Hello all, have some newbie questions on non-market stuff.

Regarding the profits you guys make, do you guys declare as investment income abroad? Just curious because if you want to repatriate/bring back your money and you have periodic or lump sum money coming in to your domestic accounts from Cyprus or wherever your broker is without reporting, surely eventually tax or AMLA flers will come knocking? I'd assume the method to calculate would be to take year end account balance minus the year's beginning account balance, equals your investment income?

I previously opened an account with hotforex but burned through it on a stupid action some time back - now hopefully I know better and am looking to dip back in (but USDMYR much more painful now to buy in...).

Appreciate any help you guys could provide on this matter. Happy trading!

This post has been edited by happyharpinghorse: Dec 23 2016, 04:34 PM

Ya, what I had in mind was capital gains or investment income, tax bucket is 0% anyway, just report to be safe.

As for bringing back profits... I wasn't profitable so can't share any experience. But there was an option for the broker to TT the money in, directly to a bank account of choice. Which I presume would trigger a phone call from the bank, regarding money laundering queries, but shouldn't be an issue to clarify lah. The BNM forex trading is illegal ruling applies to speculating with MYR - ie. If you have a USD account you punt with, no issue. It is made to prevent people from allowing you to open a trading account in MYR (eg some brokerage firms allow you to open a GBP or EUR account instead of USD as base currency).

AllInGap: i was told by a friend who tried to open an account with a bank in Singapore, seems it is basically impossible for us unless you work there, have business there, or are studying there. Very strict requirements. Do correct me if I'm wrong though?

This post has been edited by happyharpinghorse: Dec 23 2016, 10:15 PM

Thanks for the link. Anyway from looks of it they are targetting the frauds ie fly by night operators. The recent BNM news about "speculators" actually is in the sense of speculators in the offshore MYR market, which they deem illegal (as MYR strictly controlled currency), but can't do anything since outside their jurisdiction... Normal people like us will never come into contact with this market... So I'm not worried about that lah. Thanks for sharing regarding the bank call though! Would have thought its mostly money laundering concerns.

But now that you mention it, ya I remember in the broker clause got mention something like, a long position doesn't mean you hold the currency... Something like contract for difference.

AllnGap - thanks... Maybe need to ask relative in Singapore open joint account this would be the most no-headache way to go about things though!

This post has been edited by happyharpinghorse: Dec 24 2016, 12:23 AM

Thanks Troller, didn't know they had an office in KL. That being said, since its not a branch/subsidiary the account and money still have to sit in Europe. And unfortunately as a sales rep office, they wouldn't "talk" to BNM or tax dept if there are any queries... Guess best practice still to ensure all our trade ticket emails are kept and we have a nice paper trail for our own protection.

Villageboy: for SGD50 think better to accumulate more first... From pepperstone website looks like wire charges can be AUD20... Ugh.

CMK: considered very good already lor... Could have been worse also BNM issued a pat on the back statement on their website today.

This post has been edited by happyharpinghorse: Dec 28 2016, 04:53 PM