I am an US citizen residing in Hong Kong and I am planning to open a brokerage account to invest in Hong Kong stock. Being an American living abroad, not only it's very difficult to find a brokerage firm that will accept US citizens, I'm also subject to very complicated tax reporting requirements on foreign accounts and assets. I am now considering Interactive Brokers, would greatly appreciate if anyone with similar background can share with me their experience and knowledge on how it's like to work with IB (also have questions as follows).
1. I know that IB is an US based corporation, but when I open account with them in Hong Kong (i.e. IBHK), will my account still be considered an US account or an HK account that I need to report as foreign account in my tax return and FBAR? If I need to report it as a foreign account, how do I determine its Maximum Value for any calendar year?
2. I choose IB (over other brokerage that still accepts US Citizens e.g., UOB Kay Hian, Boom) mainly because I assume that IB can issue 1099 (INT/DIV/B) for me and this will help simplify my tax report significantly (e.g., without 1099-DIV, I don't think I can determine if any dividend is ordinary or qualified). Is my assumption true that IB will issue 1099 even accounts are opened in IB HK?
3. Any other options/suggestions for US persons residing in HK trying to invest in HK stock?