dinga
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Post by dinga on Nov 22, 2019 12:40:46 GMT 7
Apols if I'm stating the bloody obvious, but bear in mind there is a hefty Estate Tax if you happen to have over $60,000 in US assets when you kark it
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FIREinTh
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Post by FIREinTh on Nov 22, 2019 14:31:06 GMT 7
Incorrect. The exact rule is $60k in US domiciled assets. You can still invest in US companies through ETFs, Investment Trusts, etc. that are domiciled in Ireland or elsewhere.
If you live in Thailand your account with Interactive Brokers must be based in the US. Therefore, your estate will still need clearance from the US IRS which will take time, but US estate tax is not owed if your assets are domiciled elsewhere. Apols if I'm stating the bloody obvious, but bear in mind there is a hefty Estate Tax if you happen to have over $60,000 in US assets when you kark it
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Post by Fletchsmile on Nov 22, 2019 15:29:03 GMT 7
Apols if I'm stating the bloody obvious, but bear in mind there is a hefty Estate Tax if you happen to have over $60,000 in US assets when you kark it Estate taxes vary by country depending on your domicile, nationality etc etc.
That rule den't apply to me, but other rules do.
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Post by realisedurgency on Nov 30, 2019 13:31:18 GMT 7
The TWS interface is a little different to the interface in the video I watched and posted here, so I ended up just doing a forex conversion which was straight forward enough. Then I went to purchase the investment trusts I wanted but received a message saying I had a settled cash balance of 0 or something along those lines, a surprise to me! Turns out you have to wait 2 days for a forex trade to settle. So after 2 days, I purchased MNKS, SMT and SCAM putting roughly a third in each. While waiting for the forex conversion to be settled I read this: betterspider.com/fx-conversion-with-interactive-brokers/... so apparantly FXCONV costs a little less than the IDEALPRO option, unfortunately, I wasn't aware of this beforehand and went with the default IDEALPRO option, which didn't cost much anyway. Question, how are people loading there IBKR account with their Thai baht?
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Post by Fletchsmile on Nov 30, 2019 15:35:49 GMT 7
The TWS interface is a little different to the interface in the video I watched and posted here, so I ended up just doing a forex conversion which was straight forward enough. Then I went to purchase the investment trusts I wanted but received a message saying I had a settled cash balance of 0 or something along those lines, a surprise to me! Turns out you have to wait 2 days for a forex trade to settle. So after 2 days, I purchased MNKS, SMT and SCAM putting roughly a third in each. While waiting for the forex conversion to be settled I read this: betterspider.com/fx-conversion-with-interactive-brokers/... so apparantly FXCONV costs a little less than the IDEALPRO option, unfortunately, I wasn't aware of this beforehand and went with the default IDEALPRO option, which didn't cost much anyway. Question, how are people loading there IBKR account with their Thai baht? As it's very difficult for averagfe retail investors to hold THB accounts outside Thailand, I would think that most people just do a THB transfer from Thailand into their USD/GBP/EUR/SGD account with IBKR. The conversion into FCY done in Thailand for best rate, as few financial intermediaries outside Thailand particularly want THB cash in large quantities
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AyG
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Post by AyG on Dec 1, 2019 6:48:01 GMT 7
So after 2 days, I purchased MNKS, SMT and SCAM I still feel deeply uncomfortable with placing orders with them. What order type did you submit? And limit orders how did you decide on what price to enter? Incidentally, I believe SCAM is now officially SAIN. Changed earlier this year.
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Post by realisedurgency on Dec 1, 2019 8:43:40 GMT 7
I just went with a market order.
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FIREinTh
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Post by FIREinTh on Dec 3, 2019 8:26:50 GMT 7
This is probably the most difficult thing new investors using Interactive have to get used to.
FXCONV and IDEALPRO are both currency conversions, but when you select IDEALPRO the system assumes you are making a forex trade and will keep track of your profit and loss on the trade using a virtual FX position. If you choose IDEALPRO by mistake it is possible to zero your virtual FX balance but only with the desktop TWS (not possible using the mobile app). That's probably the most annoying thing about IB.
If your order size is small you will get a warning saying it may not be executed at the best possible IDEALPRO price. I've never had a problem getting the market price while using a limit order on the bid or ask. I believe that warning is more for market orders.
I have a margin account so I've never had the problem of waiting for trades to settle, but having to wait would be frustrating.
As for sending THB to Interactive, here's what I wrote on my website:
"You can send US Dollars directly to Interactive Brokers from UOB in Thailand without any intermediary bank. This saves you money on fees and your funds are usually available in just a few hours after you initiate the transfer. You need to make sure the bank understands you are sending money to your own account when using the ‘return of savings’ reason as a foreigner, similar to sending money to your own account at another bank. An account confirmation letter is available from their online account management system and don’t forget your work contract or a salary confirmation letter from your employer."
Interactive does not support THB, so you have to convert to another currency first. I've found the spread on THB/USD to be less than any other currency. For example, say I want to make a purchase in SGD on Interactive. If I change THB to SGD and then send those SGD to Interactive, I will end up with less SGD than if I convert THB to USD and send USD to Interactive, and then convert USD to SGD inside Interactive.
