Which Branch (Except the Singapore Branch) Can Singapore Residents Open an Account?

[Butterfly]

I am a Singapore resident who wants to use IB located outside of Singapore.

I talked to IB US but they required a US address.

Is there another branch where I can open an account besides IB Singapore?

Thanks.

you can't, Singapore authorities forbid residents from investing overseas, something to do with "national" priorities. You can buy US stocks through Singapore brokers.

I used to trade with DBS Vickers, they have access to every markets in the US and the world, and commissions are cheap. Give them a try.

 

[DiceAreCast]

That is not true at all. You can as Singaporean maintain all sorts of international investment accounts. The problem is that a bunch of brokers go about making up their own rules and regulations that go away beyond the mandated ones. As a result people get confused and think it's the law. As Singaporean you can park your money wherever you want. Does not have to be in Singapore with a broker that operates out of Singapore.

you can't, Singapore authorities forbid residents from investing overseas, something to do with "national" priorities. You can buy US stocks through Singapore brokers.

I used to trade with DBS Vickers, they have access to every markets in the US and the world, and commissions are cheap. Give them a try.

 

[Butterfly]

That is not true at all. You can as Singaporean maintain all sorts of international investment accounts. The problem is that a bunch of brokers go about making up their own rules and regulations that go away beyond the mandated ones. As a result people get confused and think it's the law. As Singaporean you can park your money wherever you want. Does not have to be in Singapore with a broker that operates out of Singapore.

I wouldn't be so sure, check with the MAS, and I pretty sure taxation issues are involved with overseas accounts for Singapore residents who do not have another residence outside SING

Try DBS Vickers in Singapore, even our US office would use them for trading US stocks for some clients

 

[DiceAreCast]

You can open offshore bank accounts as a Singaporean resident without having to maintain residence in that offshore location. I checked with a bunch of friends earlier. But yes, taxation seems more complex with overseas investment and/or capital gains.

I wouldn't be so sure, check with the MAS, and I pretty taxation issue are involved with overseas accounts for Singapore residents who do not have another residence outside SING

Try DBS Vickers in Singapore, even our US office would use them for trading US stocks for some clients

 

[Butterfly]

You can open offshore bank accounts as a Singaporean resident without having to maintain residence in that offshore location. I checked with a bunch of friends earlier.

Don't check with a bunch of friends who might be doing something illegal, check with the MAS and the local tax authority. I know that issue has been raised before with one of our Singapore clients trying to invest in the US.

 

[DiceAreCast]

With all due respect, what could possibly be illegal? Are you telling me the next thing is that Singapore restricts travel of Singaporeans (in the absence of covid)? All my buddies I asked are rock solid on the ethical and moral side of things, pillars of the community, CFOs, traders, portfolio managers, or lawyers at international companies in Singapore.

As usual, some brokers/banks go completely overboard and are either scared shitless of their own regulator or there are morons in compliance who don't understand regulatory code. Probably both. I lived in Hong Kong and have been to Singapore many dozens of times and done business with Singapore for more than a decade.

Don't check with a bunch of friends who might be doing something illegal, check with the MAS and the local tax authority. I know that issue has been raised before with one of our Singapore clients trying to invest in the US.

 

[Cyrix]

You can open offshore bank accounts as a Singaporean resident without having to maintain residence in that offshore location. I checked with a bunch of friends earlier. But yes, taxation seems more complex with overseas investment and/or capital gains.

What is the tax issue when a Singapore resident uses a foreign broker as personal account?
I thought there is nothing to report and nothing is taxed. No?
Thanks.

 

[DiceAreCast]

It heavily depends on the tax laws of the foreign jurisdiction you invest in and generate capital gains, interest, or dividends. It can be extremely complex but for sure are Singaporeans not prevented from investing abroad and they do not need to invest through a broker that is operating out of Singapore.

What is the tax issue when a Singapore resident uses a foreign broker as personal account?
I thought there is nothing to report and nothing is taxed. No?
Thanks.

 

[Butterfly]

With all due respect, what could possibly be illegal? Are you telling me the next thing is that Singapore restricts travel of Singaporeans (in the absence of covid)? All my buddies I asked are rock solid on the ethical and moral side of things, pillars of the community, CFOs, traders, portfolio managers, or lawyers at international companies in Singapore.

As usual, some brokers/banks go completely overboard and are either scared shitless of their own regulator or there are morons in compliance who don't understand regulatory code. Probably both. I lived in Hong Kong and have been to Singapore many dozens of times and done business with Singapore for more than a decade.

like I said, best to check with MAS and a tax specialist. I don't believe in the pillar of society argument, Madoff was also a pillar of society

people will cheat and will never tell you, and pretend it's all legal. It's always best to double check things from a different source.

 

[DiceAreCast]

Believe whatever you want, and I agree, everyone should do their own due diligence. I know what I know. I just must disagree with you here. Thats all.

like I said, best to check with MAS and a tax specialist. I don't believe in the pillar of society argument, Madoff was also a pillar of society

people will cheat and will never tell you, and pretend it's all legal. It's always best to double check things from a different source.