Pradip Sah

It is the same as every other expat but with caveats.

From a very practical point of view, what you need to do is:

• Fill out an online application form with a brokerage. That document will include questions on source of wealth, like where the money originates from.
• Give proof of address (usually a bank or utility statement) and ID (ID card or passport) for anti-money laundering requirements
• Fund the account

The issue is, many digital nomads don’t have things like a tax number overseas, which is asked for as part of the source of wealth requirements.

If you say you are living in Thailand or Malaysia, as an example they will ask for a tax identification number (TIN).

Most nomads don’t have this, and therefore make the mistake of focusing on investing back in their home country.

The issue is, this could be a mistake. Many tax authorities, including in Canada, Australia and beyond, are now cracking down on expats and nomads. They are demanding that expats “show intent” in some cases.

In practice this means giving up ties to your home country, such as cancelling the gym membership and other ties to your country of origin. We don’t know about the future, but this is likely to get worse.