An Expat Canadian in Japan, Finds A Way To Invest

One of my readers (an expat Canadian named Jon) was looking for investment options in Japan. 

He wanted to invest with low cost index funds, but found nothing available.  As a result, he opted for a Singapore-based brokerage–the same one I use.  Best of all, he didn’t have to fly to Singapore to open it.  Here’s the story, in his own words below:


The process of opening a DBS Vickers Securities trading account while living in Japan as a Canadian non-resident was relatively easy. Initially I thought that I would have to visit Singapore but once I looked into it further, there was no need, as I chose not to open a bank account in Singapore and I only wanted to open a foreign market trading account (not one for trading on the Singapore market).

The first step was to fill out the Individual/Joint Application Form. I had a few questions so I contacted DBS Vickers and they walked me through this 2-page form over the phone. Next I needed to sign a form which DBS Vickers provided which acknowledged I was a Canadian citizen residing outside of Canada. I also had to sign Standing Instructions for Foreign Markets for Clients Trading Online. Finally I signed a W-8BEN which is a United States Tax Withholding Form. In addition to the above mentioned forms, I needed to send a notarized copy of my passport. I sent these documents through registered mail to Singapore.

In the mail, two weeks later, I received a letter titled Online Trading Account Information (with Trading Representative) which asked me to register my trading account to accept Second Factor Authentication (2FA). After completing that simple process online, as directed in the letter, I waited two more days to receive, by mail, a new password. Two days after that I received the 2FA device. The next week I received my Registration Code.

What I thought was the final step in the process was transferring money from my Citibank account in Japan directly to DBS Vickers Security in Singapore. Since I was going to trade in both Canadian and US Dollars, I had to send two separate transfers. The detailed information on how to transfer money can be found on the DBS Vickers website. Although my bank charges a fee to send the money, DBS Vickers does not charge any fee to receive it.

I ran into a hiccup after I deposited money as I still was not allowed to trade. I am still not 100% sure why this happened but my DBS Vickers Trading Representative said that if I took the online SGX e-Learning System quiz I would instantly be qualified to trade. It took me about an hour to work my way through the tutorials and I passed the quiz with only two wrong answers (which proves it wasn’t a hard quiz, as I’m no genius).

In total, the process took about three weeks to set everything up. The DBS Vickers customer service department is fantastic. I phoned them at least five times when filling out the forms and they answered all the questions instantly. I am happily trading now and looking forward to the markets to take a downswing as I have another deposit to make in the near future.

I hope people are able to find this helpful.





Andrew Hallam

I’m a financial columnist for Canada’s national paper, The Globe and Mail, as well as for AssetBuilder, a financial service firm based in Texas. I’m also the author of Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School and Millionaire Expat: How To Build Wealth Living Overseas. My mission is to educate, motivate and inspire people on basic retirement planning and best practices for investing, using evidence-based strategies. I'm happy to comment on your questions.

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155 Responses

  1. Sasha says:

    Hi Andrew,

    So DBS Vickers is still a good option? In one of your articles you said the fees had gone up a lot. Is it still good compared to other companies?

    Also do you know anything about investing in ETFs with Charles Schwab?

    • Hi Sasha,

      Schwab has the lowest cost ETFs on the market, currently. They're excellent products.

      Yeah, DBS raised its commissions, and I was pretty upset about that. But…the other brokerages have less beneficial exchange rate spreads. Choose your poison. Having said that, brokerages in Singapore (when buying ETFs) are a million times better than the actively managed platforms that are so prolifically sold.



      • Chris M says:

        Hi Andrew, I’m a Canadian who is a non-resident of Canada for tax purposes, not living in Singapore. Having read your book Millionaire Teacher I was super keen on DBS Vickers Securities. However I can see some posts here from 2012 indicating that comission fees were raised.

        So, it’s now been 6 years since Sasha posed this same question above. In 2019 do you still think DBS Vickers is the way to go? Or have other options recently emerged that I should consider exploring?

        Thanks in advance for your two cents.

  2. T Dekyong says:

    Hi Andrew,

    I'm wondering if you have considered Saxo Capital Markets as your brokerage? They don't charge custody fees, etc. Just min US$15 commission. Or are they more risky because they're not a local brokerage?

    Many thanks,


  3. Sasha says:

    So I contacted DBS Vickers and unfortunately they can't help me. I contacted Vanguard in the UK and it seems I might be able to invest with them. I am going to contact Vanguard in the States as well, they can only say no.

    So now I might have Schwab and hopefully Vanguard UK. I would be putting in a lump sum and then adding to it monthly. I originally wanted to invest in index funds so I am thinking that Vanguard might be best.

    Does it make any sense to have money in 2 brokerage firms?

    And what are your thoughts on bonds at the moment? Should I just have some cash and indexes for now.

    Any advice?


    • Sasha,

      You'll pay capital gains taxes if you invest in the UK, and Vanguard USA will say no. Call DBS Vickers back. They will allow you to do this, but they are filled with some ignorant reps that would rather say no than look into it. Do not give up on DBS Vickers…dozens in your boat have done it before you.


  4. Sasha says:

    Hi Andrew,

    Schwab said I can invest with them, that is why I hoped that maybe Vanguard US would say yes too.

    DBS Vickers said it was because of my current location. However I will take your advice and try again.

  5. Erin Belliveau says:

    Hi There,

    Wondering if you or some other Canadian (Ontario) could offer some advice. I have recently resigned from my position in Ontario. I have the opportunity to buy back 3 years of my OT pension. Is it better to follow through with the buy back option or would it be more profitable to invest as recommended on this site? Any insight would be appreciated.


    • Hi Erin,

      I'm going to guess that your pension is a pretty good deal. But I don't know the specifics of it. If it's anything like the teacher's pension that I relinquished when moving overseas, then I would go for it and buy back the three years. It won't be cheap though!

  6. Justin Graeme Jarman says:

    Hi Andrew
    Good to be back on your website after a hiatus. I am an international teacher in Beijing. I tried to get going with DBS VICKERS in December but unfortunately China and Taiwan are the 2 countries that they won’t accept notorized documents from, so I’m waiting until this summer to get out of the county to get things notarized abroad.
    I just read one of your blog posts that confused me. It said that ETFs are coming to HK and they are not in Singapore.
    As a 40 year old Canadian in Beijing, with some compiled savings sitting in the bank doing nothing, but nothing at all put in any sort of retirement/investments, would you suggest I go the way of your traditional DBS Vikers Singapore index fund investment model or should I consider HK instead?
    I love your stuff and I’ll pretty much take any advice you have to give me as gospel!
    Thanks a million!

  7. Nick C says:

    Hi Andrew

    Great book and website with sometimes overwhelming information. I was following your plan with TD eseries ETF funds but then went abroad and TD changed my status to non resident. I will be working overseas for a significant period of time. I had to sign a W8BEN form and can no longer invest in those funds.

    Is it better to start thinking about opening up a DBS account like the poster or use the discount brokerage options of TD and just buy the correct indexes through stock purchases?

    I know there is a withholding tax, but saw another article explaining when that is only paid on dividends (not sure if that is correct, my mind is foggy, and you may have been talking about something else).

    • Hi Nick,

      Yes, the withholding taxes are on dividends only. You would have no capital gains taxes to pay if you moved your money to a place like Singapore. And your residency status would be solidly “non resident” without a financial brokerage in Canada. THe rules of non residency are foggy, even for accountants. But keeping few residential ties is important, and a brokerage in Canada counts as a residential tie that I (myself) don’t have the courage to keep. That’s why I keep my money in Singapore. This might help:



  8. Michelle says:

    Hi Andrew and everyone else reading this post

    I just (literally) got off the phone with DBS Vickers and they said that YOU MUST appear in person (Singapore) to open your DBS Vickers account. The reason is that they have changed the policy (as of April 2013) that people NEED to have a DBS Vickers Singapore BANK account before opening a trading account.

    So lucky for those of you who were able to do this before the policy change, but the lady on the phone was pretty sure that they have just changed the policy and you are required to open it in person. Apparently someone had sent in a fraudulent application hence the change in policy.

    If anyone has experienced anything different let me know… but it looks like I am spending a weekend in Singapore!


    • Thanks Michelle,

      Even easier, perhaps, would be signing up for TD International, based in Luxembourg. With them, you wouldn’t have to take a test…which you would have to do online to open the DBS Vickers account.

      Here’s the link:

      Let me know how it goes.


      • RJB says:

        Just a word of caution about TD International in Luxembourg as this is in the “expat Canadian in Japan” thread.
        They do not allow residents of Japan to open brokerage accounts.

        • Shannon says:

          RE. Japan based ex-pats.

          Andrew, or anyone else that may know, has it been confirmed that those expats in Japan are not eligible to register for a TD Luxembourg trading account? If anyone here can confirm, I’d appreciate it. I just registered online but my application may be rejected if this is the case.

          Finally, what currency should we select as “base” currency on the application, it provides a list of currencies. I chose Canadian. I assume that this can be modified at some point later if I would like to change it.

          Thank you.

