Hi I’m currently 22 and I’m thinking of buying Ireland domiciled stocks that track the S&P 500 via interactive brokers(since I’ve read that investing directly in the US stock markets incurs 30% taxes which would eat into profits). I’ve read the website but still quite confused about it. Or is there a better way to gain access in the US market that won’t incur that much losses? Thank you
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Chris
10 Jan 2021
Owner and Writer at Tortoisemoney.com
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Just go for ark etfs, no dividends paid and higher growth than snp at a higher expense ratio ofc. Thats only if you can take the volatility.
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Billy
10 Jan 2021
Development & Acquisitions Manager at Real Estate Private Equity
Hey Jasmine!
I wouldn't recommend US market if you are purely in it for dividend-play as pe...
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Hmm, personally I wouldn't worry too much about the withholding tax if you're looking at US markets. US markets tend to be less focused on dividends and more on growth. After all, the S&P 500 pays ~1% in dividends and the NADSAQ 100 even less.
If you're looking at brokers, seeing as you probably won't be trading, I'm not sure that Interactive Brokers is the best choice for you since there are inactivity fees if you don't hit the required commissisons per month.
My recommendations would be:
TD Ameritrade:
Pros:
Zero comms
Close to spot FX rates
Well established brokerage
Good access to other investments (options etc)
Cons:
Limited to US market
Long time to approve account haha
Tiger Brokers:
Pros:
Low comms (USD 1.99 min per trade)
Good FX rates
Good access to other investments (options etc)
Access to US/HK/SG/China markets
Cons:
Do consider checking out my comparison of brokers here!