Opening non-US acc as US resident and having dual citizenship?

I am a native European who has Bulgarian and US citizenships. I live in the US but I still have my residential address in Bulgaria and valid legal documentation to prove that. Will it be a problem to open an account with any European broker?

no problem just use your Bulgarian citizenships and address also make sure your bank account is set up there to get your money, if you send your profit to a u.s. bank the broker will drop you.

oh and you can't say you live in the u.s.a. because the dodd frank law applays to all u.s. resident regardless of your citizenships

His FX broker will see that this IP is in the US and probably refuse his application.

I don't have a bank account there but I have friends and relatives that do. Can I use a bank account not under my name?

No, the name on your Forex account and the one on your bank account must be the same, and that includes your street address as well.

He could do that of course, but as an American citizen he is still subject to the rules and regulations of the US.

not true if his resident is in another country you just have to prove it to your broker

Even if he lives in Antarctica he is still obligated to pay US taxes on any income he receives from his trading activity.

And then what do you think will happen if the IRS (US taxman) discovers that he is receiving his income from an overseas FX broker...?

See the problem here?

Fucking US man lol. I guess I'll be stuck with something like Oanda for now...fml

If your system is profitable and you trade with discipline you will make money, no matter what FX broker you are using.
And Oanda is as good as any other broker, makes no real difference at the end.

As long as the stupid Dodd-Frank regulation in place, regardless how many citizenship you are of countries in the world, you won't be able to trade with any non-US firms because the problem is NOT on your side, the problem is on that foreign firm's side because Dodd-Frank insists that for any foreign brokerages that wish to offer their financial service to a US resident, they MUST register themselves with the appropriate US regulatory body, either SEC or NFA/CFTC so 99% of the foreign brokers, especially the ones who are already regulated by their own respective regulatory bodies like the FCA in UK (which is FAR BETTER than the US ones) just gave the finger and went their merry way and banning US residents from opening accounts with them along the way.

Just to give you an idea of how little protection that CFTC/NFA accords to customers of retail FX: under the FCSA in UK, up to 50K pounds of your investment capital with a FCA regulated firm is compensated to the clients in the case of the bankruptcy of a FCA regulated firm and ALL customer funds are required to be segregated from the firm operation funds. When Alpari UK failed after the SNB crisis, almost ALL of the clients got their money back. Under the joke of CFTC/NFA, NONE of the customer funds with a retail FX firm is segregated and if that firm is gone, potentially none of the customer funds can be recoverable. So if Gain Capital let's say declares bankruptcy tomorrow, every penny of the customer funds could be lost. So you can imagine if a firm has already invested so much resources to be regulated by FCA, a far superior regulatory body, WHY would they want to spend the extra resources again to be "regulated" by the crap of CFTC/NFA??

So as long as you still retain your US residency and citizenship, no foreign firms, unless they registered themselves with the US regulatory bodies" would take you on as a client. If you are an American, the ONLY way for you to be able to trade with a foreign brokerage firm is to renounce your US citizenship AND live abroad. But just for renouncing your US citizenship, you have to pay $2,350 as your exit fee, the world's highest cost of citizenship renouncing fee.

Good luck!

I don't even know what to say. This is such an offensive law to the people for no fucking reason. It literally says "fuck you people of US, you are piece of shit - US gov".

Well at least we are pretty bullish in the US ganja market Gonna have to keep it lit while trading from this country.

i pay my taxes using a offshore broker, i think i said enough here, good luck to all

So PoundTrader, the way I see it it's legal to open an offshore broker if you are a US citizen and resident as long you have a physical address in another country and can prove it. In my case I'm also a citizen of Bulgaria (a native one if it even matters) so that should help even more. And most important I need to pay my US taxes no matter what. As long as I pay my taxes I should be ok, right? When it comes to taxes would I have to pay taxes for the country where my address I used for the broker account is as well as the US or just US?

well lets just say the IRS ask you if you own 50% or more of a offshore company or if you have a offshre bank account, i suggest you be honest other then that your right about everything else

Is it possible to have a Canadian citizenship and American residency without citizenship? That would be my ideal scenario lol.

Hi,
I have a similar question as well. I just recently moved from the US to Mexico. I have Dual-Citizenship. As I was born in Wisconsin but my Parents are Mexican. I wanted to change brokers from OANDA to FX PRO. The main reason being the Leverage. OANDA Leverage is way too small, I'm cautious about Risk Management but usually a trade for GBP (Pound) pairs take about 70% of my Margin. Just this week I emptied my Balance from OANDA.

I want to trade with FX PRO. I have my Mexican Identification Card, I just recently opened a Bank Account over here as well, and I was wondering.

Would there be a problem if I trade with FX PRO? I want to be paying taxes in Mexico, with the Profits I make from Trading. Will I have any problem with the US Government? Could I go to Jail?

All I want is a nice broker that has a decent leverage (200:1).