Nonresident Account

Discussion in 'Retail Brokers' started by mattmax, Nov 30, 2005.

  1. mattmax


    I am a resident of UAE currently a student in Canada. I'm just wondering how to go about opening an account in the US or Canada. Etrade seems to offer a great alternative by allowing foreign accounts to be opened up....but I suspect I'm going to be liable for a 30% witholding tax. Check it out here:

    I think Schwab Hong Kong is also another alternative but I'm not sure:

    I have filled out the W-8Ben form, which I think works out ok, but is that really all one needs to do besides the application? I've searched everywhere for Form 1001 but I can't find it on the IRS site. (Is the TIN-tax identification No. really necessary at this stage? I'm not expectiing to work in the US anytime soon)

    I've managed a portfolio before with a great return so I'm sure I will enjoy it. But I'm sure someone has some great insight on directions I should take.

    It's just sooo frustrating being excited to trade, then discovering a problem, then finding some more hope. Up and down :confused: remind u of somthin else?

    Cheers! :cool:
    Lost at sea
  2. mattmax


    ok forget etrade, I'm looking at IB. What sort of financials do they require before getting an account?

    Net Worth, Liquid Assets, Annual Income?
  3. I can't believe Schwab has the nerve to charge these ripoff comissions!

    Anyway, forget Schwab or Chuck or whatever the hell their name is and just open an acct at IB. A lot less bs and substantially lower fees. If you're based overseas, it may just be better to use your overseas address and all other info (since IB doesn't mail anything there, anyway). This might be simpler, taxwise. I think if there's any witholdings, it'd be only on dividend income which will probably be little/none. Good luck!
  4. mattmax


    Thx. I'll forget Chuck too :D

    What sort of financials do IB require before getting an account? Net Worth, Liquid Assets, Annual Income?
  5. mattmax