Relocating from United States

[Clint]

As an American, newer trader who got started in crypto and is starting to learn and trade in other markets, I am considering establishing residency elsewhere. The regulatory regime here is a headache, and it will likely only become more difficult.

So, where? Are there any countries, not called the US, particularly conducive to trading as an expat?

The short answer to your question is:

No, there are no jurisdictions anywhere in the world that can be considered “conducive” to trading for an American expat.

Relocating to a foreign country and establishing legal residency there is not the problem.

Money transfer to and from the US is problem #1, and opening a bank account in your new country of residency is problem #2.

If (1) you can’t move your US funds directly to an offshore broker, and (2) you can’t move your US funds to a foreign bank, you can’t readily fund a trading account in your new country, regardless of whether brokers in your new country welcome American expats.

I invite you to check out this thread – Going offshore to escape the CFTC

Most of the participants in our Offshore Broker thread are not expats – rather, we are US residents, attempting to trade peacefully with offshore brokers who offer us better trading conditions than the two (count 'em, two) US brokers we have available here.

The CFTC – the Nanny Regulator of Commodities and Forex – is intent on cutting off our access to offshore brokers, as part of their larger goal of completely destroying over-the-counter (off-exchange) forex trading, first in the US and then worldwide.

For the past two years, or so, the CFTC’s primary tactic in this war has been to attack the money transfer pathways between US traders and offshore banks and brokers. You can read quite a lot about this in our thread.

You might be especially interested in what two of our members have to say about establishing financial accounts in foreign countries –

Going offshore to escape the CFTC

I see little choice for myself but to try to create an offshore corpororation and bank account to access foreign exchanges. But FACTA has caused the vast majority of banks to refuse us citizen originated corporations. Most of the european EMI reject you as well. Even the e residency for estonia is useless because of the scandanavian banks. Most of the smaller offshore areas are a scam, like the seychells.

There are residency work arounds, getting residency visas and dual citizenships. But to be profitble as an american retail is impossible, so I have to figure out how to not be american or retail lol.

So I’m stuck at the bank part…

Going offshore to escape the CFTC

Been there done that…

Unless you’re an expat with local employment & housing. It’s almost impossible these days to get an offshore bank account.

The passport of the account signatory nullifies the location of the offshore entity with banks. Secondary passports now show the place of birth and are useless. A non US nominee signatory is an option but that is an added cost and very risky.

You also have the additional problem of trying to find a bank that has USD corresponding bank relationships which most of the Caribbean banks have lost.

I have a list of a few banks that fit the bill from my prior research but they were high cost, required >30K starting capital and required a personal visit.

I completely lost interest when all the major UK/EU/AUS brokers required the US applicant with an offshore entity to be ECP Qualified (>5 million assets)

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The member who uses the screen-name MrInvisible is one who does have first-hand experience with the sort of expat issues you are inquiring about. Maybe he will chime in here with some information you can use.

@jack112forexdude
@MrInvisible