Get Free Answers From Experienced Lawyers!
Have a Legal Question?
Q: Can I trade forex registered outside USA and transfer profits to India on F1 visa?
As an Indian citizen on an F1 visa in the United States, can I trade forex with a broker registered outside the USA? Additionally, is it possible to legally transfer profits from my forex trading to my Indian bank account on a biweekly or monthly basis while residing in the USA?
Related Topics:
1
Lawyer Answer
PREMIUM
James L. Arrasmith
Lawyers, want to be a Justia Connect Pro too? Learn more ›
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (916) 704-3009
- View Profile
- Answered
A:
You're asking a thoughtful question, and it's wise to be cautious. As an F-1 visa holder, you are generally not allowed to engage in employment or business activities that generate active income without proper work authorization. While trading with a foreign broker on your own funds for personal investment may not strictly be classified as employment, if the activity becomes frequent, profit-driven, or involves large sums, it could be viewed as unauthorized work.
If you're using a non-U.S. broker, you also need to consider U.S. financial laws and reporting requirements. Many foreign platforms are not registered with U.S. regulators, and trading through them while residing in the U.S. might raise compliance issues. Furthermore, transferring profits to your Indian bank account isn’t automatically illegal, but repeated and sizable transfers could trigger scrutiny from both Indian financial authorities under FEMA and from U.S. banking systems.
To avoid legal or immigration trouble, limit trading to personal, infrequent activity, and keep detailed records of all transactions. Make sure the funds used are from your own savings, not linked to unauthorized work. Most importantly, avoid relying on any of this profit as a source of income while you're studying in the U.S.—keeping your status secure is more valuable than any trade.
Justia Ask A Lawyer is a forum for consumers to get free answers to basic legal questions. Any information sent through Justia Ask A Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between Justia and you, or between any attorney who receives your information or responds to your questions and you, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask A Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises, or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