          • RJB says:

            As I implied earlier, I was rejected for being resident in Japan. I went part-way through the process of opening an account but when I called them with some questions I was informed that I was not eligible.
            I followed up with an email inquiry about eligibility and received the following reply:

            “TD Ameritrade is currently unable to open new accounts for clients with mailing and/or physical addresses in Japan. This is a result of a thorough legal review of established regulations in your country. We appreciate your interest in opening an account and wish you the best in your investment needs.”

            Their concerns must have been serious because there is some anecdotal evidence that not only did they stop accepting new applications, but they terminated existing accounts of investors resident in Japan. Some more info here:

            (in the comments section)

            That was, however, six months ago, and it’s possible that conditions have changed. I would be interested to hear if anybody has any more recent information.

          • Thanks for sharing this Shannon. It does sounds like Japanese residents may need to take a trip to Singapore to open a brokerage account with DBS Vickers.

          • Or, if you’re Canadian, you may want to try a non resident brokerage account with TD Waterhouse, based in Toronto. I believe such an account can be opened online.

          • Jeffro says:

            NOTE to Canadians:
            According to a recent internet post on a financial blog, registering a Canadian non-resident brokerage account with TD Waterhouse in Canada may trigger a CRA (Canada Revenue Agency) ‘request to file’ for that tax year, leading to a mess of paper shuffling between the CRA, accountants, and TD to resolve.

      • Russel says:

        Anyone else try the TD International? I am thinking of trying it once I get my money out of Friends Provident.

        • Bren says:

          Just some recent info, I recently opened a TD International Account and they have classified VUN and VDU (from the TSE) as “complex instruments”. Because I have less than 1 year of trading experience I failed their aptitude quiz (It was all “do you understand…” Yes/No questions and “how many years of experience do you have trading _______ products?” questions). I am however allowed to purchase XWD, VEE and VSB, so my portfolio is set up, but just a word of warning. Maybe fudge your experience if you’re opening an account there.

      • Kelly says:

        Hi Andrew,

        I ended up going to Singapore and opening accounts with DBS Vickers (as I’ve written in a post in reply to Michelle’s post). I have not transferred any money into the accounts yet, as I am waiting for some documents in the mail.

        Do you think the TD International account a better way to go?

      • Michelle says:

        Hi Andrew and everyone

        Thanks for the information. I have successfully been able to open my TD Direct Investing account YAY! And it was quite simple and straight forward. It took a while on my part because I was also in the process of renewing my passports and then I needed to update my Thai visa and such. But when I finally got my notarised copy from the Embassy (which is super easy to do) I sent off all the documents. A week or two later, a call was made, the information confirmed and I received all the information I needed to get access to my account.

        So now all the fun stuff starts. I have been able do a little research and based on all the advice I’ve read throughout this blog I think I am going to go with the following…

        20% VCE Vanguard FTSE Canadian Index ETF
        20% VTI-N Vanguard Total Stock Market E.T.F. (which I believe is the US S&P 500 Index fund)
        20% VEA Vanguard FTSE Develop Mkt ETF
        40% VSB-T Vanguard Cdn Short Term Bond



        • Jeffro says:

          Dear Michelle,

          Thanks for sharing.

          I’m also a Canadian living overseas, looking to pull money out of high-fee, actively managed funds and into ETFs at TD International in Luxembourg.

          One question, and I’m assuming you’re a non-resident Canadian for tax purposes: What are your tax obligations to Canada or any other country, for maintaining an investment account at TD International in Luxembourg?

          Namaste : – )


          • Michelle says:

            Hi Jeffro

            I believe that I would normally pay the 25% non-witholding tax on any interest gained on the investment… However if there is a tax treaty with the country that you reside in, then you might not have to pay the full 25%. I’m a little unsure of how that works – if someone has a better explanation please do!

            This might be a reason why I might NOT invest in the Canadian Index fund for the time being. I have no plans to go back to Canada in the immediate future, so I might go with someone else’s suggestion of keeping it simple.

            Good question, anyone else know the answer?

    • Kelly says:

      Hi Michelle,

      I experienced the same thing. So I went to Singapore for a few days at the end of August and opened both a bank account and a brokerage account. The bank account was opened straight away (I didn’t need to make an immediate deposit thought) and the brokerage account needed a few days to be approved. When you open the bank account they give you a DBS iB Secure Device (which I haven’t used yet, but I believe it generates codes that you need to log into your accounts) and you use the same device when accessing your brokerage account. I am now waiting to receive some documents in the mail so I can start trading 🙂

      Just a note: you have 2 options of bank account, a SGD account which you need to maintain $SGD5000 or a multicurrency account which you need to maintain $SGD3000 to avoid any fees. The fees are $2 for the SGD account compared to $7.50 for the multicurrency. I choose to take the multicurrency account because I would prefer invest the extra $2000!

    • Toby says:

      Hi Michelle and everyone else,

      I set my account up with TD Direct International several years ago. I am from New Zealand and resident in China when I set it up. It was easy to do. I filled in the paperwork and they opened the account right away, I do remember that they phoned me and warned me that stocks can fluctuate in price and that it was possible that I would lose money.

      Since opening the account I have never had a problem with it. I find it easy to use. Whenever I contact them by secure mail or by phone they reply/answer right away and are polite and efficient.

      I follow a similar strategy where I hold the following ETFs:

      VTI – Vanguard Total Stock Market. 30%
      VEA – Vanguard First World. 30%
      BSV – Vanguard Short Term Bond. 40%

      At this point I am a citizen of the world and I am not sure where I will retire. This portfolio will suit me fine wherever I end up living in the future. I keep thinking about changing the bond ETF to the iShares International government short term bind ETF – ISHG. I may do that at some point but want to avoid the selling and buying fees.

      I don’t know how much money you are investing but I will say that for me, three ETFs is enough. I try to add monthly to my portfolio and if I had more than three ETFs it would take a lot of work to try to keep it all in balance at the designated percentage weightings. You could get three ETFs by replacing VTI and VEA with VT, the Vanguard total world stock ETF. That is some feedback from the practical side of investing. Remember that the transaction fee at TD Direct is about $35 (depending on the exchange rate with the Euro) so if you are sending $3,000 or $4,000 per month to the account, you only want to do one transaction to minimise these fees. Perhaps you have oooodles of more cash to invest than that, then four ETFs maybe fine for you. That is a decision that you must make.

      One point, I am unsure what you mean by VTI-N. I assume you mean VTI. If you do then it is not a S&P500 ETF, it represents the whole USA stock market covering small cap, mid cap and large cap stocks. I would prefer a total stock market ETF than a S&P500 ETF myself.

      Good luck to you with your new account. I have had my account with TD Direct International for several years and it works like clockwork. I am very happy with it. I have posted several times about the account on another thread on this website.

      All the best with your investing.


      • Michelle says:

        Hi Toby

        Great thanks for the advice! Helps a lot!


      • Vig Lacera says:

        I could not set up an account with TD International in Luxembourg. This is because my residential address is in Bangladesh, a ‘non-sanctioned’ country, according to TD. Rats. Will have to try DBS Vickers in Singapore unless somebody out there has a better idea.

  9. David Benton says:

    Hi Andrew,

    I am considering making the trip to Singapore to open an account with DBS Vickers. However, in your post above you mention that it is not worth buying fewer than $3000 worth of ETFs.

    I am looking to invest around $300 to $500 each month, does this make the DBS Vickers ETFs route a bad option?

    If so, what is a better option of investment for this amount of money per month?


    • Andrew Hallam says:

      Hi David,

      The best option would be to save your money until you have a few thousand dollars to invest. There are options where the fees would be higher (with actively managed funds) but I don’t think you want to invest in those.


      • Tim Gascoigne says:

        I have just left DBS vickers today and did exactly what Kelly did above. Waiting for paperwork to be sent to KL.

        I am only looking to invest a lump sum and not make monthly contributions…is that possible? Or is it better to take the lump sum and just invest a portion of it each month. If I take the amount of money I am sending over from my canadian RBC account to my DBS Savings account and create a balance according to a couch potato philosophy is that ok? I am so new to this that I feel way over my head. Any advice would be appreciated!


        • Hi Tim,

          You can most certainly invest a lump sum and leave it. And the more money you can add over time, the better. Create that couch potato portfolio and you’ll have some solid diversification.


  10. VWJ says:

    Have any Japanese residents had any luck opening accounts anywhere besides DBS?

  11. Mark Holmes says:

    How can a Canadian invest in a balanced fund like a Vanguard Life Strategies / Target Retirement fund? These don’t seem to be available through Vanguard Canada. Are there any funds that rebalance themselves available to Canadians? I understand that ING Canada has Streetwise funds, which are similar, but as an expat (living in Cairo and probably moving on to Asia in the next couple of years) I’m assuming they are not available to me. Actually ING won’t even accept overseas transfers.

    I understand the rules of rebalancing and keeping taxes/costs down, but I also know human nature might lead me to fiddle with the numbers. I would rather pay into one balanced fund and forget about it. Thoughts?

  12. Mark Holmes says:

    Also, I can’t find any reference to TD Canada’s Offshore account online. Is it some kind of secret?

