As a forex trader in America, I am only doing the Citizenship by Investment to get around the limitations that we have as Traders
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Look through this thread. I have had conversations with people about this exact thing. I havenât tried it, but others say that residence still is a problem even if you have dual citizenship.
I decided it wasnât worth my time to pursue, since I am not moving and not renouncing my US citizenship either.
Years have passed and your situation may be different. You might be able to figure something out. One person posted that residence itself was enough to open accounts even without dual citizenship.
There is a lot of detail in this thread, but a lot of posts to sift through.
Good luck!
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I bet, given the issues with EA, someone will crack the code and find a bridge soon. Waiting if anyone has found something on GitHub, Iâll keep my research on and will help if I find anything
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I will be living in the country where I have citizenship and have a permanent address.
As of now Grenada is my first choice
If offshore brokers stop accepting US citizens, do you have another plan?
I am an engineer by trade.
Iâve changed to futures trading with AMP and trading has always been a side hustle for me.
So, my plan is maintain current career + AMP + OANDA + investing + vote for politicians that espouse classical liberal principles
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Offshore brokers must consider how much revenue is generated by their International Traders compared to U.S. Traders who have now become a burden to the company. It would be easier to comply with MetaQuotes and dump U.S. traders and continue operating.
Iâm guessing that dumping Metatrader will result in a loss of revenue for them
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-The problem is that the requirements set forth by MQ, although induced by US regulatory pressure, are not easy to comply with, even if brokers do decide to drop US citizens.
And most certainly, brokers that wish to continue operating anonymously, in the shadows, will not be able to do so any longer and still offer Meta, unless they have some workaround solution (which I think one broker might be doing).
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As I reread the article, the information MQ is asking for is outrageous and clearly driven by U.S. regulators. They are now going after the most popular platform making it easier to catch offshore brokers accepting U.S. citizens.
Those offshore brokers that have complied with MQ demands will cease accepting US citizens, something to keep in mind
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-Exactly right.
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I am not sure why is it outrages. I believe in every business you have to follow certain rules and regulations. Offshore brokers are not that strict and we know why. But why to blame MQ for doing it? They should have the right for KYC just like the larger part of the world does. If they do not want to do business with shady businesses where the owner does not want to give information about himself then I can understand that they dump that broker. Lost revenue or not but there is also reputational issues that might be more important than losing some of the questionable brokers.
Yes this is what we all believe and that is what make sense. However, after all we are all speculating only and we cannot be certain that regulatory pressure always must come from the US and it is only about the US⌠This question remains open until we know it (if that will ever happen). Regulations change all the time and around the world. Maybe there are many regulators making pressure at the same time and US is just one of them.
Might be good to remember only because you are dual citizen, it will always show where you have born. If it shows (and it does) that you are coming from the US, it would not surprise me that brokers ask for proof of renouncing your citizenship.
Before, a business license or certification was all that was required. What changed suddenly?
Regarding FXChoice:
We do not know what is exactly going on in the background and are all speculating.
There are however two facts which are promising:
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They are proceeding with withdrawals quickly. This is not a common policy from a broker who wanst to shut down the business. We have seen many who just ran away with the money. FXChoice is certainly not following this path. Even if the withdrawal process is not the best UI, but it works and they help doing it.
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They actually tell traders to make withdrawals. So if they shut down in the end, is it really that bad? They clearly gave the option and even asked to take your money out.
Regardless of what will happen, kudos for FXChoice for the support they give for traders.
I do not know. What I do know is that as businesses grow and time goes regulations change. If you are a key player in the world once reputation becomes crucial. You cannot afford to do business with people you do not know at all.
I am not saying it must be like this. What I try to explain that it is absolutely fine from MQ to ask for those documents. Any finance app, any bank accounts etc. do KYC even on the B2C side. Then why shouldnât you do it on a lot larger scale dealing with B2B?
Let me add to my post.
Before, a business license or certification and Identification of the person who names is on those documents was all that was required. What changed suddenly?
Ok, this is a tougher one. I cannot answer this. I would need a clear comparison (but one from some kind of official source and not our chat in the thread) what exactly was needed before and after.
But what is asked recently/now I still believe is fine.
Here in America, this new law takes effect in 2024
The Corporate Transparency Act:
Many small businesses will need to report information about their âbeneficial ownersâ to the federal government starting in 2024. Our guide explains the reason for the new Corporate Transparency Act, who it applies to, and how to file a report.
Starting Jan. 1, 2024, most small businesses will be required to file Beneficial Ownership Information (BOI) reports with the federal government under the Corporate Transparency Act. The act is intended to help law enforcement combat the use of shell companies for money laundering, terrorism, and other illegal activities.
Unless they are exempt from the act, corporations, limited liability companies, and other reporting companies must provide the government with information about their beneficial ownersâthe people who own or control the company. New businesses are also required to provide information about the people who prepared and filed business formation documents. Reporting companies could face civil and criminal penalties if they donât file the required report.
While the Corporate Transparency Act sounds like a law aimed at big corporations, itâs actually most likely to apply to small businesses, including a limited liability company with just one or two owners. Hereâs what small business owners need to know to stay in compliance with the new law.
Beneficial ownership reporting
The Corporate Transparency Act (CTA) is the product of more than a decade of Congressional efforts to enact legislation cracking down on anonymous shell companies. Shell companies often have legitimate purposes, but they are also commonly used to shield money laundering, tax fraud, and other criminal activity. The act seeks to increase transparency regarding business ownership as a means to curb the use of U.S. business entities for illegal activity.
Under the Corporate Transparency Act, new and existing businesses that meet the definition of a reporting company must file a BOI Report with the U.S. Treasuryâs Financial Crimes Enforcement Network (FinCEN). The report provides information about the identities of the beneficial owners of the business. A beneficial owner is anyone who directly or indirectly exercises substantial control over the business entity, or who owns 25% or more of the business. Businesses formed on or after Jan. 1, 2024, must also provide âcompany applicant informationâ about individuals filing business formation or registration paperwork.
Thanks for the advice. Youâre correct, right when their trouble began with metatrader hugoâsway has gone down hill really quickly. Thank you for your advice, I will do that. I have still not received my withdrawal and customer support is telling me to retry whilst sending me around in circlesâŚ