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I used to reside in the US till last year october before we moved to Canada. I was in the US on H1B. Since I am now in Canada, can I do trading on robinhood ? Most of my cash is still in US bank accounts.
More so I am asking as I am not a US resident any more. I know that I cannot do any trading on Fidelity.
RH won't check LOL. Keep trading and don't say anything.
It’s not legal . You will also have to file taxes for profits in us . Rule says you can’t trade/invest if you aren’t resident
Thats what my understanding was too as well but then I have money sitting in Fidelity which gets me some interest + I have my stocks in US and one day or the other I might have to sell them. In thay case what will happen ?
Not too sure , but I think you’ll have to file taxes for the interest gained . If you have capital gains on the sold stocks , you’ll have to pay and file taxes for those too
The fact that you are saying you want to “trade” on robinhood already tells me you are gambling not trading.
I simply wanted some SPYs. I dont do any other thing.
Its not illegal to trade from US brokerage account as a non-resident but most brokerage don't allow it because they don't want the hassle to be compliant with every countries financial reporting laws and also the market is very small for such users as every country nowadays have brokerages that allow US stock trade. Since RH is a small brokerage, they won't allow it if you disclose your location. As a non-resident, some large brokerages, like IBKR, Fidelity, Ameritrade and Schwab, will let you trade stocks only (no mutual funds) if you file W-8 BEN with them. They will withhold US taxes on capital gains and dividends though.
No. I'm telling Vlad if you do
Can someone from Robinhood leave this comment?? It'll look more legitimate
No. I'm telling Vlad if you do