Update of the tax residency / Transfer of the region on interactive broker (IBKR)

[Mimimel]

Hi, I just updated my tax residency on IBKR with Thailand (Before I was in Europe). I just noticed that I am still on IBKR IE there was no transfer about the region. So of course I keep the 20% withholding IE tax for the interest....

In Europe I had 3 forced transfers in almost all IBKR (LU / UK / HU / IE). If I refused the transfers I had to close all my positions. So I ask myself several questions :

- Is it possible to request a manual transfer between regions (has anyone done this yet?)
- Is there any official information on the choice of the IBKR entity? (I guess we have no choice, it depend to the tax residency ?)
- On the site I see that for Thailand it is the .com website so I assume it is the IBKR US (Can anyone confirm?)

Thank you.

 

[JackAlabama]

i know a few folks with @ibkr us︄ llc with thai residency, however the folks i know have been before at the US︅ one already.
So cant say for sure if ibkr simply doesnt change it or its︆ the default one, which would make sense given the long lasting ties between these two︇ countries and thais having big investments inside the us capital markets.

Do you intend to︈ open @Schwab international too? Afaik its supported.

 

[Martin Everson]

Did you actually change legal country of residency or‍ just your residential address?

Yes. You need to open⁤ an account with new IB entity and request transfer of assets to it.

Hover mouse over each country to see link to relevant entity for that country.

https://www.interactivebrokers.com/en/choose-country-region.php

From link above that is correct its .com

 

[Mimimel]

I updated both country and residency and residential address. You mean i have to open⁣ a new acc on IBKR US and transfer myself all the position ?

 

[shimo]

Its so easy to reach they support chat, but seems its "under⁠ maitanence" right now... you can try to confirm the fallowing by Monday working hours
https://www.interactivebrokers.ie/cstoolsws/ibtools/appRedirect?appCode=chat

I asked them the same question before, and they told me: Confirm the process based⁤ on your account (create ticket) => Open a new IBKR US account, using your⁣ updated Thai tax residency => Request a full asset transfer from your IBKR IE

 

[JackAlabama]

yeah thats enough, you can check in ibkr under residence if its⁠ correctly listed.

 

[Martin Everson]

Yes

 

[Meta]

Hi, re. your last question just download any︄ report/statement from IBKR to be 100% sure. That will show information on the legal entity︅ in the header. Cheers.

 

[erni]

Can they actually close your account if you move to a completely different continent and‌ try to update your details with them?

 

[Martin Everson]

How do update‍ details on a closed account?

You need to open a new IBKR account with IBKR⁠ entity permitted in your new country of residency and then ask for all instruments to⁤ be transferred to new entity from old.

 

[Mimimel]

Yes that correct you have to open a new account on the tageted IBKR entity‌ and ask the transfer via the settings of the first account and it was done‍ in 24-48H.

 

[erni]

ahhh okay, thanks.