Well I have done a lot of research lately. And I plan on seeing corporate tax attourney at the end of the year.
I do not think the nominee director signatory idea is a good idea if it isn’t in compliance with Frank Dodd. So I’ve heavily reread Frank Dodd.
I am not sure a high net worth individual can be ECP with 5 million unless you are hedging a proven commercial interest. It’s actually 10 million and involves more compliance.
There are only two realistic options to a small time guy -work with a existing global proprietary firm and possibly get listed as what frank dodd considers an intermediary and allow their corporate overhead legal department to sort it out for you -use an offshore retirement account that is ERISA compliant benefit account - use a trust account (if you are comfortable not having the money to live off of and it’s for heirs and charity).
Frank Dodd has an exemption for retirement account. You can get a self directed retirement account with you as the advisor of a offshore LLC and bank account in the name of the retirement trust That is my plan to accumulate bitcoin on kraken. I am waiting on kraken’s compliance department to answer questions about it.
The other option is of course moving to europe and australia to work for a prop firm. To get a long term visa and naturalization in aussie you need a work sponsor anyways. Now Frank Dodd specifies that a non us natural can do swaps with other non us naturals outside the us to non us customers and anyone acting on their behalf is an intermediary but the activity cannot affect us commercial interests, ie. no us investors.
There is I believe a window of opening there. Possibly living in canada part time and coming back over as a remote prop trader. The problem is Canadian prop firms are unlikely to be uninvolved in American commerce. And Europe and Aussie probably don’t allow global remote workers. But I don’t know. It’ s a research project.
The futures trading platfrm Trading Technology has intergration with CoinFlex and Bitmex now, but I don’t know which of the firms working with them has a set up for bitmex and coinflex.
It is possible hypothetically to go to canada with a partnership and form some prop firm that doesn’t serve us base. This might avoid the 10 mill capitalization requirement, but it;’ s probably very legally expensive and difficult and complex. And it would have to be totally owned by non us citizen,
I could live in portugal for a year and use residency papers to open up a bank and brokerage, claim foreign income exclusion, make bank on kraken the first couple months of the following year, then fly back to the us, because portugal requires you to be there 4 months a year to maintain the visa…but then if kraken an d the bank realize you violated the american residency by not being gone 330 oujt of 365 days you will be in trouble…unless you;'re comfortable making the money in the beginning of the year and then reverting to american brokerages. …but then things get legally weird so i dunno