UK citizen here. My plan is to move to Spain and trade from there over the coming months. However, slight concern about how brexit may derail this plan and would like to hear from other, more seasoned individuals on how they anticipate this may play out. For non-eu residents, which I believe we may become, there seems to be a limit of 90 days every six months which would make things a little tricky.
In part I am concerned about tax, and having our pay it if I commit to Spain, because I believe they charge a tax on winnings made from gambling. Is this the sort of thing one seriously has to consider if making such a move?
Trading from Europe after Brexit
You won't be able to trade from Spain even now unless you use a VPS or VPN (any connection from a Spanish IP will be blocked).
If you move there officially and change your address you'll then only be able to use the Betfair.es exchange which is only available to Spanish residents and has only a fraction of the markets and liquidity, also Bet Angel will not work with a Betfair.es account
Your better off if you can keep your existing account where ever its currently registered to use via a VPS or VPN when in Spain which means the outcome of Brexit would have no bearing on it
If you move there officially and change your address you'll then only be able to use the Betfair.es exchange which is only available to Spanish residents and has only a fraction of the markets and liquidity, also Bet Angel will not work with a Betfair.es account
Your better off if you can keep your existing account where ever its currently registered to use via a VPS or VPN when in Spain which means the outcome of Brexit would have no bearing on it
Do you know how legal this is? Trading with a uk account whilst being a resident elsewhere?
Highly illegal i would have thought and if BF find out your account/funds will probably be seized by them or the Spanish government. Meaning a costly court case to rectify.
How do you know BF don't inform Governments, i could well imagine there is something in their T&C's about it.
Have a look under the 'Suspension & Termination' clause.
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The Silk Run
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I would have thought Betfair would try and minimise any disruption to the their licence in Spain, least of all have it revoked. And would suspend traders for violating this. I also believe that the Virtual Private Network is a myth, Betfair already have software to identify this, simillar to the big telecomms like BT.
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ShaunWhite
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They'll have to report it, it will be part of the conditions of having a gaming licence and it's a requirment of the laws regarding Money Laundering. Failure to report carries the threat of a double digit jail term for the Chief Compliance Officer. I used to be bound by money laudering regulations myself in a previous job so have some experiece of this. Cross border fund transfers especially are very tightly regulated and for very good reasons, so you're not going to find a multi-billion dollar multi-national business like PP behaving like a back street bookie and turning a blind eye.
Can only agree with what has been said and Shaun is especially spot on.
Especially since the Panama leak in 2015, all banks in EU have vastly improved their IT Infrastructure to track money laundering.
So not only does Betfair have to report it to government in order to be compliant - Betfairs bank, whoever that is, also has responsibility to report cross country transfers to government, and for non-brit-banks they have to report to the european central bank. Same goes for your own bank account.
As an example, in my personal opinion I believe they closed Betfair in Serbia in part due to money laundering
Especially since the Panama leak in 2015, all banks in EU have vastly improved their IT Infrastructure to track money laundering.
So not only does Betfair have to report it to government in order to be compliant - Betfairs bank, whoever that is, also has responsibility to report cross country transfers to government, and for non-brit-banks they have to report to the european central bank. Same goes for your own bank account.
As an example, in my personal opinion I believe they closed Betfair in Serbia in part due to money laundering
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The Silk Run
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Yes indeed, I concur with Messrs Shaun. We are talking about transparency here, to a degree ....