Launch in Belgium

Hi there

I must say i am very excited for the launch of this app!
I am 17 years old (18 in a few weeks) and I am trying to get into dividend investing. Brokers like Binck and Bolero in Belgium have very high fees for buying stocks from the US and reinvesting dividends. I am looking for an app like robinhood, which is only available in the US
I couldn’t find the list of countries where you intend to launch first, is Belgium on the list?

I also saw that a company called ninety nine (based in Madrid, Spain) is starting up a company similar to yours. Will you be the first to launch in Europe?

I was also interested in creating an account on Flatex, a german broker that is zero commision in the netherlands. The problem is that I will have a lot of trouble reporting this to the tax authorities. Will this be a problem with evarvest if you launch in Belgium?

Thanks in advancce and good luck with the preparations for the startup!

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Hi @ernest9637 and welcome to our community! :wave:

It’s great to hear your excited for our app launch - we are too! Our first launch markets are the UK, Lithuania, Poland, Spain, Portugal & Germany, but we are able to passport into Belgium under the passporting regime with our license, and our aim is to be globally accessible - We’ll keep you updated on our launch and the markets we’ll be expanding to next!

On our launch - we’re aiming to launch in Q1 2020, since we’ve been delayed on closing our last funding round which has in-turn delayed our licensing & launch.

Re: reporting to the tax authorities. This is really helpful to us to know so we can adapt our app for you and other investors in Belgium. We’re working on understanding local taxation in each country - there’s a process to this for us as we expand into different countries, and working on some general info on taxation for our Library - stay tuned :wink:

It would be great to hear more about what you need / what your tax authorities needs to see, we can then add this to our roadmap to research / add to our app.

Thanks again for reaching out and happy birthday (in a few weeks) :partying_face:

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Could you please clarify if EU citizens can join while they are living in a different EU country which is not mentioned above? Or its restricted to 6 nationalities mixed with 6 countries, I am asking about the first launch. Obviously, you are going to expand further more in the near future.

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Hi @GeiaHara, the short answer is no.

Our license is based on a principle of territoriality, meaning that it’s based on the country of residence rather than country of citizenship. For example, if a Lithuanian citizen lives in Belgium where we haven’t yet passported our license, then the Lithuanian citizen would not be able to use our app.

However, in saying this, it is possible to use apps which are in another country, for example, during KYC you could show a Lithuanian passport and provide a Lithuanian residential address - if our KYC checks show both as accurate / current, then you would be able to use the app.

However, if the local regulator in Belgium becomes aware of this, they may, together with our local regulator, impose a sanction ie. fine us for a breach. This is why it is usually analysed on a case by case basis, ie. if the Lithuanian citizen is a tax resident of Lithuania but is studying and therefore residing in Belgium, the regulator (and we) would look at this on a case by case basis to see if they could still use our app.

Our KYC policy is strict for this reason, so we’re meeting the requirements of the regulators, but we can look into each case and confirm it.

It’s not so straight forward, so the short answer is no, and the longer answer is, it can be analysed on a case by case basis.

Hope this helps! If you can let me know what country you’re in, I can update you on when we’re launching there.

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Cool and thank you for the help, although sounds complicated what is happening in eu.
Im greek/ spanish living in Greece. I was thinking that if a company has access/ license to one EU country then it has access to whole EU markets.

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Hey @GeiaHara, our license will certainly cover us to operate in Greece however prior to launching in each country we must notify the local regulators of our intentions to operate and update the app accordingly with the regulations of their local market. This can take a bit of time for our compliance and tech team which is why the process of launching across the whole of Europe can take a bit of time :slight_smile:

If you’d like to private message me i’d be happy to include you on our Greece waitlist so you’re kept updated on information related to your market. :greece:

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