I just opened an account for my German Ltd (GMBH) at IB to make use of the Margin Loans. However, they told me that is only possible at the UK, UK brand. I wanted to get that loan to withdraw it an us a part of it for other investments off the IB plattform.
Does anyone have an alternative to IB, or anyone non-US/non-UK got it working?
Did they say it was because your account was for a GmbH or because you are in the non-UK IB legal entity, or both?
Swiss residents used to get directed by IB to open accounts at IB UK Ltd. I have my account there in my own name and I have a margin facility. Since Brexit I believe residents of EU countries may get directed to other IB affiliates
Reply from the IB Sales:
I am afraid we will not be able to offer margin loans through our EU entities (Ireland and Hungary). The new regulators would require us to get a banking license which is no option for us at this stage.
Clients who contract with IB LLC, USA or IB UK can have margin loans.
IB UK clients = UK and other non-EEA and EU countries
IB LLC clients = United States, Offshore (BVI, Cayman), African continent, Latin America, Middle East
Wow. That means IB are not offering one of their biggest points of difference to the whole of the EU.
Not sure why you opened with a GmbH, but it could be an option to create a UK Ltd company. I just googled and it looks quite cheap but then you have a UK tax return to worry about
Wow. That means IB are not offering one of their biggest points of difference to the whole of the EU.
→ Yeah, its sad :/.
I just found out. I did not have a plan to make a Ltd. Also would be quite a hassle. Also I will liquidate my GMBH mid next year anyway and take the dividends out, just wanted to have the Margin Loans for a year.
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