no problem.
Let me know if you are still interested.
Thanks,
Oleg
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