  13. Mark Holmes says:

    Thanks. Damn shame. They are available in the UK, why not Canada (I have a Canadian and UK passport, but plan to retire to Canada)? I know about the Luxembourg TD link, but there were a couple of people on here who signed up for TD offshore accounts in Canada. I was looking for the link to this account.

    Thanks again. Looking forward to the new book 🙂


    • Adam says:

      Hi Mark, I think you’re referring to td Waterhouse and setting up a non resident account. It’s not an offshore account like Luxembourg. You can open one by entering any td branch. With a notary, you might be able to open one from abroad if you have a td account…

  14. Mark Holmes says:

    Yes, the TD Waterhouse accounts. I can’t find any info online. There is some info that says non-residents can open an account, but I can’t see any reference to ‘non-resident’ accounts. I could go the Luxembourg route, but would prefer to go with TD Waterhouse. Although, having said that, I don’t trust the Canadian government, so perhaps TD Luxembourg might give me more peace of mind.

    Is there a distinction between an offshore and non-resident account?

  15. Vig Lacera says:

    I’d love to hear from some expats who’ve successfully bought index funds through TD International in Luxembourg. Easy to do?

    I’m a Canadian citizen but non-resident for tax purposes. Living overseas. Deciding between DBS in Singapore or TD Intern’l in Luxembourg.

    Thanks ; )

  16. Jeffro says:

    DBS Vickers does indeed require a DBS bank account before they’ll open a brokerage account for you. I just called them.

    To apply you MUST travel to Singapore.

    According to their phone rep you will be notified on the spot if your application is accepted or rejected. The only official document needed to apply is a valid passport.

    I pressed and pressed the DBS Vickers Securities rep, hoping to apply online or through the post, but no dice.

    What a drag.

    For those expats who may wind up in Bangladesh: Set up your investment accounts BEFORE you come here.

  17. Brett says:

    Hi all, I was recently introduced to this site to which I’m very grateful.
    I’m an Aussie but resident of Japan and have been trading through Charles Schwab in the US.
    It was pretty easy to open an account with them and I’ve been happy with their service even though I don’t have a lot in there currently.
    I’m currently sitting on some cash savings which are still in YEN but I wish to convert to another currency due to the poor outlook for YEN.
    In Japan I like using Shinsei bank for the ease of converting to other currencies and their rates seem reasonable especially for platinum level customers, plus there’s one free international transfer/month for such customers. (any better alternatives out there)
    Considering the weaker Yen going forward and taxes rising in Japan, I have been considering one of the wrap funds as the sales-rep tells of the tax advantages of it in the wrapper – I’m currently being sold the Generali lump sum bond which looks enticing but the fees are pretty high. Will all those fees outweigh the taxes I’ll incur going forward, I wonder?

    I think I’m better just paying my taxes and still have the flexibility of being able to draw my money when I want.

    Now, after reading through this site, I now thinking to make a trip to Singapore to open DBS bank and trading account. Before I do so, I wonder how it can be tax free? Won’t I still need to declare my dividend earnings and any capital gains to the Japanese tax authorities at tax time? As they say there are two certainties in life, death and taxes!

    • Brett,

      If you can open the account in Singapore, you won’t have to pay capital gains taxes. Whatever you do, stay away from Generali. Do some research online and you will see why.

      An account with Saxxo bank (Singapore) would give you access to more markets than DBS Vickers, and you could buy ETFs from non U.S. exchanges, thereby bypassing the eventuality of paying U.S. estate taxes upon your death.

  18. Shannon says:


    Does the Saxxo Bank benefit of not paying U.S. estate taxes upon death also exist for the TD Luxembourg International brokerage services? Also, setting up the TD Luxembourg account seems slightly complicated, however, I’m just investigating it and will no for sure soon.

    TD International Luxembourg brokerage service have told me that they do not permit applicants who are residents of Japan. However, the representative I spoke with said that there are plans to also offer international banking services, not just off shore discount brokerage services, in the future. So there are some changes coming in the future for TD Luxembourg, however, I’m not sure how / if this will positively affect Japan based investors’ options.

  19. Justin says:

    Hi Andrew
    It has been a while since you posted with these recommended ETFs. Do you still recommend these 4 if I start investing today or is there anything better on the market now?
    VCE = Canadian index
    VTI = U.S. Index
    VEA = International Index
    VSB = Canadian bond index
    Thank you

  20. Jos says:

    Hi everyone – What an endeavour….

    I’m starting from square one (or two). I’ll be moving to Japan in a few months and only have a few thousand dollars on TD e-series. I just spoke to TD and they tell me I will not be able to purchase as a non-resident.

    Singapore seems like the place to be as capital gains in Canada is, well, higher than 0. Thus, it also seems that the best thing to do is to sell all investments in Canada and move them to Singapore. (Any objections to that?)

    Also, if I understand correctly going the Singapore way means investing via ETFs, correct?

    Thanks all!

  21. Indira says:

    I am a Canadian living in UAE, I have a property in Florida and I was thinking of investing the 1000 US dollars I make from rental (after expenses, taxes) . I was thinking of opening a Vanguard account. Do you know what sort of taxes I would be paying?.
    I dont really see an easy way to invest unless you use a company that charges high fees (such as FF and Zurich). Even If I open an account in Singapore as suggested, I would lose 2% on international transfer, currency losses and transfer fees.
    Any advice would be appreciated

    • A 2% transfer fee is nothing, compared to a 1% annual expense fee on the account’s value. You would be shocked to see the comparative math. With Zurich and company, you would pay 3.5% or more in annual expense fees. As a Canadian, you cannot open an account with Vanguard. But you can purchase Vanguard ETFs from Saxo. Don’t be too concerned about commissions and transfer costs. Annual account fees dwarf them substantially.

  22. David says:


    I am a British expat living in Thailand and desperate to get started investing as per Andrew’s strategies in the book. I’ve been checking out companies who I could open an account with but not getting very far.

    Any expats in Thailand out there who can recommend a decent (cheap!) brokers?

    Many thanks,

    • Hi David,

      The answer to your question depends on how much money you have to invest. If you have $700K, or you’re a sweet talker with $500k and a tendency to save plenty of money, you could use a great firm called Creveling & Creveling.

      Otherwise, you could open an account with Saxo Bank, even if you live in Thailand, and wire your money to one of their locations. I have some information on them in this article:

      I hope this helps.

      • David says:

        Hi Andrew,

        Many thanks for reply – I hadn’t considered Saxo so am speaking to them now about opening an account.

        I did speak to DBS in Singapore, and one point of interest for expats in Thailand, is that you can take the relevant documents to one of the DBS Vickers offices in Thailand for signature verfication, and they can then mail onwards to Singapore. Therefore, no need for notarisation or personal visit to Singapore required to open an account.


  23. Rob says:

    I’m an expat Canadian teacher who has been non-resident from Canada for 22 years now. After an initially disastrous experience with Royal Skandia (offshore Isle of Man), I have been extremely happy with Charles Schwab in the US. Their service has been excellent, no fees, free ATM withdrawals anywhere in the world, cheques, platinum VISA debit card. I do not have a bank account anywhere — just the Schwab brokerage account. I pay withholding on dividends and interest (the rate depends on the country I am living in and tax treaties between the US and that country). Overall, I would highly recommend Schwab as a painless way to invest as long as you are comfortable doing it yourself.

    • Rob,

      You are, unfortunately, setting your heirs up to pay heavy U.S. estate taxes upon your death by using Schwab, a U.S. based brokerage. Ideally, you should also avoid all ETFs that trade on the U.S. market. That doesn’t mean you can’t get U.S. exposure. Here’s a post you will likely find helpful.


      • Rob says:

        Thanks very much for your reply, Andrew. I must admit, I had naively never even considered that possibility. Reading through the comment thread of the post you sent was highly informative. I am in my 40’s and have a joint-tenant account at Schwab with my wife. I suppose if we both simultaneously get hit by a bus or eaten by a crocodile (distinct possibilities where we live) our kids would lose a lot to the US government. We have about $1.5 million with Schwab, all in individual stocks. I’m now leaning toward opening a TD Waterhouse non-resident account when I go back to Canada this summer. The commission rates and extra fees of the TD International seem sky high. Hopefully, this is a reasonable plan?! Again, thank you for your reply.

  24. Kailyn says:

    Hello Andrew and forum users!

    I just finished reading Millionaire Teacher last week and am now anxiously researching my investment options. Luckily I am young and just starting (unfortunately did not catch the book a year ago before I opened my portfolio with Generalii . . .). I am from Canada but teaching internationally and never taught back home, nor do I see myself doing so anytime in the distant future. I thought I knew where I was going but then reading comments on this posting left me wondering again! I will be starting with a few thousand dollars but don’t have much more than that so from what I understand Vanguard is not a good option for me right now. I am a non-resident in Canada and will continue to be so want the option that best helps me save and avoid unnecessary taxing. Any recommendations? Would it be better to open a TD Waterhouse non-resident account this summer? I live in Eastern Europe so Singapore isn’t exactly a quick jaunt away but if that seems the best option I am sure I could work it into a holiday next year . . . any recommendations or personal experience would be helpful as I’m just dipping my toes in the water here!

