Rating: Empty Star Empty Star Empty Star Empty Star Empty Star
Offshore for US Citizens
Previous 1 2 3 Next
ForexScam

Member Since Mar 28, 2011  1008 posts ForexScam May 02 2012 at 16:58
Hotforex pulled the plug on US citizens. All open positions will be closed on June 5th

Is finfx next?

Are there any other offshore brokers still accepting US citizens?

TradeCopier2012

Member Since Feb 24, 2012  77 posts TradeCopier2012 May 02 2012 at 17:46 (edited May 02 2012 at 17:46 )
It´s a shame. Everybody should be allowed to make some spare money. Because this money will be spend. And this is good for any country.

OceansideForex

Member Since Apr 13, 2012  6 posts OceansideForex May 03 2012 at 06:43
There are still work arounds. The Dodd Frank mentions 'residences' not 'citizenship'.

I'm not willing to discuss it publicly, for fear of Big Brother, clamping down even tighter on the freedom of the American people.

TheCyclist

Member Since Feb 07, 2011  724 posts PipGnostic (TheCyclist) May 03 2012 at 08:52

OceansideForex

Member Since Apr 13, 2012  6 posts OceansideForex May 04 2012 at 07:35
IBC's will no longer work as of late last year. I confirmed this with the legal team at my broker of choice.

Basically they find out who the owner is and where they are banking and you will not get into a Forex broker using an offshore corp. They will find out you are a US resident.

Again note I said 'resident' and not 'citizen'.

horse1bun

Member Since Jul 23, 2010  70 posts Del (horse1bun) May 04 2012 at 11:54
I hear central america has affordable beachfront property...

go with the flow; just be on the right end of the wave
TheCyclist

Member Since Feb 07, 2011  724 posts PipGnostic (TheCyclist) May 04 2012 at 12:09 (edited May 04 2012 at 12:11 )
OF

I'm going to respectfully have to disagree with your 'legal team at your broker of choice'.

You can do a hybrid IBC in a jurisdiction like Hong Kong and there simply is no way of finding out anything. The Swiss might have sold out and there are a few jurisdictions labeled as tax havens that could sell you out, but the rest of the world hasn't. In particular the Chinese. Who probably hates Americans.

Ironic, isn't it?

horse1bun

Member Since Jul 23, 2010  70 posts Del (horse1bun) May 04 2012 at 12:19

   OceansideForex posted:
   IBC's will no longer work as of late last year. I confirmed this with the legal team at my broker of choice.



Yes they want you to think that forex brokers are omnipotent wizards who can see the future with a crystal ball...
 
C'mon man think about, ofcourse they are going to tell you that same line of garbage to dissuade anyone who asks from trying it which like pip-g said is easy if they can't find out it's you.

It's not in their best interest to say 'yes you can do this'
most lawyers only ever tell ppl what NOT to do, lol!

go with the flow; just be on the right end of the wave
OceansideForex

Member Since Apr 13, 2012  6 posts OceansideForex May 07 2012 at 06:10
Thanks for the replies, no direspect has been taken.

There are a few work arounds that I've found that have worked, but I was under the impression that the IBC routine had gone the way of the dinosaur.

I'll look more into your sovereigngroup link.

mkeysor

Member Since Nov 25, 2010  12 posts TacticalFX (mkeysor) May 07 2012 at 16:26
I like you, am with Hot Forex and in the same situation. I have looked into the IBC route and to get around you being part of the corp and a resident of the US, you have a nominee director for the IBC that has residence in that country, but gives you full power of attorney to do what you need to do.

Previous 1 2 3 Next
Loading
Loading
EURUSD 1.1938 GBPUSD 1.33425
USDJPY 104.102 USDCAD 1.2982

Tools

Community

Reviews

Brokers

Platform

Support


Twitter |  Facebook |  Site Map  |  Terms  |   Privacy Policy
©2020 Myfxbook Ltd. All Rights Reserved.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.