Opening account at Fidelity for foreign residents, E.U. and non-U.S. citizens. Can international investors sign up with Fidelity without SSN?
Fidelity International Account
Fidelity Investments does not open accounts for non-US residents, although it does have a sister company that has a limited operation for non-Americans to gain access to American markets. Read on for the details.
Fidelity International
Through its sister company Fidelity International (and only through this branch), Fidelity will open self-directed accounts for residents of a few countries. They are:
- Bermuda
- Germany
- Hong Kong
- Japan
- Taiwan
- United Kingdom
There are no other eligible countries at this time for self-managed customers. Fidelity International does maintain a much longer list for clients who want to open managed accounts. Additional countries include:
Opening a Fidelity International Account
Each eligible country on Fidelity’s list will have its own unique requirements and available account types. The starting point, however, is the same. Click on the blue button in the top-right corner to get a list of eligible countries. First, you’ll need to select personal investor for the brokerage side of the business, or investing with an advisor for the managed side.
Next, select your country of residency. Scroll down on the country’s page to find the link to open an account. Some countries, but not all, will have a robo-account option. There should be a fee schedule on this page, too.
U.K. Example
Residents of the United Kingdom who are at least 18 years of age can open these accounts:
- Investment Individual Savings Account (ISA)
- Self-Invested Personal Pension (SIPP)
- Investment account
- Junior ISA
- Junior SIPP
The U.K. hub has several useful tools for self-directed investors. There are educational articles and an account selector that walks the user step-by-step through a series of financial questions to find the best account type.
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Firstrade as a Second Option
If you really want to open a self-directed account and don’t live in one of the six eligible countries on Fidelity International’s list, Firstrade may be worth considering. This US-based investment firm offers brokerage accounts for Americans and residents of 28 other countries. Examples include:
- China
- Czech Republic
- Macau
- New Zealand
- Norway
- Poland
- Portugal
- Singapore
Firstrade does not offer advisory accounts of any type.
To open an international brokerage account, Firstrade does require the submission of IRS Form W-8Ben. This form should be submitted to Firstrade, and not the IRS, once every three years. A passport is also needed. Thanks to Firstrade’s user-friendly website, these necessary documents can be uploaded digitally.
Firstrade does not require a Social Security Number or any other US-issued tax identification number to open an international account. However, a tax ID of some type will be needed.
The starting point to open an international account is the company’s online application for international accounts. This is a different hub than the application for a domestic account, so you’ll want to be sure you’re on the right page. Because this application is a digital form, it’s really convenient for residents of foreign countries to use. There’s nothing that needs to be mailed through the postal system.
After the application is submitted, it will take Firstrade a day or two to process it. Once the account is open, any additional documents that need to be submitted in the future can easily be uploaded using the upload tool on the Form Center that appears on the website (look for this hub under the Service tab on the website).
International accounts with Firstrade are subject to the same pricing schedule that domestic accounts use. This means many trades will have zero commissions. Available securities in an international account include options, stocks, bonds, mutual funds, ETFs, and closed-end funds.
Although international accounts at Firstrade are designed for residents of foreign countries, they nevertheless come with some US protections. For example, they are regulated by the SEC and FINRA, and they come with insurance from SIPC. An account can be funded by ACH deposit, too, if the external bank account is based in the United States. Otherwise, a wire deposit can be used.
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