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foreverlost

Question about 2 forms of id and trading

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foreverlost

Hi,

I trade forex/fx and currently reside in the U.S and am a U.S. citizen.

 

Residents of the U.S. are not allowed to open accounts with Australian brokers. However residents of PI are allowed to do so. I'd like to open an account with an Australian broker once I'm residing in PI next year. Brokers will require 2 forms of ID. I've been wondering what forms of ID I could get as a permanent visa holder in Philippines.

 

One I thought of is a driver's license. As a foreigner residing with a permanent Visa what does a driver's license issued in Philippines look like? Does it mention that you are not a Philippine citizen or are a foreigner on the ID itself?

 

Is there another form of ID I could get as a permanent resident in PI that I could use to open an account with an Australian broker that wouldn't point out that I'm a U.S. citizen?

 

Any ideas or suggestions? Can anyone post a pic of their Philippine driver's license so I can see whether it points out that  you are a foreigner? (of course please black out your name, and any other private info in the pic).

 

Thank you

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Salty Dog

The Philippines Driver's License (DL) shows your Nationality on them. You can Google Philippines Driver's License and see hundreds of examples.

Someone more knowledgeable can answer your question about Permanent Resident Visa IDs. I would assume it's an Alien Certificate of Registration (ACR I-Card) Card that shows citizenship.

You might be hard pressed to find an official PH ID that doesn't show your nationality/citizenship...

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Headshot

The ACR-I card also clearly points out your nationality. The drivers license says USA and the ACR-I card says United States of America. Both are directly under your name on the front of the cards. If you are forbidden from getting an Australian account because you live in the US, then it should still be fine. If you are forbidden because you are an American, then you are SOL.

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gentleman.jack.darby
On 5/6/2020 at 10:28 AM, foreverlost said:

Hi,

I trade forex/fx and currently reside in the U.S and am a U.S. citizen.

 

Residents of the U.S. are not allowed to open accounts with Australian brokers. However residents of PI are allowed to do so. I'd like to open an account with an Australian broker once I'm residing in PI next year. Brokers will require 2 forms of ID. I've been wondering what forms of ID I could get as a permanent visa holder in Philippines.

 

One I thought of is a driver's license. As a foreigner residing with a permanent Visa what does a driver's license issued in Philippines look like? Does it mention that you are not a Philippine citizen or are a foreigner on the ID itself?

 

Is there another form of ID I could get as a permanent resident in PI that I could use to open an account with an Australian broker that wouldn't point out that I'm a U.S. citizen?

 

Any ideas or suggestions? Can anyone post a pic of their Philippine driver's license so I can see whether it points out that  you are a foreigner? (of course please black out your name, and any other private info in the pic).

 

Thank you

I would approach it this way:

I'd verify with my Australian broker if it is an issue of U.S. citizenship or U.S. residence

If it is an issue of U.S. citizenship, there's likely nothing you can do since one can't easily change citizenship

If you're married to a Pinay, then the Balikbayan or 9A visa might be an option, but impractical if not

If it's simply a matter of residence, then I'd look into something like an SRRV (Special Resident Retiree) Visa. Most of them require that one be at least age 50, but the SRRV Smile, for someone needing "medical care", is available to anyone at least age 35

If I held an SRRV, which confers, practically speaking, the privilege of staying in the Philippines for as long as one chooses and allows one to do many things typically granted to residents, such as easily open a bank account and get a drivers license, I'd think it pretty likely that the brokerage would accept that as proof of residence. After all, the name of the visa includes "resident" and grants privileges one would expect as a resident

Although not required as a condition of having an SRRV, I'd exercise the option to get an ACR-I card even though the PRA (Philippines Retirement Authority) issues it's own card for SRRV members

I'd then submit the ACR-I card as proof of Philippines residence and as one form of ID

I'd then use my U.S. passport, including the SRRV page, as my second form of ID

After all, the point of KYC (Know Your Client) rules is to, well, know your client and there's nothing better than a passport as an ID to know your client and, in the U.S., at least, my passport has been happily accepted as an ID even though a passport doesn't demonstrate residency, only citizenship

If the SRRV route doesn't work for you, it may also be possible to use a U.S. driver's license as the second form of ID and something like a condo lease and/or utility bill to prove residence. In the U.S. at least, an apartment lease or utility bill is very strong evidence of residence and Australians seem like reasonable folks, so that seems like it's worth looking into

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Paddy
2 hours ago, gentleman.jack.darby said:

After all, the name of the visa includes "resident" and grants

Quite correct but it doesn’t actually confer residence - as PRA so nicely let us know in the last few weeks. 
 

If the OP can’t trade the way he wants to in the US (and thus wishes to change to a different Broker) and Australian Brokers won’t take him on because he’s from the US (even though they’ll take any Tom, Dick or Harry from anywhere else), there must be a reason - and I suspect it’s probably to do with US tax and financial reporting laws. The OP may well need “real” residency somewhere other than the US. 

Note: I have no detailed knowledge of US Tax or Financial Reporting laws other than I believe the reporting to be very intrusive and that it uses almost unintelligible forms. Similarly, my knowledge of forex trading can be written on an electron in a 30 pt font 

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Salty Dog
On 5/6/2020 at 10:28 AM, foreverlost said:

I trade forex/fx

Why not just stay with who you currently trade with...

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