Transfer Interactive Brokers Account from Cyprus to Dubai

[bigbite100]

Hey guys,

lets say you have a CY and a DXB residency. You have a IBKR account, registered with your CY tax ID.

1) Is it possible to just switch from CY to DXB ?
2) Any potential problems with that?
3) Do you need any specific information besides the Emirates ID for the IBKR DXB account?

 

[Moonlighter]

Should be possible, usually they only require a new proof of address.

UAE does not have a DTA with the USA, so you'll pay 30% withholding tax on dividends.

 

[bigbite100]

but this will not apply to thesauring ETFs or will it?

 

[Jbb1]

but this will not apply to thesauring ETFs or will it?

Correct. ETF depends on it's domicile

 

[KJK]

As Cyprus is in the European Union, account for Cypriot residents belongs to the EU entity of IBKR (probably Ireland or Hungary, rarely Luxembourg).

For residents of non-EU countries, you would be registered with a different entity. Transfer between entities is not possible automatically. So you need to close your old account, transfer positions and open a new account (with another account number).

To activate your new account, you will probably need to provide a proof of address such as postpaid phone invoice or a bank account statement.

 

[JustAnotherNomad]

I believe with IBKR, if your new account would be under a different entity, you would have to create a new account, transfer your positions, then close the old account.
You will find a lot of information about this if you google or contact IBKR support.