    Cheers, Kailyn

  25. Alex says:

    Hi Andrew and Forum users! I am in the same boat as Kailyn but living in the middle east. I was thinking of opening with TD direct incest in LUxembourgs (around 15000) and then a certain amount every month. If i am a non-resident of Canada, would my money be safe if ever i return there in 5-10 years? Please advise:)


    • Hi Alex,

      Are you asking if you could keep your money there after repatriating? That would likely be considered tax evasion. It would be wiser to close the account before repatriation, bring it home to Canada, and open a brokerage account to do much the same thing. Your assets would not be taxed on arrival.

  26. Adam says:

    I don’t think it’d be tax evasion unless when Alex returns he doesn’t claim the gains during income tax time.

    Is TD Direct Investment illegal to residents of Canada? If so, then you’d just transfer your assets over to a Canadian brokerage upon coming to Canada. All above board from what I can tell.

    • You’re right Adam. It wouldn’t be. But I’m still not sure what question he was asking.

      • Mark Holmes says:

        If he kept it at TD Direct in Luxembourg after repatriating, when he sold stock, wouldn’t he be liable to pay capital gains based on the original purchase price of the stock? I thought it was best to sell up everything before returning to Canada (and becoming resident again), and only then transfer all your recently cashed in stock money back to Canada.

  27. Jerry says:

    Pardon if I’ve posted this twice…

    I do have a longstanding TD Direct account in Luxembourg and they very emphatically tell me it must be closed once I repatriate to Canada. Now for the fear factor – yes, I am told that there will be no tax exposure when I repatriate those funds and open a new, resident account in Canada but does anyone have firsthand experience with this? Has anyone taken professional advice concerning the repatriation process?

    IF one wished to leave these assets offshore (with NO intent of subterfuge or evasion) is there a brokerage available outside Canada who can deal with residents?

  28. Chris says:

    Hi Andrew. I am an expatriate Canadian living in Japan and teaching in a university here. I am looking to invest in Index Funds, so Jon’s post regarding DBS Vickers in Singapore struck a cord with me. I wonder if you could ask him if he’s mind forwarding his e-mail address to me. I’d like to contact him with questions I have about the process he went through with DBS Vickers, as well as tax liabilities under Japanese law for Canadians who invest in Index Funds.

    Thanks and best wishes…


  29. Eric says:

    I can’t figure out if this is a blessing or a curse. I’m dual citizen Canada / U.S.A. I’m more likely to return into Canada or pass on assets to Canadian family. I guess I can invest as a Canadian but still pay Uncle Sam no matter what I do. I’m just not sure what the best way to approach this is..? I’ve had funds invested via ‘Sharebuilder’, which I’ve been tempted to liquidate and start a DBS Vickers account, though in the application process they ask numerous questions as to if you are an American citizen. Must be other internationals out there with multiple citizenships..? The entire thing feels more trouble then it’s worth as if I should renounce a citizenship to save on tax.

  30. Lee Ferguson says:

    Dear Andrew,

    DB Vickers also have offices in Bangkok. As a U.K expat currently working in Bangkok but possibly moving to another country is it not better for me to open an account with DB Vickers in Thailand and not Singapore?

    Best regards,


  31. Leigh says:

    I thought I’d share my recent experience trying to open account with DBS in Singapore.

    I stumbled upon this post about Japanese residents wanting to open account last year. As I’m in the same boat living in Japan, I was convinced this is exactly what I’m looking for. I corresponded a lot with DBS via email over the past few months and flew out to Singapore for a few days at the end of January.

    When I got to the branch at Marina Bay I was told I’d have to open a bank account with DBS at first. So I filled out the application with a staff member and was told that I’d have to apply for the trading account at a different counter. Ok, so later on I was with another staff member going through the trading account application. Here’s where I hit a wall. As I had no bank account in Singapore I was asked to bring along proof of my address in Japan. I’d brought along a bank statement, phone bill, City Tax bill, but was told that as none of them had the address written in English, they were unacceptable and there was no way around it. After some phone calls with my bank in Japan and then again with DBS’s help desk, I was told that if my DBS bank account were approved, I’d later on have no problem opening a trading account. I had a bunch of air miles saved up by now so I was thinking of coming back to Singapore and wrapping this all up once and for all. Fast forward two weeks later to today.

    I had sent an email a few days ago to DBS to see what was taking so long to hear about my bank account application. Today I got an email saying they couldn’t find any record of my application. I called them explaining that I was definitely there. After taking a few more details from me the rep said someone would look into it further and call me. I got the call and my application was rejected. No explanation. I asked for one but they just had nothing to say.

    So, if you’re coming from Japan or elsewhere to open an account with DBS, my advice would be to be careful. I was told that if I bring x,y,z to the branch, things should be ok. I guess I would feel slightly better if DBS would explain why my application was rejected, but in hindsight I feel as if the left hand there doesn’t know what the right is doing. I probably could’ve applied on a different day and had a different case manager go through my application and had it all approved. Now I’m back at square one and wondering about the alternatives, but it’s not like I can just hop over to Singapore anytime I feel.

    Anyway, that’s my 2 cents. I hope it helps others out.

  32. brett says:

    Hi Leigh,
    That’s really disappointing to hear. I had hoped to follow through and do as you tried but as I live in rural Japan, I’d put it off. I don’t know how long you’ve been a Japanese resident but once you go beyond the 5 year mark, you fall into the Japanese government’s hands. Doors are being closed rapidly to Japanese residents looking for better investment options outside Japan so this may not necessarily be a problem with DBS. I had to switch trading accounts in the US from Ameritrade as they would no longer hold accounts for Japanese residents, so I switched to another broker however in talking to them recently they no longer allow Japanese residents to open new accounts so I think it’ll only be a matter of time before I’ll be told I’ll need to move on again.

    Further to the dismay of Japanese (permanent) residents (and Japanese nationals), a friend recently sent me this link.

    Perhaps this is a concerted effort to help reduce the speed of the population drop…tax the rich b#$”ards if they try to leave!

    And further, they have you covered if the stress of that causes you to pop your clogs…

    Perhaps a warning to foreigners wanting to live or work in Japan, “come and play but don’t stay”

  33. Leigh says:

    Hi Brett

    That’s some pretty concerning news you found out about even more new taxes coming into effect. The funny thing is I just got my permanent residency here in Japan but in recent times I feel more and more that Japan is just becoming a bad place to stay. There aren’t many options for expats looking to invest here as there is and now they’re making it difficult for anyone who wants or needs to.

    I don’t know if Singapore banks are officially closing off ties with customers resident in Japan yet. DBS Vickers told me a few months ago that it wouldn’t be a problem. Yet here I am having been told my application was rejected. I’m going to talk to a few more banks in Singapore over the next few days. I may even consider Hong Kong. I’ll post my findings here.

  34. Jane says:

    Leigh, please do update on the situation. I’m also a Canadian expat in Japan, looking to open an account for investing in index funds. From what i’ve read, the only option is DBS Vickers in Singapore. There must be something else …. Andrew, can you comment on the options currently available to Japan-based expats?

  35. Eric says:

    DBS V said to me no accounts from Japan permitted, and no one who is not resident of Singapore permitted.


  36. Leigh says:

    I should point out that I’m actually a New Zealander. This is an important point because the clerk at DBS Vickers had me sign a form during the application to confirm that I am not a US or Canadian citizen, nor do I have any residential ties to those countries. These were the only countries they said they would not accept applications from. @Eric they told me before I traveled to Singapore that residents of Japan would be ok, but as Andrew has pointed out, your mileage may vary when dealing with DBS staff. I can’t say I’ve been that impressed with their customer service. Too many variant answers depending on who you talk to there. Once you get an account there, it’s probably plain sailing, but needless to say I won’t/can’t apply there again.

    Some better news though. Saxo have told me that they will accept applications from Japanese residents. They need a letter of intent and some other documents. I’m waiting to hear back from them ( it’s Chinese New Year ) but it sounds as if this application can be done by mail. Again, I will update any findings here.

    • rjb says:

      That’s interesting about Saxo but you should double check.
      I contacted them last year and although they initially told me there would be no problem applying from Japan, they then told me it wasn’t possible. It could be that their policy has changed, or just another case of different people giving different answers.

      If that does fall through, try OCBC. I went with them in the end and had no problems, although I did have to visit Singapore in person.

      • Hello Adam,

        This frustrates me a great deal because expatriate Canadians ARE eligible to invest using DBS Vickers, even if they do live in China. When you speak to someone at a bank that doesn’t know better, sometimes they don’t do the smart thing and look up the truth. That rep, from the bank, deserves to fall in a puddle this week. I am really sorry for your troubles on this.


  37. Charlie says:

    Hi Andrew,

    I trust that you are doing well.
    I’ve been burnt by FP, bought your book, opened a Saxo account, put cash in the account. But have one question before I take the plunge.

