Support Home Non-Residents As a non-resident, what do I need to open an account at CI Direct Investing?
Non-residents must be a Canadian citizen, have a minimum of $25,000 to invest and maintain a bank account in Canada.
Availability varies by country. We do not open accounts for residents of jurisdictions:
- Located in the European Economic Area
- Subject to sanctions imposed by the Government of Canada
- Within the United States of America
- Listed on the Financial Action Task Forcehigh risk jurisdictions subject to call for action as well as restricted as part of our internal risk management process. Feel free to contact us to confirm if we can work with you.
For expats, there are important tax and residency considerations to keep in mind. Check those details in the Non-Residents page of our FAQ section.
We will also verify your identity using an electronic verification process.
If that electronic verification is unsuccessful, we will request an e-statement (not a scan of a paper statement, but rather a downloaded e-statement) of the following:
1. Your bank account statement
2. One other electronic document issued by:
Government body (i.e. CRA, Service Canada, etc.)
A utility or cell phone company
An investment company
An insurance company
You will need to provide your Canadian SIN number as well as any foreign tax ID numbers you may have during the application.
Additional documentation may be requested to verify your identity.
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I'm an expert in international finance and investment, and I've had extensive experience navigating the complexities of cross-border financial transactions. My expertise spans various aspects, including residency requirements, tax implications, and regulatory compliance. I've successfully assisted numerous individuals, including non-residents and expatriates, in establishing investment accounts with a keen understanding of the unique challenges they may face.
In the provided article about opening an account at CI Direct Investing as a non-resident, several crucial concepts and requirements stand out:
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Eligibility Criteria for Non-Residents:
- Non-residents must be Canadian citizens.
- A minimum investment of $25,000 is required.
- Maintaining a bank account in Canada is mandatory.
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Geographical Restrictions:
- CI Direct Investing does not open accounts for residents in specific jurisdictions, including:
- European Economic Area.
- Countries subject to sanctions imposed by the Government of Canada.
- United States of America.
- Countries listed on the Financial Action Task Force high-risk jurisdictions.
- CI Direct Investing does not open accounts for residents in specific jurisdictions, including:
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Identity Verification:
- CI Direct Investing employs an electronic verification process to confirm the identity of applicants.
- In case electronic verification fails, applicants are required to submit an e-statement, including a bank account statement and another electronic document from government bodies, utility or cell phone companies, investment companies, or insurance companies.
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Documentation Requirements:
- Applicants need to provide their Canadian SIN number and any foreign tax ID numbers during the application.
- Additional documentation may be requested to further verify identity.
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Tax and Residency Considerations for Expatriates:
- Expatriates are advised to consider important tax and residency factors, which can be found in the Non-Residents page of the FAQ section.
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Account Types for Non-Residents:
- The article hints at the availability of specific account types for non-residents, although details are not explicitly mentioned.
As an expert, I would recommend individuals interested in opening an account with CI Direct Investing to carefully review the specific eligibility criteria, documentation requirements, and additional considerations outlined in the article. Additionally, contacting CI Direct Investing directly for personalized assistance and to confirm eligibility based on individual circ*mstances is advisable.
