The experts at InvestinGoal pulled together the data on some of the picturesque places that forex traders are flocking to enjoy the high life, in order to determine which came on top. InvestinGoal ranked these capital gains free countries in several categories – all of which are important to consider for traders moving abroad. In this interview with TechBullion, Filippo Ucchino, Managing Director at InvestinGoal will be sharing more details with us.
Please tell us about yourself?
My name is Filippo Ucchino and I’m the co-founder and administrator of InvestinGoal.com. I’ve been involved in online trading since 2005, and I have seen and done a lot as a trader. In 2014 I founded InvestinGoal with my partners, with the goal of helping traders and investors navigate the complex world of trading platforms.
What is InvestinGoal and what unique services do you provide?
InvestinGoal is an independent site where users can research and compare brokers and platforms for online trading. It’s all based on an affiliate marketing model, so it’s all free for users. But problems can also arise from this model, problems that we are trying to solve with InvestinGoal. This industry is full of sites that only give visibility to brokers based on how much they can make them. They do no real research, and the information is often wrong or partial. At InvestinGoal we simply do the opposite.
How does the broker search, comparison and review features work on InvestinGoal, how are these measured and what are the benefits for forex traders?
It all starts with a professional analysis of the broker, its platforms and its offer. Our team spends dozens of hours mapping out everything related to each broker. So, by having a very detailed map of everything offered in this sector, we can then provide the best solutions for even the most particular requests. In addition, each broker is rated according to our IG Scoring, a proprietary rating system that is based on the traders’ 4 macro-areas of interest: Security, Costs, Trading features and Support.
Forex trading sees thousands of nomadic finance-savvy traders relocate to tropical islands, financial powerhouse cities, and beautiful countries. What is the cause of this?
Online traders have been living the “working from home” life for a long time, and that was long before Covid-19 made us all accustomed to it. So, in a way, traders are at the forefront when it comes to relocating and deciding to take advantage of differences in cost of living and taxation.
Recent research on the cost of living found that Hong Kong was one of the countries with the highest cost of living. Why should traders choose Hong Kong as their residence anyway?
Hong Kong is one of the biggest financial hubs in the world. It is an environment for all kinds of traders not only for forex but also for the stock market. Forex traders who are therefore interested in Asian markets will find Hong Kong an excellent forex regulation, a technologically advanced nation, and a financial environment comparable to cities like New York or London.
The United Arab Emirates has the lowest crime rate from the list, why is it so?
The UAE, Dubai in particular, has several goals, and one of them is to “attract the world” and convince entrepreneurs, businessmen and traders to move their interests into their territory. With such a goal, how safe people feel becomes a priority.
Switzerland is the country with the most leisure attractions, providing a great work-life balance, what is the level of demand for this country among nomadic traders?
In the European Union, you pay taxes on forex trading profits. Since Switzerland is easy to reach for European traders, many decide to move there permanently and live in the heart of Europe while paying less tax. Also, you can continue to freely move temporarily to any European country due to Schengen, while paying less tax due to Swiss residency. So, Switzerland is an interesting choice – it gives a lot of freedom of movement, but at the same time allows traders to pay less tax.
Forex regulations in a country like Singapore are taken care of by one of the most respected regulatory bodies in the world. How big is this interest in this country by traders?
Singapore is a super clean city where it’s even forbidden to sell chewing gum to prevent people from throwing it on the ground. The Monetary Authority of Singapore is very concerned to regulate the relationship between traders and brokers, providing traders with an excellent trading environment. Moreover, Singapore is one of the major financial hubs in Southeast Asia, so it allows professional traders to easily network with other people working in the field.
In 2021 InvestinGoal launched its first ‘Best Broker Awards.’ Why did you launch these awards?
We spend so much time evaluating the quality of brokers and their offerings that at some point it seemed natural to organise an annual award to honour those brokers who stood out in various categories during the year.
Why would a trader need Tax-Free Countries to relocate, do you have more information for our readers today?
Traders perfectly represent the “you eat what you kill” concept. With trading, you can’t simply work more hours to earn more money. Therefore, being able to protect what you have earned from costs and taxes is even more important – there is never any certainty that traders will be able to earn money again tomorrow.