InteractiveBrokers + Seychelles IBC -> account closure

[Patrick846]

OK, me too. But havent had any notification yet. How long did they give you to move funds?

11 days :-((( There is no way that I can open an account anywhere in that time frame

 

[Mr Magoo]

11 days :-((( There is no way that I can open an account anywhere in that time frame

ok, thanks. That is a very short notice. I will start prepareing myself... For my BZ IBC I have a Mauritius account still. But in Mauritius you cannot open an account in 11 days I think but its worth a try maybe.

 

[Jelda]

did you have an account with IB UK or IB US?

My account with IB US, I got 1 month to close the account and 2 weeks until IB freeze it only for closing transactions...

 

[Patrick846]

do you have any suggestion for a broker offering the same kind of features than IB that would accept an offshore company?

 

[Tax Cow]

do you have any suggestion for a broker offering the same kind of features than IB that would accept an offshore company?

Saxo Bank's brokerage account has a good coverage, incl. acceptance of some IBCs, if the beneficial owner(s)' residencies aren't too spicy. You need to acquire a LEI number if planning to register your entity for trading with Saxo... about $100 a year to maintain it.

 

[Tax Cow]

@Patrick846

And if Saxo gives bullocks, try Swiss Quote. Specifically swissquote.ae (UAE). Could be wrong here, but that branch seems like a purpose-built container for spicier client profiles to offer some compliance-related relief to the Swiss parent.

Enjoy!

 

[Jelda]

I guess this is the reason for recent actions of IB: Interactive Brokers to pay $38 million in penalties to U.S. regulators

 

[nobel]

What you think about EPB? www.europacbank.com

Nice trading fee 0,10% and IB platform!

 

[Martin Everson]

What you think about EPB? www.europacbank.com

Avoid that bank like the plague

 

[nobel]

Avoid that bank like the plague

Why? I have an account there.

 

[Martin Everson]

Why? I have an account there.

You opened an account with EPB i.e a crap EMI with a banking license and still keep it open in 2020...lol. Firstly the bank is opaque and you know next to nothing about the financials or ownership of the bank. Secondly the bank was compromised some years ago i.e see thread on EPB data leak. Thirdly if you are using it to avoid CRS your screwed. So I hope your not using it to hide money as your about to get a rude awakening if you are.

 

[Dreamy]

I closed my IB friends and family account before this happened.



Commonsense law



Some may still in the short term but net is closing.



Find another broker or liquidate asset sand setup a company in a jurisdiction without negative connotations.

Can you please tell which broker would you recommend? If, for example, I am a resident of one country, and the bank account from which I will replenish the broker's account in another.

 

[Dreamy]

for a personal or company account?

Personal
IB is good due to insurance of all deposits and 100% reliability of the broker, since they are many many years old. Really interesting what could be better.

 

[Dreamy]

Personal
IB is good due to insurance of all deposits and 100% reliability of the broker, since they are many many years old. Really interesting what could be better.

I just heard that when you want to send money from cryptocurrency to a bank, it’s stupid to specifically ask the bank before that if they can accept that kind of money. You just need to send and that's it . What do you think about it?

 

[Martin Everson]

I just heard that when you want to send money from cryptocurrency to a bank, it’s stupid to specifically ask the bank before that if they can accept that kind of money. You just need to send and that's it . What do you think about it?

Don't do this....lol.

Read the banks terms and conditions first which may cover crypto activity and if in doubt ask them. A suck it and see approach to banking today is not advised.

 

[Martin Everson]

IB is good due to insurance of all deposits and 100% reliability of the broker,

Depends on which IB entity your using. Protection can range from garbage€20k protection in case of IB Lux entity to the much greater protection for IB US. I would not say any broker is 100% reliable as IB has had problems as recent as negative oil price saga. See below thread about deposit insurance.

Interactive Brokers and Brexit - Lower account protection

Anyone seen the brexit notice on IB's homepage? Seems non UK clients using IBUK from EU will need to migrate to one of the new entities in EU i.e either IB Ireland, IB Hungary or IB Luxembourg. Seems IB IE and and IB LU will only offer a max protection of €20,000 and IB HU will offer up to...

www.offshorecorptalk.com

Really interesting what could be better.

Depends what you are looking for and your situation as everybody is different and we all want different things from a broker. If you want a cheap discount broker that's available to most people globally then IB is a good proposition.

 

[Dreamy]

Many thanks Martin!
I am just a resident of one country. And I plan to top up IB account from a bank in another country. I heard that blocking is possible for such things. Personal account, top up from a personal bank account.

 

[Martin Everson]

I am just a resident of one country. And I plan to top up IB account from a bank in another country. I heard that blocking is possible for such things. Personal account, top up from a personal bank account.

This does not sound correct at all. You should be able to fund your IB from any account in your name.

How to Fund & Withdraw Funds from Your Interactive Brokers Account.

Once you have setup your Interactive Brokers account through an entirely online sequence, you need to fund your account to start trading. You can fund your Interactive Brokers account from banks and financial institutions from all

investmentmoats.com

 

[Cetme308win]

Many thanks Martin!
I am just a resident of one country. And I plan to top up IB account from a bank in another country. I heard that blocking is possible for such things. Personal account, top up from a personal bank account.

as I said some time ago, they do an enhanced due diligence with funds from banks in high risk jurisdictions and can reject them lol but they actually don't block your account unless they think you are doing something shady like money laundering or securities fraud

 

[Flatworld]

https://www.finra.org/sites/default/files/2020-08/Interactive-brokers-awc-081020.pdf

Since 2013, Interactive Brokers’ business has grown dramatically. In addition to having grown in size – in terms of numbers of customer accounts and securities and money transactions 2 executed – it has also grown in scope. In particular, the Firm has significantly expanded its relationships with foreign financial institutions (“FFIs”), for whom the Firm performs clearing services, including hundreds of FFIs located in high-risk jurisdictions. From January 2013 through September 2018 (the “Relevant Period”), however, Interactive Brokers failed to develop and implement an anti-money laundering (“AML”) program reasonably designed to match its growth.