Offshore brokerage acct questions

July 5th, 2023, 06:14 AM

I'm looking into diversification as a trader. So as a US citizen im looking an overseas
Futures-equities online brokerage account with descent trading platform, denomated in that country that is based on natural resources or other factors low dept to gdp, whos economies are considered good hedges in turbulent times. Say as example, Swiss, Dubai, Kuwait, Aus, Brazil, Singapore. It's my personal belief that the US $ will drawdown in a few phases for a grand total 30-60% and also lose the Petro Status by middle east oil going to the yaun. I'm thinking, that some of the profits that are gained in x foreign brokerage acct, when I convert back to US dollar, I'll also gain some alpha on that exchange. Any thoughts on what safe foreign brokerages fit within these parameters?

July 6th, 2023, 05:21 PM

While what you are doing is definitely possible, the IRS have made it difficult to do, and many international banks etc will not take you as a customer for that reason. Even if you did this, to comply with US Tax laws you would have to file an annual FBAR report which I gather is a royal pain in the ***.

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

You could do this by just diversifying into non-American focused securities using ADR's, ETF's or Futures, and then put on a currency trade that would benefit from the decline of the US Dollar.

Offshore brokerage acct questions

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Offshore brokerage acct questions