Offshore Brokers

Discussion in 'Retail Brokers' started by Dogfish, Dec 20, 2010.

  1. Dogfish

    Dogfish

    I'm looking for an offshore broker, I'm a UK non-resident living in a tax free country.

    Anybody have any experience with Internaxx, Financial Pacific, Thales, LOM Securities, GlobalTradeStation or any other suggestions of firms that deal with expats?

    This is for longer term multinational stock/etf investments not active trading

    Thanks
     
  2. moarla

    moarla

    put up an offshore entity and use a good broker. ifg you are living in an tax free country, there should be no problem ... hmmmm

    or are you NOT living in a tax free c. ??
     
  3. Dogfish

    Dogfish

    I live in Dubai and have my own freezone company www.mantiscapital.com which I day trade futures through via a futures clearing house in London using direct exchange access on TT, that's all well and good and income is all tax free supposedly for 50yrs since I set it up 3yrs ago. (http://www.dmcc.ae/en/about-dmcc/about-dmcc.html)
    However, I'm looking for a retail broker for investing longer term in individual stocks and funds around the world as an individual. The local brokers are a bit rubbish and work the local workweek (Sun-Thurs) mainly for local securities and are expensive and I want something more dedicated than my commercial bank dealer.
    Internaxx was voted best offshore broker for expats 2009 and is based in Luxemburg but I was looking for people who've used these firms, the others are in Panama or Bermuda. After digging round in LOM's website their fees are very high compared to www.internaxx.eu and I have reservations about everything in Panama! https://www.lom.bm/webstatement/ClientInfo/Docs/Fee Schedule 2010.pdf
    I don't think any of these firms take US citizens so I'm not holding my breath for a flurry of answers on this forum but if there are any international investors out there...
    (The UK brokerages all insist I must be UK resident and I don't want to endanger my non-resident tax status by getting involved with a UK firm anyway)
     
  4. moarla

    moarla

    another broker is this one : http://www.investorseurope.com/
    Gibraltar based.


    still dont understand the problem: you are UK citizen, living in Dubai tax free.
    So you could open a account at interactive brokers in the USA or any other europe US Asia based broker. Until you are living in dubai, you are tax free.
     
  5. Dogfish

    Dogfish

    Thanks for that, I did dig around the IB international sites like the Indian one and a few other american brokers before but account opening seemed quite specific to the website country locations and their tax laws. You may well be right though
     
  6. moarla

    moarla

    aS based broker dont care about what you do with your tax fillings (in general) as long as you dont hold an US passport. at the end of the account opening process you fill the spec. form that you are a non tax resident in the USA and thats it.

    in europe the same.

    maby you should look in switzerland also (for forex good, not shure about stocks)
     
  7. luisHK

    luisHK

    Dogfish, give a call to IB office in HK, from what I understood they do open accounts for residents or at least corporations of most countries. I would think other IB offices work the same way.
     
  8. Why do you want an offshore broker? Your tax status is determined by tax laws in your country of tax residence, not by which brokers you use.

    For pure cash stocks, I would just use a plain vanilla US stock broker, e.g. Schwab. If you also want to be able to trade futures, currencies, or go short, then I would use IB.

    By the way, how are you finding life in Dubai? Apart from the tax benefits, what is your overall impression of living there?
     
  9. Dogfish

    Dogfish

    Thanks everyone for the feedback seems less of a problem than initially thought.
    Many UK brokers only open an account for you if you are UK resident but I see TDWaterhouse offer their "Overseas Residents Trading Account" if I just wanted to cash trade UK equities and have the option of opening the account with a UK cheque. It seems other UAE expats have opened with US brokers without too much hassle either.

    I'm enjoying the Dubai lifestyle especially since the boom has gone it's no longer frighteningly expensive on living costs. All visitors I've had to stay said "It's completely different to how I imagined" As I put on the other thread...


    If anyone wants to know what the lifestyle is like out here I see "Dubai 101" episodes are now online and might be helpful. I'll have done 3 yrs here by April and can't complain

    http://www.dubaimedia.ae/Media/category/دبي-101,-Dubai-101



    oh and some of the clubs for your nightlife

    http://www.youtube.com/watch?v=kxO7GP-avQk

    http://www.youtube.com/watch?v=SKTDqCpyjRo