Has anyone had experience changing their country of residence with IBKR

[Mike Williams]

Hello

Has anyone been a resident of a G7 country with an IBKR account then established residency in a non G20 country such as Panama or Paraguay for example

What was the experience like to change your residency with IBKR ?

I assume they want to see residency card, tax id and likely some proof of address?

Will they allow you to continue funding from the original G7 country bank account ?

Anyone have experience with this situation

thank you

 

[apres777]

Mike Williams said:
Hello

Has anyone been a resident of a G7 country with an IBKR account then established residency in a non G20 country such as Panama or Paraguay for example

What was the experience like to change your residency with IBKR ?

I assume they want to see residency card, tax id and likely some proof of address?

Will they allow you to continue funding from the original G7 country bank account ?

Anyone have experience with this situation

thank you
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I can't comment on the first part of your question unfortunately but the second part should not be an issue.

I have multiple accounts from different jurisdictions connected and it has not been an issue so far. (E.G 1 UAE ACCOUNT, 1 LU ACC)

It doesn't matter either which way you send your funds e.g deposit AED withdrawals on SEPA Account. (As long both of your accounts run in your name never had any issue so far).

 

[daniels27]

Mike Williams said:
Hello

Has anyone been a resident of a G7 country with an IBKR account then established residency in a non G20 country such as Panama or Paraguay for example
Click to expand...

It is no problem. I know many that moved from somewhere to Switzerland.

Mike Williams said:
What was the experience like to change your residency with IBKR ?

I assume they want to see residency card, tax id and likely some proof of address?
Click to expand...

It depends on the country. They need about the same as if you register a new account.

Mike Williams said:
Will they allow you to continue funding from the original G7 country bank account ?
Click to expand...

You can always fund with any bank account you have. Even if you opened it from anywhere and never lived in G1, 2, 3. The Gs don't make any difference.

 

[Mike Williams]

daniels27 said:
It is no problem. I know many that moved from somewhere to Switzerland.


It depends on the country. They need about the same as if you register a new account.


You can always fund with any bank account you have. Even if you opened it from anywhere and never lived in G1, 2, 3. The Gs don't make any difference.
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ok thanks. I was concerned that they would insist on me having a bank account in the new country to be able to do transfers. I want to continue to use the account that is currently connected to my IBKR account.

 

[daniels27]

Mike Williams said:
ok thanks. I was concerned that they would insist on me having a bank account in the new country to be able to do transfers. I want to continue to use the account that is currently connected to my IBKR account.
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No worries, you can use any account anywhere on the planet with them. Even is you live in G200.

 

[xnpu]

I moved from EU to Panama. This required opening a new account as Panama is handled by a different IBKR entity than my home country in EU. (The system will tell you if this is the case).

 

[Mike Williams]

xnpu said:
I moved from EU to Panama. This required opening a new account as Panama is handled by a different IBKR entity than my home country in EU. (The system will tell you if this is the case).
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did they allow you to use your European bank account to fund the new account?

 

[xnpu]

Mike Williams said:
did they allow you to use your European bank account to fund the new account?
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Yes.

 

[someone123456]

xnpu said:
I moved from EU to Panama. This required opening a new account as Panama is handled by a different IBKR entity than my home country in EU. (The system will tell you if this is the case).
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sorry to hijack this thread:

what does that mean exactly? You changed your address in your IB account and it told you that you need to contact XY and open an account there? Were you able to keep all your stocks or did you have to sell and re-buy?

thanks!

 

[apres777]

someone123456 said:
sorry to hijack this thread:

what does that mean exactly? You changed your address in your IB account and it told you that you need to contact XY and open an account there? Were you able to keep all your stocks or did you have to sell and re-buy?

thanks!
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I assume you will be able to transfer your shares to your "other new" account ("transfer of securities").

Depending on your location there might be another IBKR entity "responsible" for your as a client, since the current entity might not be eligible license wise to service you as a client with your new residence. Luckily IBKR works nearly globally and they have multiple entities to offer their service. (Might be different when you have a local broker from E.G Switzerland and decide to move to Panama, they probably won't have the license to offer you their services).

Same goes for banks / credit cards that's why some might want to close your account when you move abroad and they don't have the license / nor partner entity to service you.

 

[xnpu]

someone123456 said:
sorry to hijack this thread:

what does that mean exactly? You changed your address in your IB account and it told you that you need to contact XY and open an account there? Were you able to keep all your stocks or did you have to sell and re-buy?

thanks!
Click to expand...

Yes. It told me that changing the address to Panama was not possible. Support told me to open new account for aforementioned reason. After that they transferred all my stocks.

 

[someone123456]

tank you!

 

[cer955]

xnpu said:
Yes. It told me that changing the address to Panama was not possible. Support told me to open new account for aforementioned reason. After that they transferred all my stocks.
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I am interested in the same. Currently resident in UAE so I am already in the non-EU entity.
Did they ask specific questions about Panama? Do they worry about the reputation?
Do you do frequent trade or have significant balance there?