    I live in Dubai and opened the Saxo account through their Denmark head office. I was told that it made no difference where I opened it and that I could be serviced by either Dubai or Copenhagen.

    Is this true and does it make any difference?

    Warm regards,

  38. Adams says:

    I am curious to hear an update on you situation Leigh.

    I am a Canadian living and working in China. I was in Singapore last week and tried to open an account with DBS Vickers but was not approved because, I was told, I was Canadian and not a resident in Singapore. Since being back in China I have contacted DBS in Hong Kong to see if I could open an account there but again was told that they would not open accounts for Canadians (or Americans).

    Unfortunately I didn’t have time to look into OCBC or Saxo when I was in Singapore and I am now trying to get information from though about the possibility and logistics of opening an account there or with Saxo in Hong Kong.

    I am curious to hear if any other Canadians have had a similar problem with DBS recently. I am curious to know if it was the cut of my jib they didn’t like or if there are actual barriers to Canadian expats opening accounts in Singapore now.

    • Hello Adam,

      This frustrates me a great deal because expatriate Canadians ARE eligible to invest using DBS Vickers, even if they do live in China. When you speak to someone at a bank that doesn’t know better, sometimes they don’t do the smart thing and look up the truth. That rep, from the bank, deserves to fall in a puddle this week. I am really sorry for your troubles on this.


    • Tim says:

      I am a Canadian living in Malaysia and opened my account with DBS vickers just last year – no trouble at all. I wouldnt leave the bank until you get the truthful answer which is that it should not be a problem unless something drastically has changed…..

    • Adams says:

      I have since received positive replies from OCBC and Saxo in Singapore. The Saxo rep I spoke to in Singapore also directed me to the Shanghai branch for help. I’m not sure if they can help me with the opening of an account in Singapore but it would be very convenient if they can. I will be sure to update when I have things sorted out.

  39. Leigh says:

    Hi Andrew,

    Adam’s experience is consistent with what I encountered at DBS a few weeks ago. I had to sign a statement saying that I am not a US or Canadian citizen/resident. They said they will not open accounts for these nationalities. I’m neither, but still got rejected. I think the ship may have sailed on DBS. They don’t appear to be very transparent or good with customer service either.

  40. Aaron says:

    Hey Andrew and all,

    I have been considering flying down from Beijing to Singapore to set up the DBS Vickers account as mentioned above. I have emailed there customer service about the issues, here was their response, just thought I’d share it in the thread.

    “Dear Aaron,

    Thank you for your email.

    There are no restrictions for Non-resident Canadians to open both a bank
    and trading account.
    However, you do need to take note that all bank/trading account opening are
    subjected to approvals, and this process does not apply to just Canadian
    citizens are in fact applies to all account opening; foreign and local.

    We therefore seek your kind understanding for this matter and that there is
    no way of a guaranteed account opening.
    You are not required to book an appointment for account opening as our
    staff are well versed in the account opening process, local or otherwise.

    Hope that answer your queries.

    Have a great day ahead.”

    Doesn’t really give me the confidence to fork out the cash for the trip! Thinking maybe TD International, but waiting for their updated fees in April to see if it’s cost effective or not. Thoughts?


    • Adams says:

      Hi Aaron,

      It sounds like you are preparing and doing the proper leg work before flying to Singapore. I think that part of the problem I recently had trying to open an account there was due to the fact that I didn’t plan for the possibility of meeting up with bank officials who may have been misinformed. As Andrew said, “When you speak to someone at a bank that doesn’t know better, sometimes they don’t do the smart thing and look up the truth.”

      My process got tripped up on the opening of a bank account with DBS. DBS Vickers told me that they liked to their clients to have a “relationship” with the banking arm prior to opening a trading account. Was this a necessity or a suggestion? I don’t know. The person I spoke with in the bank when I went in basically told me that I wouldn’t be able to open an account with Vickers and therefore would not be approved for a bank account, but asked if I wished to continue the application process. I did, of course, continue with the application and assumed that this person just wasn’t fully aware of the rules and regulations of governing DBS Vickers. I thought that any misunderstanding that this person had about my eligibility for a trading account would be worked out behind the scenes during the approval process. Obviously, this was an inaccurate assumption.

      If I were to try it all over again, which I might in the near future, I would be better prepared going in and make sure that I was speaking with the right people about my situation. I would also be prepared to speak to a few of the other companies, Saxo, OCBC, etc. about opening an account and possible starting the application process there as well. Put out two or three applications and make a decision on who to use after approvals come back.

  41. Neil G says:

    Be aware TD (luxembourge) has recently changed their fees.

    Basically, they have replaced their quarterly 0.05% charge with a flat quarterly fee of 25 euros / or 45 euros if no trades have been made that quarter.

    Not sure how this affects the comparison between TD and Saxo..

    • This makes TD very appealing. Thanks Neil.

      • Anna says:

        Hey Andrew,
        do you think it’s still a good deal if I’m unable to make a quarterly trade with the 25 euro fee being 1% or less of my investment?

        • Hi Anna,

          I would like to help with your question. But could you contextualise it further with more background information, and more specifics. What kind of account are you speaking about? Is it an account of ETFs? (ie. index funds)


          • Anna says:

            Thanks Andrew!

            I read your Expat recently (I found it quite eye-opening!) and I’m trying to follow your advice while shopping around for brokerage.

            I’m trying to stick to the rule of keeping the fees at 1% of the investment or less. So in case of TD’s new fees, I’m thinking that I need to do 2 things:
            A) start with investing a lump sum of at least €10 000 – with account fees at €25 per quarter, that would keep them at 1% annually
            B) then invest at least €1500 each quarter, paying €14.95 per trade on ETFs (I’m set on a couch potato ETF portfolio)

            While I can easily do B, it’ll take me a while to get to A.

            Meanwhile I already feel like a sucker because I’m practically hoarding cash in a mattress (basic savings account). So not sure what to do for the time being.

            While I see why TDs new fees are a good deal for those with a significant amount of assets, I suppose that starting without a significant lump sum will mean that my investments will be eaten away by the fees?

  42. TD says:

    Dear Andrew and readers thanks for the posts.
    Just finished reading Global Expatriates… Very informative. I was ready to go but, as a Canadian living in Japan it seems difficult to find a simple way to invest in an ETF index fund. Due to the obstacles for Japanese or foreigners living in Japan in opening up accounts in other countries, such as the problems with DBS Vickers that people have been having is it it not a viable option to just invest from within Japan using Vanguard Japan, or SBI or Rakuten or even opening up a Japanese NISA account to do investing? Are the types of index funds recommend for a couch portfolio or fundamental portfolio not offered for individual investors from within Japan? After reading the book buying ETFs from the U.S. exchanges due to the estate taxes is not a good idea but in my cursory look at the above mentioned brokerages they seem to offer investment options in Japanese, Singaporean, Hong Kong, and U.S. exchanges. Andrew and anyone with advice thoughts please reply. I am a Canadian with permanent residency and plan to split retirement years in Japan and Canada but probably mostly Japan. But to be honest not really sure.

    • TD,

      I am not fully aware of your options, within Japan. I just understand that there are few. My best advice is still what I suggested in my book. It would require a trip to Singapore to open an account with DBS Vickers. Otherwise, while visiting Canada, you could set up a TD Waterhouse non resident account. But you would have to do so in person.


  43. Karen says:

    Hi Andrew,

    I’m currently reading your guide to investing while trying to decide whether to invest with a Canadian bank or internationally. A colleague suggested TD international based in Switzerland but before I decide, I need to settle my residency issues with Canada. I’m single, Canadian, 29 and teaching at an international school in South Korea. I’ve considered seeking an expat advisor about my issue but many are charging upwards of $800. I spent the past 2 years teaching in the United States where, in my second year, I claimed non-residency (did not file Canadian taxes, although I feel I should have) and accidentally contributed the full amount to my TFSA, to which I was dinged by paying $1200 this year. I’m now worried about making further mistakes. Am I supposed to stop the interest earned from my Canadian banks as a non-resident?

    I’m also not sure of my current status with Canada – would it be best for me to claim non-residency and to sever ties or to try to reclaim as a deemed resident (in order to be able to contribute to things like TFSA)? Do these terms mean different things for the CRA and banks? My only connection left in Canada are my parents. I have bank accounts (savings, RSP, and the remainder of my TFSA), credit cards, a driver’s license and a passport.

    Most people suggested keeping my non-residency status to avoid filing/paying taxes (around 30% I’m guessing) of my salary earned abroad but I also do not want a hassle if/when I do decide to return to Canada. If I do return, it won’t be within the next 5 years.

    I appreciate any advice or insight you have. Thanks!


    • Hi Karen,

      It’s good to show Revenue Canada that you are serious about non residency by cutting as many ties as possible. Cancel your driver’s license, bank accounts and officially notify your province’s medical plan to cancel you. Keep a record of your notification with them to cancel. Although you could keep your RRSP and TFSA accounts, you cannot contribute to them. I sold mine for two reasons. One, it showed I was very serious about my non residency. Two, I was able to take the proceeds (after a 25% withholding tax to Revenue Canada) and invest that money in an even more tax friendly account than a RRSP.

