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]

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

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]

Do you know what their min. deposit is?

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]

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

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 are on the mercy of G&T: This is not a structure where you want to deposit/invest your entire life-savings!

 

[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" !