I am from a country where trading forex is illegal, although nobody has been charged for it, it concerns me a lot as I want to trade freely without any fear of one day the police come knocking my door. Currently, Singapore is my first choice because it is around the region. But any other country is fine too. Hong Kong's living expenses is a little too high so I have to cut that out. My concern is, how do I apply for a visa, what kind of visa? Since I am a retail trader, applying for a working visa would not be viable. Thought of establishing a company to trade instead, but then there will be taxation on it. Unlike when you are a retail trader, you will not be imposed with taxes (Singapore has no capital gain tax). Suggestions are most welcome.
Hi Speedo, Yes it is. But I still think it is okay. I have a few friends working there and the living expenses are not much of a difference from my country (without currency conversion).
if spot forex is illegal, what about currency futures? or can you adapt your trading style in different market? is establishing a company so cheap in Singapore? that you can cover all the expenses with your trading returns..? thanks
1. Currency futures is also illegal. 2. My strategy could be adapted into all markets, as long as they are trending and volatile (like the major currency pairs, major indices, commodities, etc). I hold my positions for a few weeks or months, and usually multiple positions at a time. Therefore, I have problems with margin requirements in futures. In spot forex, I don't face this problem as I could use smaller position sizes. 3. I am not sure about the cost to establish and run a company in Singapore. But I don't think it would be very expensive as I am not planning to hire any employees or rent an office. It's just for me to get the visa if that's what required.
Tell me if it works for you. It looks quite tough now to get an entrepreneur/investor visa in Singapore if you don't bring employement for the locals, besides a decent CV giving credence to your project.
http://etfdb.com/type/currency/all/ list of currency etfs http://etfdb.com/etfdb-category/leveraged-currency/ leveraged currency etf