All,
I'm from Italy and have been in Ireland for 4 years now since my Irish wife wanted to come back as the parents are aging. Before that we lived in the U.S. for 15 years and I still have an Ameritrade account that I opened while working in Boston (it's on my name only and it always was) and I'm not Irish domiciled (no Irish passport and have two properties in Italy and we plan to retire to Italy when the time comes and sell the Dublin home).
I sold some old shares recently and wanted to buy some US ETFs now but after I re-registered my address as EU citizen living in Europe (a few years ago), I'm unable now to buy US ETFs with TD Ameritrade because of the well known restrictions. I see from the previous discussions that there is a workaround: open a E-Toro or Tastytrade account and move the funds from Ameritrade to that new platform. Does anyone have any experience of which one is better in general? Also for me due to the tax advantage of being non-irish, non-domiciled I would need that the broker is based in the U.S. , not in Europe so that I will not have any tax implications in Ireland on the potential gains. I plan to leave the account there until I retire and then bring it to Italy not Ireland. I read that Etoro is a Israeli company but they have branches registered in Europe so that would not be good for me probably unless I can open the account with Etoro in the US.
Thanks for any feedback !!
Stefano
I'm from Italy and have been in Ireland for 4 years now since my Irish wife wanted to come back as the parents are aging. Before that we lived in the U.S. for 15 years and I still have an Ameritrade account that I opened while working in Boston (it's on my name only and it always was) and I'm not Irish domiciled (no Irish passport and have two properties in Italy and we plan to retire to Italy when the time comes and sell the Dublin home).
I sold some old shares recently and wanted to buy some US ETFs now but after I re-registered my address as EU citizen living in Europe (a few years ago), I'm unable now to buy US ETFs with TD Ameritrade because of the well known restrictions. I see from the previous discussions that there is a workaround: open a E-Toro or Tastytrade account and move the funds from Ameritrade to that new platform. Does anyone have any experience of which one is better in general? Also for me due to the tax advantage of being non-irish, non-domiciled I would need that the broker is based in the U.S. , not in Europe so that I will not have any tax implications in Ireland on the potential gains. I plan to leave the account there until I retire and then bring it to Italy not Ireland. I read that Etoro is a Israeli company but they have branches registered in Europe so that would not be good for me probably unless I can open the account with Etoro in the US.
Thanks for any feedback !!
Stefano
) and as you say it looks more complicated that what I thought. Everything was black and white until last year (all U.S. domiciled ETFs were treated as normal income therefore taxed following the general principles of taxation, unlike the UCITS ETFs therefore the remittance basis could have been availed of). In January 2022 the Revenue has made things more complicated and there is nothing clear any more. It leaves the investor with the burden of determining if the U.S. ETFs depending on its composition should follow the offshore funds regulations (8 years deemed disposal and 41% exit tax, no remittance available) or if it should follow the normal tax principles (no tax since the remittance is available). That makes no sense that the investor has to decide, what if they have a different view ? There is zero clarity. Anyway Gordon I don't think I will get into troubles. If that's the case I need to decide whether to keep things like they are and pay the 41% tax every 8 years, 41% tax on the yearly dividends and 41% exit tax when I sell or get rid of the ETFs altogether and buy a number of single shares (the most diversified 15 or 20 shares per ETF above), it will be much riskier of course and much less diversified than owning the ETF itself but I will have zero CGT tax on the profits (if any) and 15% tax on the dividends. Tomorrow I will read more to see if those ETFs are deemed to be Offshore investments or they can go with the normal tax rules, but it will not be easy to find out as there is very scant documentation.