In this case better use HSBC US. I got the following message from HSBC: "Yes, monies in the self directed investment accounts counts towards the total related balances."
HSBC Premier Lifehack
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thomasparra
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I try to stay away from the US system as much as possible. They might withhold taxes etc. I just do not want to deal with the IRS.
I try to stay away from the US system as much as possible. They might withhold taxes etc. I just do not want to deal with the IRS.
Personal decision that I can fully understand
Switzerland has withholding taxes higher than the US ones. Switzerland has a substantial presence test that leads to taxation much faster.
Just beware to not make the same mistakes as US Trump. If China is your enemy, it does not mean that Russia (or anybody else) must be your friend.
Switzerland has withholding taxes higher than the US ones. Switzerland has a substantial presence test that leads to taxation much faster.
Just beware to not make the same mistakes as US Trump. If China is your enemy, it does not mean that Russia (or anybody else) must be your friend.
However, according to their website https://www.us.hsbc.com/investments/products/self-directed-brokerage/
unless there's another investment account available for non-US residents where you can buy ETFs and stocks?
unless there's another investment account available for non-US residents where you can buy ETFs and stocks?
I asked them, too.
They clarified that InvestDirect is counted towards the relationship balance.
Very strange. 🙄
They clarified that InvestDirect is counted towards the relationship balance.
Very strange. 🙄
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thomasparra
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Some associates (due to poor training and/or high turnover) still convey that but the system will still charge you. I know this from experience 🙁
I got a full year waived for underfunding fees after showing them the proof I got told the above. InvestDirect does not count towards the balance.
Some associates (due to poor training and/or high turnover) still convey that but the system will still charge you. I know this from experience 🙁
I got a full year waived for underfunding fees after showing them the proof I got told the above. InvestDirect does not count towards the balance.
I got a full year waived for underfunding fees after showing them the proof I got told the above. InvestDirect does not count towards the balance.
HSBC Turkey entry level just got cheaper...ERDOCOIN (TRY) just got nuked after another of his political maneuvres went wrong. Or maybe Erdogan wants to attract mroe Premier customers into Turkey? LOL
If HSBC Turkey approves you, do you get the debit card right away (in the branch)? Or do you have to wait for it to arrive in the mail? Do they want proof of a Turkish address?
Can they ship the card to a foreign address?
I'm considering doing this, but I'm very limited on time.
Can they ship the card to a foreign address?
I'm considering doing this, but I'm very limited on time.
The card can only be mailed. They can send it to your foreign address with DHL Express. They need a proof of address anywhere in the world.
So in theory, you can walk into the bank, open the account and leave? No need to wait?
Can you send them the documents in advance, so they can make sure nothing is missing?
Can you send them the documents in advance, so they can make sure nothing is missing?
They normally take your documents, check and then you hand to go back to sign the papers.
You could try to ask then to check all. Then go to Istanbul, go to the tax office for the tax id, then HSBC. Not sure it's that works but you could give it a try.
You could try to ask then to check all. Then go to Istanbul, go to the tax office for the tax id, then HSBC. Not sure it's that works but you could give it a try.
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thomasparra
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I have HSBC across HK, USA, and Jersey but I will be charged the 50 GBP Premier underfunding fee soon.
HSBC HK, Expat and US have more or less the same requirement of about USD 100k for Premier.
I use HSBC to diversify the geopolitical risk (by investing in ETFs on the LSE through Expat in Jersey), and pay my credit card in the US (which provides a lot of benefits). I use Interactive Brokers (in Hong Kong) to invest in US T-bills. I like having my assets in both Jersey and Hong Kong to mitigate the geopolitical risk.
To keep the relationship balance, the products offered by HSBC Expat are high in fees, and the term deposits have bad interest rates compared to T-bill (at least 1% below T-bills) so it would still be cheaper for me to keep investing in T bills thru Interactive Brokers and pay the GBP 50 underfunding fee than letting HSBC invest and having that fee waived.
HSBC USA could be good for US ETF investments but as a non US person I should never invest through this.
What would you do? Sometimes I am thinking of making things more simple (close my HSBC USA account, my US credit card, HSBC Expat account), just use one Hong Kong bank account and invest everything through IB. Less headaches or things to think about.
