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spooks

Please only respond if you are a UK domicled non UK resident actually living in the Philippines.

 

 

Since Money laundering requirements have been tightened up. It seems impossible to find an on line trader or broker who will accept execution only instructions from a UK citizen living in the Philippines.  Has anyone found any such service providers?.

 

Please do not talk about proxy addresses etc.  This is to be straight and above board as far too much to lose if it goes wrong for regulatory purposes.

 

HSBC Expat services despite having a significant banking presence here will not allow on line share dealing even from their UK based accounts where the funds are!!

 

Interactive Brokers will open an account but it seems  they want me to be far more active than I would like to be as I am an investor not a day trader.  I wish to purchase 3 UK FTSE stocks on scrip and leave them for the next 5 years.

 

Be grateful to have a message on line as it may help others who are in this position or Pm if you prefer.

 

thank you

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  • 2 weeks later...
spooks

Well I have taken the plunge with Interactive brokers.

 

So far they are the only on line broker I can find who will deal with UK expats in the Philippines(actually most of SE Asia outside of Thailand).

 

 Not being a techie guy,  I am still struggling with the correct use of dealing screens but there are so many safeguards inplace,' trigger or itchy finger' syndrome looks like being mitigated.

 

For those UK expats who may be interested I will let you have updates on usage and ease of transactions in and out as they progress.

 

I will not be offering anything with regards to tips or advice on investments, Very much the Lone trader and no Tonto.

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SirMadrigal

I know of a German based broker who is a good friend, he owns a very reputable broker dealer in Dusseldorf but it depends on what you are trading?

 

FX? Futures, Options, Equities, what markets etc...

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spooks

Very simple stocks mainly blue chips.  The Interactive brokers full service would cover professional traders across stocks and currency plus other traded itemms across borders very comprehensive and worth a look if you keen to manage your own.

 

I do not use a stockbroker as prefer to manage and deal my own

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Skywalker

I live in Cebu, but I am still a UK resident for tax purposes.  

 

I use an online service based in the UK called iWeb for my execution only trades.

 

Each trade costs £5

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spooks

I live in Cebu, but I am still a UK resident for tax purposes.  

 

I use an online service based in the UK called iWeb for my execution only trades.

 

Each trade costs £5

You probably signed up when in the Uk and with a Uk address? I am non resident for Income tax purposes yet still pay such in the Uk as I wish to continue to evidence UK Domicile

Edited by spooks
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Skywalker

 

I am non resident for Income tax purposes yet still pay such in the Uk as I wish to continue to evidence UK Domicile

 

I'm sure that makes sense to you, but I'm afraid I only speak English.

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spooks

Residency and Domicle are two different things

 

Residency affects Income and Capitals Gain tax

 

Domicile affects Inheritance Tax

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Skywalker

You are not making sense.

 

Are you asking if it's possible to trade shares offshore and avoid capital gains on the profits?

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spooks

i am making perfectly good sense.

 

 

For your edification based upon my eloquence so far.  I was looking for a UK based on line broker to arrange execution only deals. Being out of the Uk for many many years I am not able to use UK on line brokers Or even the offhsore UK banks on line broking service

 

The ONLY on Line broker so far who is and has undertaken due dilligence has been Intercative Brokers, so problem solved.

 

 

Residency status affects Income & Capital Gains Tax, not that I care as I am taxed at source in the UK for income. Capital Gains are not a consideration at this time.  

 

Domicile is retained by me as it is important as my two children born overseas with UK passpostrts have Domicle of the their father. The Significant IHT threshold that goes with Domiciled status means that my world wide assets are untouched by UK death duties.

 

 Bottome line is that for those from The UK who have been outside for many years, I have found only one broker so far who will accept on line arrangements. Those details I have already shared here with those who may be interested.

 

I am sure that there may be more, just finding them is hard.

Edited by spooks
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Contango

Well I have taken the plunge with Interactive brokers.

~

My IB account became active last week, having a lot of issues with a stock transfer, IB are discount brokers so don't expect a high level of service or in fact any level of service...great to trade with though but account holder beware, you're on your own.

Edited by Contango
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spooks

~

My IB account became active last week, having a lot of issues with a stock transfer, IB are discount brokers so don't expect a high level of service or in fact any level of service...great to trade with though but account holder beware, you're on your own.

I have yet to venture into the realms of a stock transfer, dealing cash was a challenge!!  They are a very complex set up and clearly aim at those who have a  higher degreee of ability than i have in being self sufficient with their technology

 

I have yet to venture into the realms of a stock transfer, dealing cash was a challenge!!  They are a very complex set up and clearly aim at those who have a  higher degreee of ability than i have in being self sufficient with their technology. My account went live last week s well and posted my first trade with a modest amount on Thursday just to test the waters

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