This should not prevent him from opening an account in his own country though. In Canada for example every Canadian broker has access in the USA market...I imagine it is the same in other countries.
when you friend lives outside of the USA he can probably open an brokerage account in the country where he does live.
At least 50 shares are anoted at other stockmarkets in some cases not on the main indices but, the information can be found in different news sites or at least in a newspaper news or financial
in general you could say those funds who are mentioned in those newspapers and are anoted at the NYSE are mostly available by a brokerage account.
A lot of brokerage accounts mentioned under yahoo answers about investing are for US persons and have fees that are XX times higher than the highest fees on abrokerage account and available in the UK, despite this the market for European continental are cheap or moderate
For Australians they should visit the site www.asx.com.au and scroll the screen downwards and click on the link brokers and do some homework if the whole list is still up to date and let them informa at a local bank and read a financial newspaper or local newspaper
and in the other regions there are also banks who provide those possibilities of investing to their consumers
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They're required to report to the government by SSN as the government wants it's tax money to pay for the wars. Years back you only had to apply for a US SSN but as non-residents didn't have to pay US taxes or often assumed they didn't, the brokers got caught between their clients and the IRS so now the brokers just want to deal with those filing 1040's so they don't keep getting pinned by the IRS.
But this will likely change, the US has been strong arming the G7 to sign agreements where the foreign banks turn over information on US citizens or US involved clients, the IRS basically wants the whole world filing their forms. Canada is holding out because the Canadian financial institutes do not know who's American so the only way to comply would be to hand over all information and that would violate the privacy of non-Americans. The US is threatening to tax the Canadian institutions 30% on all US transactions. At this rate, it might be best for Canada to ditch Keystone and build the pipeline to BC to ship the oil to China instead of the US, it's either that or give in to the US attempt to assume sovereignty over everyone and US spying.
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I am not sure that non-US citizens cannot hava an account with a US broker.
I do know it is difficult, nigh impossible for US/Canadian residents to have accounts with overseas brokers (at least UK brokers). This is because of the tax reporting. The reporting for UK brokers is so onerous and expensive that it would not be worthwhile. It is not illegal and not impossible jsut aquestion of financial viability.
Now UK residents can buy US stocks through a UK broker (I know becaise I do it everyday). The problem is there are double charges (commission for UK broker and commission for US broker). Sometimes the US commission is added to the share price.
Non-US residents are required to complete a W8-BEN from to avoid 30% withholding tax on dividends.
You have absolutely NO idea what you are talking about! "If I go to UK, Germany, Asia, etc. I can open account there and trade their markets!"? And if you GO TO THE USA YOU CAN OPEN AN ACCOUNT THERE AND TRADE THEIR MARKETS.....
BUT....just like in the UK, Germany, and any Asian nation you will need a local Taxpayer ID number, so you can FILE A RETURN on any gains you make!
Found an online article and you may have a couple choices -some links below. It may be a bit harder for you and you will have to submit the required documentation but you should be able to open an account "Over at TD Ameritrade, investors do not need to be a U.S. citizen to open an account. With that said, the stipulations and requirements vary dramatically based on the country the resident lives in and the potential customers' nationality, the company says. There are some countries TD Ameritrade does not do business in, including Canada, due to its relationship with TD Bank. Prospective clients should call TD Ameritrade's new accounts staff (800-454-9272) with questions.
http://www.learningmarkets.com/how-to-cr...
It's US law.
I got a friend who like to invest in US stock markets. He contacted many leading stock brokers, in order to open an account and trade stocks/shares of US companies.
All declined his request to open an account. They say: only US residents !!! allowed to open A/C !!
That's insane. especially considering that the USA is the world's leading free market, capitalism, and all.
What happened?
Years back i heard many people open brokers accounts here in USA. Why the ban ?
