I see and I understand your fiscal benefits as UK citizens. For me, as Spanish fiscal resident does not make any difference in terms of CFD taxes.
In any case, if anyone has any questions about the requirements and opening IG account process in Switzerland, please feel free to address it here.
I enquired but found that it was better just to find more capital rather than pay more tax.
You could use up your £11k (for FY 19-20) Capital Gains tax allowance on a CFD Account opened in .Switzerland.
Unless of course you are already using your £11k Cap tax allowance trading boats or beer! 🙂
The proof of i.d. methods required by IG Switzerland were also not easily achievable for a UK resident sitting on a boat in Greece! The easiest method was a FaceTime video call – well it would be easy if I knew a single person with an Apple product that I could borrow. IG really should have more than one method of doing a video call in their tool box if they want to minimize the loss of customers since the ESMA rules came in.
That is true. IG Switzerland requires a FaceTime call to ID you. I never thought about it, but I am sure they must be aware that not everyone uses Apple. I am sure they could use an alternative if you ask them (i.e. Skype). I am guessing.
In any case, it only requires a brief conversation, passport identification by FaceTime, fill up a form, and a minimum of 5.000 CHF to open the account. PRT is free as long as you fulfil a number of operations every month.
I am sure they could use an alternative if you ask them (i.e. Skype). I am guessing.
Not when I asked them! It was FaceTime or use the other options to prove your i.d. The other options were not practical propositions for me at the time that I attempted to sign up due to me being out of the UK at the time. In the end I decided that the disadvantages of changing from spread betting to a Swiss CFD account out-weighed the benefits. I seem to recall something about needing to fill out a tax return in Switzerland too but my memory is a little fuzzy on the exact details now.
BardParticipant
Master
IG Switzerland have to use Facetime for legal reasons. I just did a passport scan with them this morning on my iPhone.
Here is why I am applying to open an account in Switzerland:
https://www.ig.com/uk/compare-our-leveraged-trading
BardParticipant
Master
Re: Minimum Deposit Required by IG Switzerland:
I thought this screenshot of the Swiss IG Minimum Deposit size of £250 (not 5000 CHF) might encourage fellow IG/PRT members to get better margin rates with the Swiss IG office, which I have now done thanks to this thread:
I thought this screenshot of the Swiss IG Minimum Deposit size of £250 (not 5000 CHF)
You sure you put up the screenshot you intended to @Bard
I seem to recall something about needing to fill out a tax return in Switzerland too
Did you come across any mention of above @Bard during your Swiss account opening?
Maybe it’s in the small print? Be worth doing an e-search for ‘tax return’ on the Terms and Conditions?
If you have a link(s) handy I’ll check it out if you want?
BardParticipant
Master
Hi GraHal,
Deposits: Yes, it’s the right page after logging in to: https://www.ig.com/en-ch/welcome
It’s simple to set up an account, also you just give them your UTR number.
The question I am now asking both IG in London and Zurich is are the margins different because I cannot see the differences on some products I looked at (eg Silver). I’m awaiting their answer. If I’m correct (no differences) I’ll update this post.
BardParticipant
Master
I’m updating not because there are no difference in Margins between IG Zurich and IG London (as mentioned above) but because I have confirmed why I thought there were no differences:
The Swiss IG brokers have Mini (500 Troy oz’s) and Major (5,000 Troy oz’s) Silver Contracts just as they do for Cable (£/$), the UK doesn’t do Mini contracts, so this is what the considerable differences in Margins look like: Pls see 2 x screenshots.
BardParticipant
Master
