I understand, I have also done a whole lot of research and spent a lot of time talking to professionals who in the end weren't able to assure me of anything. My biggest issue with the ITIN is sending my passport to the US. I live on the road with my girlfriend and sending it away would be crippling. Unfortunately the IRS states that a certified copy of the passport has to be granted by the issuing agency, which here in Sweden would be the police, yeah good luck with that. I have also emailed a few people certified as publicus notarius which also weren't able to assure me if they certification would be accepted by the IRS and adviced me to ask the IRS. The problem there is that it is very hard to find a way to get in touch with the IRS since I do not yet even have a tax return to file and I am a foreign citizen. Just typing this out gave me a headache. I am going to stick with my new plan which I outlined above.
I don't know for Sweden but here in Belgium we can get (buy) a certified copy at the city/town hall, the place where you need to get your passport in the first place. Again, not sure about Sweden but maybe you can call your local city/town hall?
Here are some IRS phone numbers, i think the first number might be the one you need to call since you would be a partner at Helios. https://www.irs.gov/e-file-providers/contact-irs-for-more-information If it isn't the right number they will probably redirect you.
Good to know, i will have to contact the IRS to be sure. I have just read the document you posted a few post back and you are correct. Capital gains (and losses) are not treated as ECI, however when i check how not effectively connected income is treated it refers to this quote: "Tax at a 30% (or lower treaty) rate applies to certain items of income or gains from U.S. sources but only if the items are not effectively connected with your U.S. trade or business." I guess this 30% or lower based on a treaty is going to be calculated based on the income i reported to the IRS and then they tell me how much i need to pay, it isn't going to be withheld from the trading profits directly?
Yeah, in your case you are able to get a certified copy from the issuing agency. Here in Sweden the police issue our passports and good luck getting them to do anything out of the ordinary, for instance me and my girlfriend got cheated on a house contract and the guy signed everything, showed us is his passport etc. the evidence is ocean proof and 2 years later nothing still has happened. Big reason we don't stay there anymore. Helios states they can help you complete the ITIN application for a $500 fee. I will probably just do that to save myself the headache.
I'm no CPA but the way I understand it and without checking with the Helios CPA, is that since it's not ECI, Helios does not have to withhold. When it comes to tax time you'll receive a K1 from Helios that you then use to file your US tax return. Your income from Helios then should be taxed as capital gains and then you pay the US what is due. If you are in a country with a tax treaty, they should give you credit for what you paid in the US so that you don't get double taxed. Please consult your own local CPA to double check.
Helios just helps you through the steps and uses a 3rd party service to get everything properly filed. The ID/paperwork requirements however would be the same as those are set by the government. That said, the 3rd party service typically has some tips and tricks for each situation to make it move faster.
Hm I will have to look into the passport certification issue then. I received some new information yesterday that might lead somewhere finally.
I don't understand your drawdown policy - you have one drawdown for the Gauntlet and a completely different drawdown schedule for funded traders. This makes no sense. If you allow a 10% drawdown in the Gauntlet i.e. $2500 max, and the trader passes, he/she now has to reduce to $1000 drawdown to trade the same strategy. That means the probability of making any money is substantially reduced. I understand that Helios wants to protect itself, but different rules for the same game is not very honest. It would be more realistic (not to mention honest) to have the same drawdown rules for the Gauntlet and a funded account.