FATCA compliance - enable Americans to use Freetrade


(Greg H) #1

Would be nice if us Americans living in the UK could get in on this action (especially if we invested!)


US Citizens
#2

As an American can’t you already access Robinhood?


(Matthew) #3

Hi,

I am looking forward to hopefully being able to use Freetrade soon, I was wondering if anyone knows if the stock account will be open to American citizens, as some other providers dont due to the FATCA compliance.

Thanks :slight_smile:


(Alex Sherwood) #4

Hi! I’m afraid the service isn’t available for US citizens at the moment due to FATCA compliance. It’s definitely something that we’d like to support. Please add your vote to this topic to help us prioritise this :ballot_box:

I’ve moved your post here to keep all of the info about this in once place, I hope that’s ok!


(Dave Smith) #5

Don’t encourage that! we want them switching to Freetrade if it can be done! :smiley:


#6

It can’t be done if he doesn’t have a UK NI number. If he’s an American and has a social security number he can access Robinhood right now.


(Greg H) #7

I do have a NI number; I’ve been living and working in the UK for 5 years.

I also have a Robinhood account. I want a FreeTrade account too!


#8

I don’t know if enabling the IRS to spy on US citizens living abroad is the best use of the freetrade team’s time.


#9

If you have a UK NI number what is currently preventing you from using Freetrade?


(Greg H) #10

I cannot sign up because I am still subject to US tax (which is the case as a US citizen no matter where you live). FreeTrade would need to comply with FATCA to allow me and other US citizens to sign up.


(Tara Biglari) #11

Would love this to be possible - can’t trade on Robin Hood or any free American platforms, and can’t do Freetrade either :frowning: sad times. Freetrade looks awesome though!


(Chris) #12

The IRS is the most powerful organisation on earth. You have more chance of escaping nuclear catastrophe than the hands of the IRS :man_facepalming:


(Arash Nakhaee) #13

There is currently legislation in the US House of Representatives that, if passed, will result in Territorial based taxation instead of Citizenship based. This is the first step to repealing FATCA and would essentially mean that any FATCA compliance would be redundant if the expat is genuinely living abroad…could mean that freetrade is in a better position to allow Americans living here to use the platform…just a thought.

Either way, Americans - contact your representatives and make sure they pass the Tax Fairness for Americams Abroad Act!!!