Thanks Sunland. I like FinFX for many reasons too. That’s interesting about reporting US-owned foreign businesses to the US government. One of my goals is to never go to jail so I pay my taxes and plan to continue to do so. I’ve seen several people mention they have foreign corps or LLCs. How do you all deal with these reporting requirements?
I think that you and I have had this conversation, once before. Here’s a reminder — 301 Moved Permanently
Check the paragraph that begins, “But, when you track down the “IOSCO Library” here —IOSCO Library Section — you find there are two lists of countries, including: Finland…”
Here is a direct link — IOSCO Library Section
Of course, all profits need to be reported, annually, whether incorporated or not. I didn’t mean to imply otherwise. It’s just that I’d rather, also, enjoy the other benefits of daily life in a relaxed environment - outside of the nanny-state. If relocating is not for you, then offshore incorporation may be a practical alternative. I’d also consider funding accounts with several brokers, though, in case funds at one (or more) become unavailable at some point down the road.
There is no FinFX regulator. Forex isn’t regulated in Finland; that’s what FinFX told me. If no one regulates forex in Finland, I don’t understand how anybody could have influence on FinFX. Isn’t it the regulators who sign the MOUs and then enforce them on the brokers? The regulators are the government from what I understand.
That’s good to know. If forex is unregulated in Finland, then [B]the IOSCO MOU (which Finland clearly has signed)[/B] must cover financial activities other than forex. It would be very interesting to know exactly what it [I]does[/I] cover.
Clint, that would be interesting indeed. I was saddened to hear that yet another broker closed its door to the U.S. Anyway, on the bright side, It seems that Mitt Romney may want to repeal the Dodd Frank Bill. If he gets elected, I sincerely hope he does but you never know with these politicians. Case in point: Barack Obama, who could have seen this coming! I would also like to point out that it is not only Obama/ U.S Government that is corrupt but all of these other governments that have signed the M.O.U. as well. These upcoming elections may be the most important of our lives but I’m saddened to see that Ron Paul won’t make it in the races.
I just got off the phone with FinFX. The Finnish government supervises any financially-related activities through the agency known as FinFSA. There is none, specifically, for the Forex. If so, the question is: “Did FinFSA sign the M-o-U.” Maybe the ‘FSA’ is a typing error?
The best thing to do would be to relinquish US citizenship and move to another country like UK and apply for citizenship there in order to benefit from 100 to 1 leverage.
everyone else who prefers a regulated and highly efficient FOREX market under CFTC rules should vote for President Obama in his bid for re-election.
Just changing residence seems to be enough to qualify. See the FXCM rep’s recommendation on ‘Broker Aid Station’\FXCM\Leverage for US Customers.
So best of luck to the US with that. Hopefully, the House Kenyan will then get it that folks in many countries take him no closer than on the top of their ****s. To many countries in the world (including Finland, mother Russia, China, and multiple tax havens), the US and their government is no boss, no Jesus, and no momma with rules to be followed.
Foreign businesses cannot profit from US citizens in FOREX any longer under CFTC guidelines, they will continue to be sued or it could harm trade agreements and overseas commerce further.
Why do foreign brokers have to abide by the US laws on their countries’ sovereign territories?
Sovereignty does not protect international commerce, it is in fact a breach of US sovereignty when foreign businesses solicit profits from US citizens illegally against CFTC rules.
They can continue to conduct business within their own territories and US citizens can move there
If a US citizen goes to a restaurant in Mexico, why should the restaurant service him/her by the US laws?
There is an allowance for the tourism industry as that is mutually beneficial but long term exposure by US citizens in foreign markets negatively affects the US economy since most FOREX traders don’t succeed and essentially export US capital overseas
That money could be used to build the US economy and for further investments in entitlement and other welfare expenditures.
So why did the US create such conditions for their domestic brokers in the first place that now make the US Forex traders move their accounts overseas?
This was unfortunately the result of the republican administrations lack of responsibility in regulating the financial markets properly which brought the industry to its knees
We are in the process of rebuilding the markets with new rules so that traders can competently trade without undue risks associated with their personal accounts as well as the overall economy as a whole.
Your results are right on the surface and speak well for themselves, with droves of the US Forex traders moving their accounts overseas and you being left to chasing after them through your courts. One must be a true idiot to regulate their domestic financial industry to death in the modern globalized world.
It is not a hard task we are in the process of getting a record of details of every broker and back checking those with our records to see any laws are broken.
There are presently some loopholes like dual residencies but we will change those accordingly as time goes on.
The 2008 financial crisis has shown the ‘modern globalized world’ is still not able to police itself.
If your aim is a police state, you’re well on track.
What we have is the outcome being drastically different from the initial goals. Perhaps, your initial goal was to make the domestic financial markets more stable. Yet what you ended up with after implementing your “CHANGE” (c by Obama) is a massive capital flight overseas in the retail Forex industry and a deadly blow to the US retail Forex brokers. Franky, what makes you think your administration will now manage to retain office after the fall election?