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Published On: Mon, Apr 8th, 2013

Domicile

For an investor, a domicile is the primary residence for tax purposes, established via proof of identification, such as a driver’s license or voter registration card.

It is not a requirement to live at the residence.  For a business, such as forex or binary options broker, a domicile can be a country, such as Switzerland or the United States.  Favored domiciles of brokers are Belize and Cyprus.  Specific countries may not allow US clients to open an account at that brokerage.  Some people chose to establish separate or new residences in other countries to avoid paying taxes and other financial commitments.

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About the Author

- Marcus Holland has been trading the financial markets since 2007 with a particular focus on soft commodities. He graduated in 2004 from the University of Plymouth with a BA (Hons) in Business and Finance.

 

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