Wow. Congratulations!

Anyone here already in USD1m club? Pls tell us how u got there? And how long did it take?

This post has been edited by erizdagreat: Feb 17 2021, 08:57 PM

I'm one of the few here who does direct transfers between Maybank(Malaysia) and IBKR (No Instarem/TransferWise). The answer to your question is No, the funds will not be blocked if you want to transfer it back to Malaysia.

I also plan to do something similar. I plan to set up an investment holding company in Malaysia to hold on to my investments.

This is unfair

This post has been edited by erizdagreat: Feb 19 2021, 10:14 PM

As part of the bank's KYC (Know Your Customer) procedures, they will probably give you a call to ask what the transaction is about, especially if your account had never had previous large transactions before. Under AML (Anti Money Laundering) rules by BNM, banks have to submit report on "suspicious" transactions to BNM, but it's up to BNM whether they want to investigate or not. So it's in your favour to properly explain to your bank what your transaction is, and how frequently it will occur in the future. I used to also work in a bank in the past, LOL.

My branch manager called me up to ask, so we arranged a meeting at the branch where I explained my transactions. Also brought some supporting documents with me to show. Once she understood, I never had a problem since.

I don't transfer back to Malaysia that often anymore. Largest transfer was 6 figures.

If you are not sure, why not try transferring a small amount first as an experiment. That's what I did

Change your trading permissions in your account settings. I believe you will also see the requirements there as well. After that, you have to wait for IBKR to approve your new trading permissions. If approved, then you're good to go

The list in the link you gave is both outdated (last updated 1/6/2012) and incorrect (based on my extensive tax knowledge). The US and Malaysia do not currently have a tax treaty in place.

See here for the prevailing DTAs as provided by LHDN.

PWC provides an updated list here of withholding tax rates applied in the US for foreign persons.

TLDR: Its 30%, not 15%

Anyone here using IBKRs API to connect to their backend servers?

I tried building a python app to connect to the server and it works fine. But connecting seems to be a problem as it can't be automated as you still need to provide username and password through their IB Gateway GUI manually.

Anyone else here wanna share their experience?

I'm not facing any errors per se. The connection works fine on my Linux desktop. It's just that my server setup is desktop-less (no GUI) so running IB gateway there would seem impossible without being able to control IB gateway through the CLI/SSH. So hosting on the cloud is also impossible.

Seems to me that it's not designed to be run headless.