      When you invested in your RRSP, you likely received about a 35% tax rebate. If you sell, at least one year after leaving the country (at least a year after your last Revenue Canada tax filing) you would pay 25% tax, allowing you to net 10%, based on the 35% rebate they gave you upfront when you invested it.

      When a RRSP makes gains, it isn’t capital gains free. It’s just a deferred gain. When you get old and withdraw the money, Revenue Canada will tax you on that money at your marginal tax rate. When you have an account in a non capital gains free jurisdiction, you can sell the proceeds many years down the road and not pay a stitch of tax. If you plan to be an expat for many years, this makes sense.

      My book outlines what accounts you could open overseas. What my book doesn’t mention, is that a Canadian based firm will allow Canadian expats to invest with them. They build and rebalance portfolios of index funds for clients, at a very small cost. You would not have to pay Canadian capital gains taxes, as a non resident. Here’s a link to what I wrote about them:

      This account would be deemed a “non resident” account. But if you want to be super, super safe, ensuring that you don’t even have this tie, you could follow the strategies outlined in my book to open an account with TD Direct International (their fees have recently dropped, so they’re an excellent option).


  44. TD says:

    Hi Andrew and readers

    Andrew thanks for your response to my question about investing from within Japan for Canadians. I have a few more questions I hope you or some of the readers could give me some feedback on. The questions relate to investing from within Japan by using a couch potato portfolio or the permanent portfolio:

    The first question is about a couch potato portfolio using Vanguard Japan. They seem to offer some decent funds at low expense ratios which would make investing couch potato style from Japan a possibllity. Some of the funds they offer, that aren’t US domiciled, are the Vanguard FTSE All World High Dividend Yield (ticker VHYD seems to be the same as VHYL in the UK ) which uses the LSE and USD. Other choices are the Vanguard UK FTSE 100 stock index (VUKE) on the LSE in GBP, Vanguard FTSE Asia 3085 on the SEHK in HKD. The only non US bond choice is the British Governmnet Bonds UCITS ETF on the LSE in GBP (VGOV) which is a mixture of short, medium and long term AA+ bonds.

    My second question is about the permanent portfolio. In regards to the cash contribution I was wondering would this be the cash of the particular country someone is living in or the cash of their home countrty or the US dollar? Also, what is the interest rate that you estimate for the cash savings? I am thinking that the above mentioned Vanguard bond index (VGOV) 25%, Vanguard all world (VHYD or VHYL as it is referred to in the UK) 25%, cash (yen?) 25%, as well as gold ETF offered here in Japan 25% would make the Permanent Portfolio a possibilty. Instead of the cash portion I was also thinking of using the Vanguard short term bond (BSV) which is US domiciled but keep it under $60 000 US dollars.

    Sorry for the long mail. How do you think these two plans look? Thanks for the help!

    • EB says:

      hey TD did you make any progress on finding the best way to invest from within Japan..? I’m in the same boat. I tried to open an TD Waterhouse non resident account in December while visiting Canada at Christmas. It was refused at the processing center, no reason was given and had been put in by a branch investor representative. DBS Vickers via email said they will not accept. If you found anything out, let me know. Thanks, E

      • TD says:

        Hi EB

        Thanks for sharing your experience about opening an account with TD waterhouse as a non-resident Canadian. I have been wondering about doing this too.

        I have looked a little further into investing from within Japan using Japanese brokerages. It seems that there is a 20% tax on investments in Japan for Japanese and residents of Japan. But, this tax can be avoided if a NISA account (Nippon Individual Savings Account) is used.

        The catch is that the present NISA system stops in 2023 and in any case it only allows someone to use the NISA (tax free) system for 5 years. At that point an investor can withdraw their money from the ETF’s, stocks / bonds, index funds etc… that they had been putting money into tax free and put it into a bank account or continue their investemsnts as they had been doing but they will now be obligeed to pay that 20% tax on didvends, yearly profits and withdrawals of money.

        I am considering this option for the 5 year period and hoping that they start a new similar system in 2023 in which I can continue to invest tax free from within Japan.

        The NISA system is available to Japanese citizens and registered residents living in Japan. The new ‘my number’ is required.

        Hope this helps. Let me know how things go for you.


  45. Robert says:

    Andrew and the forum

    I just got out of a spectacularly underperforming Friends Provident “investment” and am using Andrew’s book as a guide for what to do next. However, choosing a broker is proving difficult. First up, DBS Vickers required me to be in Singapore to open the account. Second, TD Direct International would not process my request because Vietnam (where I’m living) is on their blocked list. Fortunately Saxo Capital Markets does not block Vietnamese residents so I’m proceeding with them. If that doesn’t work out I’ll have to make a trip to Singapore and try again with DBS Vickers.

    Alternatively, are there any other low cost international (non-US) brokers than just these three?

    • PM99 says:


      You may try, they were originally based out of Switzerland but have offices in Dubai, London, Hong Kong. You may check with them if they accept applications from Vietnam. I have an account with Swissquote Dubai and they provide a no frills zero balance multi-currency expat account and access to almost all global exchanges.

      • Robert says:

        Somehow I didn’t see this reply! However, it didn’t matter too much because Saxo Capital (Singapore) were very good in processing my application from Vietnam, guiding me through the necessary paperwork and getting my account set up. I am now one transaction away from having invested my funds in a fundamental couch potato account.

  46. Benjamin says:

    Has anyone tried to open a DBS Vickers account via mail recently?

    Like Jon, in the opening post, I phoned them (twice today) about opening an account specifically for foreign, non-Singaporean markets, and it looks like they won’t allow anyone without a DBS/POSB Bank account to open an account with DBS Vickers anymore.

    To open a DBS/POSB account, one would have to visit in person for signature verification. In other words, no mail in applications. It’s a downer that I have to visit directly but in the long run I suppose I could save in fees in comparison to TD International.

    • Hi Benjamin,

      As far as I know, this has always been the case. To my knowledge, nobody has been able to open an account with DBS Vickers without first opening up a DBS/POSB account in Singapore, in person. This is how I described it in my book, The Global Expatriate’s Guide To Investing.


      • Benjamin says:

        Yes, I, too thought the same. However, as Jon had worded it in his email to you, it sounded like he hadn’t opened a DBS account in person before opening his DBS Vickers via mail. I must have been gravely mistaken.

    • Benjamin,

      TD Direct International has lowered fees. It’s now the cheaper of the two brokerages (as long as you don’t let them exchange currencies for you). That said, they won’t open accounts for anyone who lives in Japan.


  47. Rob says:

    TD International won’t open an account for me in Ethiopia either. They’re not interested in any strange countries! For now, I’m stuck with Schwab and trying not to kick the bucket to avoid US estate tax laws.

    • Hi Rob,

      If you want to reduce risk further than you would with Schwab, buy off a non U.S. exchange with Interactive Brokers. I believe they will let you open an account from Ethiopia.

      • Rob Maddock says:

        A very belated thanks for your reply, Andrew. IB will accept an Ethiopian residency application (along with a whole host of other countries). I’m just wondering if you’ve changed your stance on whether the US Estate issue would be problematic with them (reading your old posts you seem quite hesitant about IB). I’m reluctant to switch from Schwab (banking on not dying suddenly) but realize that I need to do so. Cheers.

        • Hi Rob,

          I’m keeping my money with TD Direct International. Over my lifetime, the difference between them and IB isn’t going to kill me. And I can sleep really well at night. With them, I’m 100% certain that my heirs won’t have to pay U.S. estate tax. The marginally higher costs are a good insurance policy for me. But that’s just me. I’m careful—always have been.


  48. Stuart says:

    Hey Andrew and all

    I recently set up a TD International account in Luxembourg. I am a Canadian and investing only through the Toronto Stock Exchange. I am in China right now and my salary is paid in RMB. Should I be sending money to TD in US$, CAD$, or RMB (not sure that’s even possible). TD has a list of different IBAN numbers for various currencies. I have set up my TD account to show Canadian Dollars. How to I cut down on exchange fees? Thanks in advance.

    • Stuart,

      Convert your money to Canadian dollars first, at a Chinese bank that will give you a reasonable bid/ask spread rate when you convert. Then send the Canadian dollars to TD Direct International. Alternatively, you could let TD Direct International convert the money for you. But their bid/ask spreads aren’t that favourable. They charge a premium above the spot rate.


    • Anna says:

      Stuart, try TransferWise. I use it between UK/CAD/US/Euro bank accounts but they don’t allow certain currencies, banks or PayPal yet. Their rates of conversion are excellent if you can set up a transfer.

  49. nemrut says:

    Why did you have to sign the W-8BEN if youre not a US citizen?

    • You should only be signing the W-8Ben form if you are buying off a U.S. stock exchange. But no expat should ever do so. If they do, their heirs may have to pay U.S. estate taxes.

  50. Richard says:

    Hey all, great read so far. I am a Canadian currently living in Canada with the intent to move to Japan in approximately one year. Does anyone have any recommendations for what to do while I still live in Canada, before moving to Japan? It seems like it’s impossible to open an account with someone like TD and then carry it over to Japan, and it also seems like a major hassle to fly to Singapore to open a DBS Vickers account before I even move to Japan.

