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Topic starter
Good Day All,
I don't know how many of you, if any of you, are investors. But i'm sure there are a few out there. I am looking for on island brokerages or better yet, stateside discount brokerages that are licensed in the VI. I plan on doing my search the old fashioned way, picking up the phone and asking, but any leads will aid in that process. I'm aware that most, if not all, of the VI banks act as brokerages however i'm not too keen on the fees they tend to charge. So if anyone has experience with or knows of reputable brokerages i'd be happy to hear about them.
Thanks,
Kyle
Posted : September 29, 2004 1:46 am
That's a very good question. I am very active in the markets and plan to continue to be once I make my move there. I looked around on several of the discount broker's web sites for info on VI residents but couldn't find any. I'm assuming that since VI residents are US citizens, there are no restrictions on what online broker you use. I've used Ameritrade (well, I started out with Datek, but they were bought by Ameritrade) for years now and have been quite happy with them so far.
Posted : September 29, 2004 2:15 am
Topic starter
Well i'll let you know what I find out. Most of the customer service reps I spoke with all mentioned not being licensed for the VI, and i'm expecting to recieve calls back from them tomorrow, especially Scottrade.com who i'm keeping my fingers crossed for.
Kyle
Posted : September 29, 2004 3:39 am
Try the EDC companies. There are a ton of brokerages here and you get amazing tax benefits as well on the capital gains of a VI Mutual Fund.
You can see a listing of all the EDC companies at:
http://www.usvieda.org/beneficiaries.asp
The ones listed as "Designated Services Companies" are usually financial firms. Also you can try The Chamber of Commerce http://www.usvichamber.com - Click "Business Diretory" on the left and then you can search Investment of Financial. Pretty cool website, and you could probably look up the websites of most of the EDC companies.
I tihnk these guys are brokers as well http://www.seslia.com/
Posted : September 29, 2004 1:14 pm
Topic starter
Thanks for the links.
Kyle
Posted : September 30, 2004 2:42 am