2 Responses

1. L.

   29|Jan|2010 1

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   Most brokers do open accounts for non-citizens. But the trading fee is higher and you’ll have to pay a higher tax on capital gain.

2. Sal

   31|Jan|2010 2

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   It can be easily done. Just stop by one of the branches of a brokerage firm and tell them that you want to open a foreigner account, then they should be able to help you. Even though you are a foreign student, you may still need to open a domestic account as you lived in the US for more than 183 days consecutively during a calendar year and you may have a tax ID. The best way to find out is talk to the representatives in a brokerage firm. I would recommend you to either pay a visit to their branches or call them at the too free number.

   If you are qualified to open an international account ( which I do not think so), you will need:

   1. copy of passport that shows the passport number, names, country of issurance and expiration date. Make sure your passport is not expired.
   2. A bank or credit card statement or utility bill copy that shows your name, address, account number and the institution’s name.
   3. A W8 Ben form tto declare you are non US resident
   4. A letter of explanation of US mailing address. You need to give reasonable explanation of why you will have an mailing address and why you want to use US mailing address for the account ( if you are going to use an US mailing address)
   5. The application form of the brokerage account.

   If you are qualified for domestic account, you will simply need to bring your photo ID and your tax ID number to the brokerage office. You will need to fill out a domestic account application and provide information as instructed. The rep will ask you to show him/her your ID and that will be it.

   Of course, you may want to bring your check book to fund the account after it’s set up.

   Hope this helps.

   Cheers,
   Sal