What visa needed ?

Discussion in 'Forex' started by rubs, Jun 1, 2012.

  1. rubs


    Hi I am a Fx trader and would like 2 know that what visa is needed for fx trader to operate from different nations.

    People say it very easily that go to Dubai,Monaco,HK,London.
    How easy is that and what visa do u need.

    Personally I would love to operate from London but dont know if i should be ok(Legit) to do that for 6 months on a visitor visa.

    Also does it may sense to go to tax havens and live there while u trade- Cayman,Jersey,etc.

    Please all experienced traders-advise what is the exact strategy for visas for traders.
  2. I'm pretty sure that being an "FX trader" has zero to do with your immigration rules and regulations. FX is retail for the most part. Like saying that I have a Schwab account, can I emigrate to Dubai.

    I may be mis-interpreting your question...?

  3. Bob111


    i can go and trade from whatever place i want without any visa. just buy a ticket at airport or travel agency or online for **sake and go..
    Don was right-it's doesn't matter. what matter is your real purpose for trading from different location. pick a regular tourist visa,go to London or whatever. trade from there. extend your visa. trade more. what's the point? taxes? then it would be totally different story. i think -you really have no idea what you are talking about and mixing those two + we have no idea where you are from.
  4. rubs


    I am am from India and my passport does not allow me to visit countries so easily, I would need visas-work visa or visit is not sure though.

    Under visit visa we are not allowed to work and if trading is my only occupation and I carry it on in the UK on a visit visa-Legit or not?
  5. It won't be considered your real work since you aren't employed legally. The only thing that may be questioned is that if you open a bank account in the UK and you start withdrawing money from it a lot, the tax people might come knocking on your door and ask you for a % of that. I haven't heard of a country that requires any special kind of visa for money withdrawal from an account, but some have visa requirements for opening bank accounts, and that depends on the country and on the bank so just call the bank and ask if you can open an account and use it like you want to use it.
  6. a visitor visa means one isn't allowed to work in that country one's visiting

    UK bank accounts have tax deducted from them by the tax man. last time I lived there
    I signed a form that I was a non resident (but UK national) and tax wasn't deducted

    so it's not a matter of how you earn a living but that you are not going to look for/obtain
    employment in the country you're visiting
  7. Bob111


    no one would give you a work visa. think about it..to get a work visa for foreign person TYPICALLY required an EMPLOYER to file. not you. and visa will be allowed only if employer have a proof that he can't find ANYONE in that country,who can do this job for him.
    do you have anyone,who is interested in you as a trader? banks like Goldman Sachs or Morgan Stanley? if not-forget it. specially in case of Caymans or any other offshore. i don't think that they have such visas.
    again-i'm not sure, what exactly you trying to achieve here,but there is no such 'job' as a trader. specially if you trade your own account and your money. everything will be tied up to your broker AND where do you live and your citizenship.
    here is an example of how it's work in US(you really should know the basics,since you claim to be a pro at trading).
    when you open an account at a brokerage firm-you have to tell them(and prove) where you live. my broker can be ANY broker in the world and i can trade from anywhere, BUT i have to pay my taxes in US. if i stay in london for over a year and earn any money anywhere-i still have to file my US taxes. even i was there for over a year. this is how it's works for US citizen. if your goal just to go to whatever because it was better living-just get your tourist visa,go and do whatever. there is no difference besides quality of living(prepare yourself to huge expenses on housing,food,insurance etc-the list is endless)
    now-if you planning to hide your trading profits from your gvt-that would be another story,but again-it does not require you to leave your country. you form offshore company(london,caymans,whatever,even US) and if you do your business outside of that country-it will be free from their taxes.
    such company and bank account could be formed without your visit to that country. consult to any decent lawyer,who specialize on this.
    but i still don't understand why it's a must for you to go some place else and trade from there. Any decent broker would require proof of residence. if you move to london and planning to open an account to trade your forex or whatever-how the f** you going to proof that you live in london? specially when you not from there?
    another f** pointless conversation..
  8. "Work" in this context of visas and migration means being employed. It means employers can only employ people with a work permit, and to get a work permit you need to fit the immigration criteria for that country.

    The self-employed can work anywhere they please, so long as they can get into the country. So, if you get a 6 month tourist visa to country X, you can trade for the full 6 months.

    For most traders this is not really that relevant. The main focus should be on maximising net profit. If you can make 20%+ per annum with moderate drawdowns, you have a skill that is potentially worth a giant sum of money. Depending on your temperament and preferences, it would probably be vastly more profitable to work at a hedge fund or trading firm in London or NYC and pay the local taxes, than to trade tax-free from Timbuktu and flop because the place is not worth living in, or trade from Monaco but not be able to find any work/networking opportunities because few trading institutions are located there. If you trade solo for whatever reason, then location should be determined by what place gives you the peace of mind and focus necessary to trade at your best. Living costs are also important. If you have 500k and can grind out 20% per annum, but it costs 75k a year to live reasonably, then you'd be better off living somewhere more affordable, since solo trading income is location-independent.
  9. It depends on the country's rules. Many countries have 'Controlled Foreign Companes' legislation, which means if you live in France (for example), do your work based in the France, but operate it through a foreign (e.g. tax haven/offshore) company, then the French tax authorities 'look through' the company structure and deem you to be earning the money in France. You would therefore be liable for full French tax on the entire corporate profits.

    However, a lot of countries outside the first world (e.g. E. Europe, Latin America, Africa, much of Asia) don't have such legislation, so you can effectively compound your capital tax-free offshore, and only pay when you repatriate it into the country you live in (and if you have good savings, you can live off savings and thus legally pay 0% tax for years). Quite a few more countries also don't tax foreign source income in general, or give a multi-year exemption for new immigrants.

    In short - there's no universal rule, you have to look at the specifics for your planned country of residence.
  10. Bob111


    ----In short - there's no universal rule, you have to look at the specifics for your planned country of residence.----

    like i said in my first post-for what reason does he need to go and trade outside of his own country? does he have the brokerage account or he is planning to open one? a bank account..the list of specifics could be pretty long.

    pointless,vague question lead to a pointless, vague answer. hey! i need a visa for trading! which one? that's depends on what exactly you are trying to accomplish

    and very same question will be in ANY visa application for ANY country and at the border.
    what is the purpose of your visit? OP..DEFINE it first. at least here or in your head
    define word Operate.what do you mean by that? i have a brokerage account with US broker. i can OPERATE from any place in the world,that have either internet or phone connection. all i have to do is either call or login into my account to place a trade. doesn't really matter where i do that from. from india or london or my house.
    #10     Jun 3, 2012