HSBC HK, Expat and US have more or less the same requirement of about USD 100k for Premier.
I use HSBC to diversify the geopolitical risk (by investing in ETFs on the LSE through Expat in Jersey), and pay my credit card in the US (which provides a lot of benefits). I use Interactive Brokers (in Hong Kong) to invest in US T-bills. I like having my assets in both Jersey and Hong Kong to mitigate the geopolitical risk.
To keep the relationship balance, the products offered by HSBC Expat are high in fees, and the term deposits have bad interest rates compared to T-bill (at least 1% below T-bills) so it would still be cheaper for me to keep investing in T bills thru Interactive Brokers and pay the GBP 50 underfunding fee than letting HSBC invest and having that fee waived.
HSBC USA could be good for US ETF investments but as a non US person I should never invest through this.
What would you do? Sometimes I am thinking of making things more simple (close my HSBC USA account, my US credit card, HSBC Expat account), just use one Hong Kong bank account and invest everything through IB. Less headaches or things to think about.
I have HSBC across HK, USA, and Jersey but I will be charged the 50 GBP Premier underfunding fee soon.
HSBC HK, Expat and US have more or less the same requirement of about USD 100k for Premier.
I use HSBC to diversify the geopolitical risk (by investing in ETFs on the LSE through Expat in Jersey), and pay my credit card in the US (which provides a lot of benefits). I use Interactive Brokers (in Hong Kong) to invest in US T-bills. I like having my assets in both Jersey and Hong Kong to mitigate the geopolitical risk.
To keep the relationship balance, the︀ products offered by HSBC Expat are high in fees, and the term deposits have bad︁ interest rates compared to T-bill (at least 1% below T-bills) so it would still be︂ cheaper for me to keep investing in T bills thru Interactive Brokers and pay the︃ GBP 50 underfunding fee than letting HSBC invest and having that fee waived.
HSBC USA︄ could be good for US ETF investments but as a non US person I should︅ never invest through this.
What would you do? Sometimes I am thinking of making things︆ more simple (close my HSBC USA account, my US credit card, HSBC Expat account), just︇ use one Hong Kong bank account and invest everything through IB. Less headaches or things︈ to think about.
HSBC HK, Expat and US have more or less the same requirement of about USD 100k for Premier.
I use HSBC to diversify the geopolitical risk (by investing in ETFs on the LSE through Expat in Jersey), and pay my credit card in the US (which provides a lot of benefits). I use Interactive Brokers (in Hong Kong) to invest in US T-bills. I like having my assets in both Jersey and Hong Kong to mitigate the geopolitical risk.
To keep the relationship balance, the︀ products offered by HSBC Expat are high in fees, and the term deposits have bad︁ interest rates compared to T-bill (at least 1% below T-bills) so it would still be︂ cheaper for me to keep investing in T bills thru Interactive Brokers and pay the︃ GBP 50 underfunding fee than letting HSBC invest and having that fee waived.
HSBC USA︄ could be good for US ETF investments but as a non US person I should︅ never invest through this.
What would you do? Sometimes I am thinking of making things︆ more simple (close my HSBC USA account, my US credit card, HSBC Expat account), just︇ use one Hong Kong bank account and invest everything through IB. Less headaches or things︈ to think about.
HSBC USA allows purchase and custody of UCITS ETFS domiciled in Ireland traded on the LSE. You can purchase these as a non-US person and avoid inheritance tax issues as well. And qualify for Premier in all other jurisdictions.
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thomasparra
Guest
This sounds like a great idea, I was not aware of this.
Is it truly separate of US juridiction? I want to avoid the inheritance tax altogether, and any tax withholding. Now the bank deducts interest tax automatically every month from my bank account.
This sounds like a great idea, I was not aware of this.
Is it truly separate of US juridiction? I want to avoid the inheritance tax altogether, and any tax withholding. Now the bank deducts interest tax automatically every month from my bank account.
Is it truly separate of US juridiction? I want to avoid the inheritance tax altogether, and any tax withholding. Now the bank deducts interest tax automatically every month from my bank account.
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