The TWS interface is a little different to the interface in the video I watched and posted here, so I ended up just doing a forex conversion which was straight forward enough. Then I went to purchase the investment trusts I wanted but received a message saying I had a settled cash balance of 0 or something along those lines, a surprise to me! Turns out you have to wait 2 days for a forex trade to settle. So after 2 days, I purchased MNKS, SMT and SCAM putting roughly a third in each. While waiting for the forex conversion to be settled I read this: betterspider.com/fx-conversion-with-interactive-brokers/... so apparantly FXCONV costs a little less than the IDEALPRO option, unfortunately, I wasn't aware of this beforehand and went with the default IDEALPRO option, which didn't cost much anyway. Question, how are people loading there IBKR account with their Thai baht?
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Post by realisedurgency on May 6, 2020 18:33:50 GMT 7
Apols if I'm stating the bloody obvious, but bear in mind there is a hefty Estate Tax if you happen to have over $60,000 in US assets when you kark it On a related note, what are those of you with IBKR accounts doing to pass on your account if you do kark it? It seems adding an account beneficiary is only available to US based accounts.
Use the Account Inheritance page to register one or more beneficiaries to whom you want to directly pass your account assets upon your death without having to go through probate. When you register a beneficiary, the executor or administrator of your estate will only have to submit a Transfer on Death Beneficiary Distribution Form with a certified copy of the death certificate to ensure that your assets transfer to the beneficiary or beneficiaries that you have designated.
The following rules apply to beneficiary registration:
Only United States-based Single accounts are eligible for beneficiary registration.
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AyG
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Post by AyG on May 6, 2020 19:29:25 GMT 7
^^^ That's one of the more interesting posts I've read this year.
As a Thai resident I'm pretty sure my account is US-based. However, if I were to nominate a beneficiary, I don't know how this would interact with my UK and Thai wills.
Needs more thought and investigation.
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Post by realisedurgency on May 6, 2020 20:11:46 GMT 7
This page may or may not also be useful: www.interactivebrokers.com/en/software/am/am/manageaccount/transferondeath.htmWhen I login to the online web portal using my browser I cannot find an 'Account Inheritance' or 'Transfer on Death' page anywhere in the account settings.
I also found this which states this option is only available to US residents:
Transfer on Death
Transfer on Death is a form of account registration which allows individuals to pass the assets in their IBKR account directly to another person or entity upon their death without having to go through probate. This registration option is solely available to individual accounts held by US residents (no joint or IRA accounts).
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Post by Fletchsmile on May 12, 2020 18:07:56 GMT 7
It's a bit simpler to be a direct payout beneficiary, but I don't see it as a major issue to be honest, they are still asking you to send forms and death certificat in, and it's in line with how you claim financial assets in the UK.
In the case of probate, you apply for it, takes a couple of weeks if I recall. Then you simply send a copy of the letter of probate and death certifact in to claim the assets. IBK will just be one of many assts like bank accounts, insurance policies etc etc that will all want the same thing. UK law wants to make sure any taxes have been properly accounted for on it - particularly inheritance tax. So really it's no different than what you are going to do foor bank accounts if you're a Uk citizen
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Post by eldivino on Jul 7, 2021 14:42:00 GMT 7
How safe do you consider IBRK and transferring existing assets from another broker there? I am currently looking for a broker that lets me buy US domiciled ETF and IBRK would be one choice but I would have to transfer a good chunk of my existing investments there in order to meet the 100,000$ threshold that would make the account free of inactivity fees. Other alternative would be Charles Schwab which only requires 25,000$ minimum investment for foreigners.
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Post by rgs2001uk on Jul 7, 2021 21:18:36 GMT 7
How safe do you consider IBRK and transferring existing assets from another broker there? I am currently looking for a broker that lets me buy US domiciled ETF and IBRK would be one choice but I would have to transfer a good chunk of my existing investments there in order to meet the 100,000$ threshold that would make the account free of inactivity fees. Other alternative would be Charles Schwab which only requires 25,000$ minimum investment for foreigners. Be aware, its not always about transferring your money in, its about how easy it is to get it out, not mentioned, how much tolerance you have for Know Your Customer BS, the never ending requests for proof of identity and address etc etc, get passport notarized etc etc. You may wish to consider this lot, I found their online trading system easy to use, the staff at the end of a phone were very helpful and a pleasure to deal with. www.ii.co.uk/The jobsworths and bureaucrats p**sed me off, the left hand didnt know what the rh was doing, information provided in Oct, requested again in Feb was the final straw for me, not to mention, took me almost two months to get my money out off the bastids, and believe me, they knew exactly what they were doing, little man syndrome, please provide x y and z, glad to be shot of them. NS&I in the UK are another lot to stay well clear off, have had phones slammed down on me by penpushers, sorry mr rgs we havent received your paperwork (lie) oh thats strange can you please explain why I have had a reply to the letter you have just told me you havent received. Dont bother asking for names, all you get is, we are not allowed to divulge personal information, this is the customer support team, an oxymoron if ever I heard one. Welcome to the joys of being an expat.
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AyG
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Post by AyG on Jul 8, 2021 7:03:31 GMT 7
^^^ Since opening my account, IBKR has asked for nothing from me. That's better than my experience with some other brokers.
Since eldivino is not UK-resident he won't be able to open an account with any UK broker such as II.
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