Recommended offshore broker for funds

[iarmst]

Hi there, any recommendations please for which is the best provider for mutual funds/index funds/ETF's if I am based in Georgia (and tax resident there). I currently have accounts in the UK (when resident there) and Spain (when resident there) but am looking for any reputable companies that offer a base to centralise all investments for somebody not 'resident' there. I do not really want to use Georgian banks or investment companies.

Regards, Ian

 

[Martin Everson]

For Georgia whats wrong with Saxobank if you are mostly into funds?

 

[JohnLocke]

Do you know what their min. deposit is? As far as I‍ heard when I called them some time ago they required min. 500K euro! But this⁠ could have been specific to what I asked.

 

[iarmst]

Hi @Martin Everson. Thank you, that's what I needed, a recommendation on a reputable‌ bank/investment firm that allows investments from Georgian residents. Sometimes minimum investment amounts do apply so‍ I will have to check into that aspect of things. I'm used to throwing some⁠ money every month into investments and that would be my intention, rather than lump sum.⁤

 

[Martin Everson]

Totally dependent‌ on country of residence. Saxo applies different minimums for each country and may even refer‍ you to white label partner if they can't offer your a direct account in that⁠ particular country.

 

[RexS9999]

Just curious. Is there anything wrong with brokerages in Georgia such as G$T? Thanks

 

[backpacker]

Yes!
G&T Trader (online brokerage) is only an "Omnibus account", considered‍ to be white-label Saxo. You are on the mercy of G&T when it comes to⁠ solvency and integrity.
Rudimentary explanation: G&T holds the main account with Saxo, all transactions will⁤ be processed in the name of G&T and assets will be held in the name⁣ of G&T. You as a client of G&T will be given a sub-account by G&T⁢ which reflects your transactions/assets which have been processed/are kept in the name of G&T. Technically,︀ legally and tax-wise it is considered to be a local Georgian brokerage account.
You are︁ on the mercy of G&T: This is not a structure where you want to deposit/invest︂ your entire life-savings! eek¤%&

 

[Martin Everson]

G&T is owned by Bank of Georgia. BoG is a systematically important bank in Georgia‌ so government will always have its bank. G&T is a serious company. Only issue is‍ that Geogria as a country is junk rated and hence BoG can never be rated⁠ above the countries soverign rating.

 

[backpacker]

Calculation:
political instability + solvency of the country + foreign owned bank with local broker‌ = High Risk
High Risk + immature legal system + Omnibus account = Absolute "No-Go"‍ !