Taylor365 wrote: » And its EU wide, not just Ireland.
Skelet0n wrote: » I think other EU nations tax them normally though, not this exit tax plus deemed disposal thing.
Momento Mori wrote: » This is taking far too long and I'm starting to doubt US ETF's will become an attractive investment option again. Also, why must this country make it so hard for people who want to invest in the best performing asset class in history? I don't want to buy property.
hog_farmer wrote: » equities are only a good performing asset if you exclusively buy the american market , the overall european market is no higher today than it was in the year 1999 if you exclude dividends .
Diarmuid wrote: » Might be time to start ringing/sending letters to your TD. That's the only way things will change
Jim2007 wrote: » It is an EU wide requirement that funds provide adequate information to the general public. These funds have chosen not to comply with those standards. They and they alone will have to change their minds. End of.
jive wrote: » Other countries don’t apply the ‘deemed disposal’ rule which is the biggest issue with these funds in Ireland.
Jim2007 wrote: » That is neither here nor there, it will not change the fact that the funds are required to provide a certain level of information in the EU and rather than doing so, they have decided not to offer their funds in Europe instead.
jive wrote: » In what way is it neither here nor there? It's the entire reason for the thread. Other countries in the EU can buy and hold, Irish investors can't because of deemed disposal. Many of the funds offered are basically mirror images of those offered in the US, although with the US ETFs Irish investors could buy and hold.
Jim2007 wrote: » Go back and read what I responded to! These funds are not offered anywhere in the EU legally. These funds are not mirrored funds because there are hidden retros in the US that must be disclosed and paid over to the holders in the EU. This is the reason why those providers have decided not to offer the funds in Europe - US investors would also become aware of the retros!
Diarmuid wrote: » You're completely missing the point of this whole thread. Irish investors are buying US based ETFs because of the Irish taxation rules. Otherwise we would all be happily buying the EU based equivalents.
Jim2007 wrote: » I understand exactly how it works! And my point was and is that it does not matter what the Irish tax situation is, this will not change! It is an EU requirement with far reaching impact and is here to stay.
dumb_parade wrote: » Buying these etfs seems to have gotten even harder now. I have tried to open an account with firstrade and td ameritrade in the last few days and neither now allow accounts to be opened by Irish residents.
Cute Hoor wrote: » I don't see why you wouldn't be able to open an account with Firstrade, what message did you get, did you email them.https://www.firstrade.com/content/en-us/customerservice/faqs/international/
dumb_parade wrote: » Cute Hoor wrote: » I don't see why you wouldn't be able to open an account with Firstrade, what message did you get, did you email them.https://www.firstrade.com/content/en-us/customerservice/faqs/international/ For non us residents, they send you a verification code. Which you need a valid phone number for. Ireland is not in the list of country codes.https://signup.firstrade.com/create/www/?lc=en-us#/intro I contacted them via email and they confirmed that their policy changed re. Ireland last week. If you see a way around this let me know. I nearly opened the account last month, but held off at the time. Pretty frustrated now.
dumb_parade wrote: » For non us residents, they send you a verification code. Which you need a valid phone number for. Ireland is not in the list of country codes.https://signup.firstrade.com/create/www/?lc=en-us#/intro I contacted them via email and they confirmed that their policy changed re. Ireland last week. If you see a way around this let me know. I nearly opened the account last month, but held off at the time. Pretty frustrated now.
robp wrote: » Any way to make a fake number online as a once off?
Cute Hoor wrote: » That's a real bummer, they haven't been in contact re this so I'm presuming existing customers are OK. So it looks like none of the US brokers will accept Irish clients? I also have an account with IB but you cannot buy the US ETF's with them now either.
dumb_parade wrote: » Yeah, It is a bummer. I could go down the the fake number, fake address route, but that would fail when they look for photo id, i'd say. It will be interesting to see how existing irish firstrade clients will get on with this change. I know with Degiro, i can continue to hold any US etfs, but cant buy anymore units. Hope its not the same here.
Cute Hoor wrote: » robp wrote: » Any way to make a fake number online as a once off? Doubt it, you would probably have to falsify address as well, which wouldn't work with verification documentation etc.
Cute Hoor wrote: » I've had no problem buying and selling, including ETFs, so far anyway. I'll post up if I hit any brick walls
gavmcg92 wrote: » I'd imagine they will follow the same strat as the rest. Close off new clients and then block buying for Irish customers down the line allowing for a hold/sell.
Cute Hoor wrote: » Good call gav, this is the email I got from Ameritrade this evening, expect Firstrade to follow suit.
ronivek wrote: » Although I haven't manually bought anything in some time; I am still getting my automatic dividend reinvestment purchases from all my US domiciled ETFs as normal (and as recently as this month). I haven't received any communications from FirstTrade that anything has changed either.