    It seems extremely frustrating trying to figure out what brokerage to use, especially given the fact that the future is uncertain with regards to how long I’ll end up staying in Japan. If I have my way, it will be forever, but, we don’t always get our way.

    Anyways, if anyone has any recommendations, they would be greatly appreciated.

  51. Andrew says:

    According to someone I just spoke with at TD in Toronto, they are no longer able to open accounts for residents of Japan — full stop. He says the new rules kicked in in April (2016).

  52. Lisa says:

    Hello Andrew,
    We recently read your books and are actively exploring options. We are pretty sure that the country where we are teaching will be on TD International’s no go list, similar to previous posters teaching in Japan, Vietnam, etc. What if the money invested comes from banks in Canada/the US? We are teaching in a country with a closed currency, and our pay comes from the US.

    • Lisa, you should be able to open a brokerage account with Interactive Brokers, even from the country you reside. Just move it elsewhere before you die (see what I wrote about IB in my book).


  53. R. says:

    Please help with advise – I’m starting to panic! My husband and I move countries (and therefore residences) every three years due to his job. He is Japanese and I am Canadian. We are in Japan now, but will be leaving in January. If we are not residents of Japan, we cannot invest in Japan. But it sounds like there is almost nowhere we can open an account. I think the only option is DBS Vickers — is that right? But even that sounds shaky. If we did manage to open an account with DBS, then moved to a different country in a few years, could the account be closed? Also, Andrew mentioned having to pay US estate taxes with DBS Vickers? I just want to invest our money, we are not young and yet have no investments, just some savings. I’m totally stressed out over this.

  54. Bryn says:

    Hi Andrew,

    I have a question similar to R’s so hope you might be able to offer some guidance.

    I’ve been living in Singapore for nearly 3 years and have an account with DBS Vickers. I’m Canadian and British and plan to eventually settle in Canada where I am currently a non-resident after living abroad for many years.

    Building and holding a large portfolio of Canadian stocks for the long-term is my goal but doing that with DBS Vickers will become increasingly costly given the commission and the custodian fees of $2 per month per foreign company held. It doesn’t seem like a lot initially but it can start to feel prohibitive as you look to broaden your portfolio and wipe out any real dividend gains in particular.

    It sounds like if I move to Canada I may have to close the account down but I am unclear if that means I have to liquidate my positions or if I can move my holdings to another brokerage? If, for example, I could open an account with TD Waterhouse as a non-resident (still a bit unclear from this thread if I can or cannot do that) would it make more sense to start buying and holding stocks in a Canadian brokerage as I inevitably will move to Canada rather than continue to use Vickers in Singapore?

    I have read both books now and really appreciate what they’ve taught me as well as the usefulness of the website.



    • Hi Bryn,

      I think a custody fee of $2 per month for each ETF is really cheap. If you own a portfolio with 3 ETFs (easily doable) then you would pay custody fees of just $72 a year. I haven’t looked into this custody fee myself, so I’ll assume that what you have said is correct.

      When you move back to Canada, here’s what you do.

      Open a brokerage account in Canada. Get transfer forms from DBS Vickers, which would allow you to transfer your ETF holdings to the other brokerage. It will take about 6 weeks for all of the dust to settle. But the process will cost you less than $250 to transfer your entire portfolio. If you kept the money with DBS Vickers, you would be evading capital gains taxes. You could likely keep the account open. But evading future Canadian capital gains taxes, by keeping it there, would not be cool.


      • Kelly Wilson says:

        Hi Andrew,
        I am in a similar situation myself. I live in the Middle East and have a brokerage account with DBS Vickers. I am going to be moving back to Australia in the next few months and know that I can’t keep my DBS Vickers account.
        I was planning to liquidate my investments, send the money to Aus and then reinvest in Vanguard Australia, but perhaps I should llok at transferring my ETF holdings instead?
        The only thing is, is that I have a Canadian bond ETF in my Singapore portfolio and would prefer have an Aussie bond index when I move to Australia.
        Any advice on how I should go about it all?

      • Tim Gascoigne says:

        Thanks for this, it helps me as well. If one were only to move back to Canada for a year – 3 years, would you still have to move it all back and then move it all out again? Seems like a waste. But, you wouldn’t want to evade capital gains taxes…

        • Tim,

          You could leave it in Singapore. But it would be legal to declare any realized capital gains. If you don’t sell anything, you won’t have realized capital gains.

          You would pay Canadian dividends at source, via DBS Vickers, so you wouldn’t need to file the dividend income. But it’s best not to leave it the money permanently in Singapore, if you live in Canada.


  55. Maria says:

    Hi Andrew, I am a Canadian, living in Japan but soon to relocate to a developing country. I read your book and went through your website. I have concluded that my investing options are 1) DBS Vickers (must go in person to Singapore) or 2) Wealthbar. I read Wealthbar’s website but I still don’t understand.It is not a bank, but it is more than just a financial advising company. What exactly is it?
    Also, how does a Wealthbar account compare to a DBS Vickers account in terms of fees? I understand that with Wealthbar, you can only invest on the Canadian exchange. Since I don’t know where i will retire, DBS Vickers seems preferable. But, I would have to fly to Singapore, and there is a risk of being turned down, it seems.
    I would much appreciate your help on this!

    • Anonymous says:

      Hi Maria,

      WealthBar is a financial advisory firm that would build you a low cost portfolio of index funds. With DBS Vickers, you would have to visit Singapore and take a securities test to open the account. It would be cheaper that way (not including flight costs!). But you would likely perform better with WealthBar (because they would manage your emotions) and it would be much more convenient. With WealthBar, you would have a diversified portfolio of index funds. They trade on the Canadian market, so you avoid those pesky U.S. estate taxes. But you would have broad exposure to international markets, including the U.S. market.

      Much of what I’ve just said here may be tough to understand. The Global Expatriates Guide To Investing describes my investing philosophy. I think it’s worth reading.


      • Maria says:

        Thank you Andrew for your quick reply! I have read your first book and your second is on my kindle. I am in my 40s, pension-less, and have a lump sum to invest (150,000) so I am feeling nervous. I would prefer to go with WealthBar since I woudln’t have to fly to Singapore. But I guess my question is, why do investors need a company like WealthBar, since you have described a very easy way of investing in index funds & bonds (the couch potato method) in your book. What does Wealth Bar get out of this? It seems they are getting fees (a percentage) from me. But then, does that mean I am losing out as compared to having my own account with DBS Vickers? How does WealthBar differ from these other investment firms that you have warned investors to avoid?

        • Hi Maria,

          WealthBar charges a small fee, much less than what the actively managed firms charge. They don’t speculate, which actively managed firms do. WealthBar will build you a portfolio of index funds and rebalance them once a year. Most DIY investors pay less (in fees) if they buy their own ETFs. But they usually underperform the very ETFs that they buy. When markets crash (and they do, from time to time) DIY investors don’t often have the courage to rebalance. Sometimes, they stop adding money. When markets soar, many DIY investors add more money to the index that’s “doing better” at the time. Studies show that, for most people, paying a small amount for a firm to rebalance and maintain a portfolio of index funds is worth the money. Here’s a story about a guy who pays more than what WealthBar charges for a portfolio of index funds. His portfolio is also VERY LARGE! Note the data that accompanies the study.

          Perhaps even more relevant, here’s how mechanical rebalancing can enhance returns.

          Odds are very high that your money will grow much like the Target Date money in the article above, if you use WealthBar. If you’re like a robot, and you love to see stocks crash, and you never cave to peer pressure, the news, market swings etc, then you can do just as well as your own. But I know few people like that, when push comes to shove. Yes, building and maintaining a portfolio of index funds is extremely easy, in theory. But emotionally, most people find a way to mess it up.

          These are the exact same things I said in my book, The Global Expatriates Guide To Investing


  56. Russel Fleming says:

    I have a comment/question about Wealthbar as a Canadian expat of 16 years. I have read your first book years ago, (got out of Friends Provident) and have read part of your second book. I have then procrastinated (and had application issues) before applying to TD Direct Investing. Long story short, I moved from China to Vietnam and Vietnam is on TD’s list countries that they will not deal with.

    As someone who is a non-resident of Canada, does it make sense to go with Wealthbar as then I will be taxed in Canada? I don’t have any other “real” assets in Canada so investing there does not make sense to my naive brain.

    A colleague mentioned Keytrade Bank Luxembourg as an alternative and wanted to get your opinion as that as a second option. They have a comparison chart up on their page but I imagine there is something hidden

    Take care and have a great day.

    Thanks again for all the support you provide to the international community.

    • Hi Russell,

      This international broker would be fine if you can harness your emotions and happily rebalance when stocks crash. Wealthbar is set up to accept Canadian nonresidents. With them, you would not have to pay capital gains taxes.


  57. Russel says:

    Thank you Andrew, I am now in the process of contacting Wealthbar.

    Take care and have a great day.

