Suitable structure/residency for active trader (Stocks, futures, options)

[RAGAV]

TheCryptoAnt said:
i have no idea



Nobody cares honestly, most of us are out of UAE most of the time anyway so enforcement is quite difficult.



I dont understand the question, can you rephrase it please



No to both, nobody knows nothing besides me.
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If your profits per year are 100 USD, how much is your tax liability?

 

[RAGAV]

PhantomOf ThePits said:
All of them work with UAE residency.
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Have a question related to these banks. Will all/(some of) these banks accept my UAE residence proof for opening non-resident bank account? Would I need to make any visits or need any kind of visa to open the bank account?

IBKR is a securities broker, not a bank (if I am not wrong). My requirement is to withdraw my trading/investing funds from IBKR to a bank (that is not located in either UAE or India).

 

[PhantomOf ThePits]

RAGAV said:
Have a question related to these banks. Will all/(some of) these banks accept my UAE residence proof for opening non-resident bank account? Would I need to make any visits or need any kind of visa to open the bank account?

IBKR is a securities broker, not a bank (if I am not wrong). My requirement is to withdraw my trading/investing funds from IBKR to a bank (that is not located in either UAE or India).
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Don't know if there is anything special with Indian passport but I know enough UAE residents having accounts with them. So as long as you have proper uae residence and can show utility bills most likely they'd open accounts for you depending on your profile regarding Source of funds and other compliance KYC checks

IBKR is one of the brokers you could use to trade as you wrote your trade stocks, derivatives and such.

You can transfer from IBKR to a bank account in your name as long as the bank is not in the restricted jurisdictions.

 

[TheCryptoAnt]

RAGAV said:
If your profits per year are 100 USD, how much is your tax liability?
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with my set up, 0, as theres no personal income tax in the UAE

 

[RAGAV]

PhantomOf ThePits said:
Don't know if there is anything special with Indian passport but I know enough UAE residents having accounts with them. So as long as you have proper uae residence and can show utility bills most likely they'd open accounts for you depending on your profile regarding Source of funds and other compliance KYC checks
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There is nothing special with Indian passport.
In India, banks open account only when the individual visits the bank branch with all ID and address proofs. So I thought I would need a local address proof for these banks that you listed.

Also, someone in this thread suggested if I get a Europe temporary (or D visa), I would be able to open a bank account there. So I thought I might be required to have a visa or local address proof or combination of both.

Thanks for the clarification. IBKR is suitable for my purpose if the recommended banks accept UAE residents.

 

[PhantomOf ThePits]

RAGAV said:
There is nothing special with Indian passport.
In India, banks open account only when the individual visits the bank branch with all ID and address proofs. So I thought I would need a local address proof for these banks that you listed.

Also, someone in this thread suggested if I get a Europe temporary (or D visa), I would be able to open a bank account there. So I thought I might be required to have a visa or local address proof or combination of both.

Thanks for the clarification. IBKR is suitable for my purpose if the recommended banks accept UAE residents.
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You can open bank accounts in UAE or abroad jurisdictions which accept UAE residents/passport/source of funds/KYC/UAE utility bills combinations if you have UAE residency/apartment.

Having temporary EU residence won't help you in this regard and would make it more complicated.

Last edited: Jan 16, 2025

 

[SoNewToAllShit]

TheCryptoAnt said:
We don't need banking, we pay ourselves in stablecoins to (I think all of us) Kraken and then withdraw to personal accounts from there.

This is not only us but I know a far from 0 amount of people doing business (marketing, affiliates, etc) exclusively in stables these days to avoid compliance attacks.
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Not bad, could work well long time if you can do this way.