Based currency USD in Singapore tax residency

Hi all,

I don’t know if this is possible but I’m based in Singapore but my interactive brokers account base currency is USD and I’d like to have my Sharesight base account currency as USD as well.

when i have selected Singapore as Tax residency it automatically gives me the option of SGD as base currency.

Is it possible to change? if not, any recommendations? or is this a new feature to consider?

Hi @TheDealer welcome to the forum! :partying_face:

With your portfolios tax residency as you have outlined, the currency of your portfolio will be in the region that you select. So when you import US trades, there will be a currency conversion into the currency of the portfolio.

There are two options that you can do to show your holding in USD:

We have our Multi-Currency Valuation Report where you can display your holdings in any of our supported currencies.

Or you can create a new portfolio in the USA tax residency to show your holdings in USD.

I’m in the same situation. The solutions you have provided are not ideal. Option 1 doesn’t show returns/just the snapshot valuation (I had to upgrade my plan to see it). Options 2 requires us to re-enter all our transactions/holdings information?

I’m sure we can work out a simpler solution? e.g. quick change of tax residency?

This seems to me like a data modeling problem in Sharesight. The tax residency of an investor and currency of an account are two completely independent things, that should never have been tied together.

I will select Virgin Islands (US) for my portfolios for now, but when Sharesight corrects the limitation in their data model (and I am sure eventually they will have to do this), I hope they will allow me to change my tax residency!

One workaround until then would be to develop an external app which uses the V2 API to automatically subtract the correct tax amount from the dividend income