  58. Russel says:

    Hi Andrew, I have contacted wealthbar and they have answered one of my questions:
    Questions: Note: my salary is tax free here in Vietnam and I am an non-resident of Canada and want to carefully set up the account so that later I will not pay taxes on it.

    Answer: All non-resident accounts in Canada are subject to non-resident withholding tax (up to 25% on investment income distributions) and capital gains once the investments are sold (if held in a non-registered account).

    With my long term uncertainty to how the Canadian government will change various tax rules to get the most money they can, I am a bit concerned about Wealthbar’s answer. I was feeling really good about the idea of finally getting of my butt and investing with Wealthbar and now I have to start again (not that I did much). I will be trying the Keytrade Bank Luxembourg now and will keep people updated in case they are in a similar situation to me.

    • Jason says:

      This is my concern as well… would we need to pay Capital Gains with. Wealthbar account even as a non-resident? Or only if and when we repatriate? If you do, that seems like a non-starter.

  59. Maria says:

    This thread had been so helpful. I’m making my way through your second book and in discussions with Wealthbar now. Thank you Andrew! I have a final question about taxes. I don’t understand how will I know what taxes I would be liable for. And what would be the difference for a Canadian global expat in terms of taxes when investing with DBS Vickers vs. Wealthbar?

    • Hi Maria,

      I’m glad you have found this thread to be helpful!

      Whether you invest with WealthBar (as an expat Canadian) or with DBS Vickers, there won’t be a tax difference. You won’t be liable for Canadian capital gains taxes and in each case, you will pay 15% dividend taxes on just your dividend income. It gets taken at source.


  60. David Dyck says:

    Hi Russel,

    Thanks for reaching out to us at WealthBar. I believe I have confused you with my reply to your question and I’d like to clear this up for you as I feel I’ve misinformed you here.

    The answer I initially provided was more general in nature, and I did not include the important caveat “subject to your country’s tax treaty with Canada” at the end of my answer. Additionally, I misstated the tax obligation on the future sale of investments.

    Based on the tax rate for your specific jurisdiction (Vietnam) the tax rate on the ongoing investment income distributions (Type XIII tax) would be 15%. The tax on sale of property in Canada (Type I tax) is determined by the type of property and tax treaty. In the case of Vietnam capital gains are taxed in Canada, but Canada excludes capital gains from publicly listed securities (we invest in publicly traded ETFs) so you would not face capital gains taxes under current rules.

    We do encourage you to consult a tax professional as well.

    Best Regards,
    David Dyck
    Financial Advisor & Portfolio Manager

    Vietnam tax treaty with Canada:

    Types of property Canada includes and excludes from capital gains tax:

  61. Sebastien says:

    I guess it is a no-brainer but TD Direct will not take resident of the Democratic Republic of the Congo either. I am Canadian and have kept most of my cash in 0% checking account in the USA. Yesterday to save paperwork, and because I would not be able to have a certified copy of my passport in Congo, I went strait to the Luxembourg office. They said no sorry we cannot take you, we have a black list of country that we cannot divulge. You can probably add them to your list when you update your book. Cheers

  62. Mai says:

    Hi Andrew, I just finished reading The Millionaire Teacher and will start The Millionaire Expat today! I have always been scared of the stock market and never learned the proper way to manage my finances so your books are true life savers. I am a Canadian expat and have been working in Thailand for a few years now. I am currently shopping for an online broker and thought I’d share my experience with Swissquote, DBSVickers and Internaxx. I have been chatting with the people at Swissquote for about a week and was quite pleased with the demo platform and the efficiency of chats, however they informed me today that they were not taking Canadian residents (I am not a resident anymore, but knowing this now doesn’t make me feel like it’s a good option. Potentially doable, but not the best).
    Then I turned to DBSVickers when I read they have offices in Thailand, called them up but got the sketchiest answer as to how/where to go to get a “true copy” of my application documents (I was literally told that I could just “do it myself”, they couldn’t even give me the name of a notary in my area or explain the procedure). Also I didn’t like the fact that they picked the phone with a random”hello-sawasdee”, no company greetings or anything. I am now waiting for an email reply from Saxo.
    A month ago I started the procedure to open an account with Intenaxx but froze in place when I came across their fees. I do not have a lot of money to begin with (probably just a couple of thousand CAD), and will be able to contribute maybe 300-400 CAD monthly. Internaxx seems a prohibitive option for a couch potato investor strategy with limited incoming funds.

    Thanks Andrew and everyone contributing to this blog, it is the best source of information for expat investors.

    • Hi Mai,

      Internaxx is no more expensive than the other brokerages you mentioned above. I don’t know your age or risk tolerance, but here’s what you could do. Make a single purchase of Vanguard’s balanced ETF through Internaxx. Here’s the link:

      These are brand new products. They weren’t even available when my January 2018 book was published.

      Then save up money every month until you have at least $1,500. From that point, purchase the ETF once again. It’s a diversified portfolio of stock and bond ETFs rolled into one. Vanguard also rebalances it once a year so you don’t have to.

      Good luck Mai!


      • Mai says:

        Hi Andrew, thanks for your feedback. I am 37, quite late to start investing but better late than never.I got a reply from Saxo, now about to finalize the application with them. Since I plan to stay around Asia it probably makes sense to open an account with them. I have a question about the product you are suggesting, it contains 22% of US index, could it potentially be a problem in the future?


        • Hi Mai,

          I’m sorry, I’m unclear of what you mean. Are you asking if the US market could drop? Sure….of course it will. And so will every other market at some time in the future. That’s why we should build a diversified portfolio, keep adding money and rebalance once a year. Markets will rise and fall many times during your (and my) lifetimes. That’s what markets do. But if you keep adding money, and you rebalance once a year, over your lifetime you will end up with satisfying results.



          • Mai says:

            Hi Andrew, sorry I was unclear, I meant the taxes on US equities after death, I remember taking a mental note of avoiding US stocks at all costs because of it when speeding through the book but I may not have understood that part very well 🙂

            Thank you so much for taking the time to answer.
            I just got a proof of address issued here, which brings me one step closer to opening my brokerage account 🙂


          • Hi Mai,

            If you follow any of the portfolios in my book (for non-Americans) you won’t have to worry about US estate taxes. Do you have a copy of Millionaire Expat?

            Good luck with your savings journey!


  63. Mai says:

    Thanks Andrew, I am currently reading it but haven’t seen the portfolios section yet. I am just too impatient to start investing! 🙂 I may change my mind when I get there, but for now I think I will stick to Vanguard VBAL ETF as you suggested earlier, since I have limited money to begin with. Probably keep adding funds quarterly for a year, and then maybe also invest in something else when I have more money. I’ll stick to a careful approach and keep my transactions to a minimum / wait to add bigger sums instead of contributing monthly. I’ll probably get a penalty for not trading “often enough” but oh well… I gotta start somewhere and learn from the experience. Hopefully I’ll get to attend one of your workshops someday. Thanks for all the hard work you are doing, this blog is a real gem!

    • Hi Mal,

      There won’t be a penalty for not trading enough. Make sure you build a diversified portfolio, though. Don’t just include a single ETF, unless it’s an all-in-one ETF that includes a domestic stock index, an international stock index and a bond market index.


  64. JG says:

    Hi Andrew!
    Thank you for this post and the hour-long comment reading opportunity! It was really helpful. Seems like a lot of things as changed since the first comment in 2013, and I wanted to ask you a question about something that is not mentioned above. As a non-resident Canadian living in Japan, my first idea before finding your site was to invest through A non-resident Canadian citizen can open an account there and trade. What is your though about this way of doing things? Thank you very much for your answer.

  65. Vig Lacera says:

    Hi Folks,

    Andrew’s books (and this site) continue to be sources of helpful investing info for those of us living overseas. That said I’m still confused about withholding tax on dividends. I keep reading that withholding tax is 15%. But we’ve been charged a rate of 25% for years. Perhaps somebody out there can comment. Here’s the deal:

    Wife and I are non-resident Canadians living in Vietnam. Been investing with Saxo in Singapore for a few years. Have a mix of Vanguard and BMO ETFs bought on the Toronto Stock Exchange. Every time our ETFs pay a dividend, Saxo withholds 25% on each distribution (pay out). I was under the impression that because we’re non-resident Canadians living in Vietnam, which has a tax treaty with Canada that, among other things, reduces the tax on share dividends, we should be subject to only 15% withholding tax. The previous country we lived in also had a tax treaty with Canada that reduced the withholding tax rate to 15%.

    Am I missing something here? Anyone else had a similar experience with withholding tax issues? Would love to hear some input on this. Thank you in advance!


    • Hi Vig,

      Have you complained to Saxo? I complained to DBS Vickers, many years ago, and eventually they changed it.


      • Vig Lacera says:

        Thanks Andrew, I appreciate that you’ve taken the time to respond to this.

        I have in fact complained. Saxo has not yet reduced the withholding tax. Rather, I was sent information about how to use the services of GlobeTax, a “tax reclaim specialist.” So, at this juncture, it appears that I will have to pay money to reclaim money that never should’ve been deducted in the first place. . . . Perhaps I need to start complaining again, louder.

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