Ex-pat, transferring cash + shares ISAs

thebigbosh

Hi guys, I've been officially ex-pat status for a year now and have only just realised my ISAs have been pretty poor and transferring could put a lot more cash on top of my savings. I have both cash and shares with Nationwide, and am going to try and kick these transfers off whilst I am in the UK...

So cash I am going to look to move across to IceSave.

But shares ISA? I have no idea about the market and I'm guessing for lack of advice I've seen on the site, recommending one of these would be like recommending shares themselves right? So is it worth transferring given the current market? Who accepts transfers? Who performs consistently with their shares ISAs?

Now with these transfers, I know I can't put any new money in as an ex-pat but will being ex-pat affect this in any way?

Thanks guys

B

neilD

I'm a expat and was looking at icesave last week then I notice:

open an easy access savings account

Before you get started, please check that you agree with the following:

• I'm aged 18 or over and a UK resident (excluding Channel Islands and Isle of Man)

I'm not a UK resident, I found a few with this restriction Norther Rock as well

dunstonh

have no idea about the market and I'm guessing for lack of advice I've seen on the site, recommending one of these would be like recommending shares themselves right?

Stocks and share ISAs are just containers. Depending on what investments you choose to have (of which there are tens of thousands) and what options you want, the best provider will vary.

Also, its a regulated area so you cant really put up an article like you can with savings accounts (which are unregulated)

So is it worth transferring given the current market?

Yes. Market conditions have no impact on ISAs.

Who accepts transfers?

Virtually all providers.

Who performs consistently with their shares ISAs?

No-one. It doesnt work that way. If you chose xyz company for an ISA and put a dog fund in it then you would be unhappy. If you chose the same company and picked a spread of funds that performed well then you would be happy. It has nothing to do with the provider of the ISA but the investments you choose.

Since 1st Nov last year, some providers have ceased to accept non-resident business due to regulatory changes. You are in Brazil so the regulatory changes didnt really apply to you but the consequences have. So, you must look for acceptance of non residents in the T&Cs.

Also, you shouldnt assume that the ISAs are tax free for you. I dont know about Brazil and its taxation but they may not recognise the ISA tax free status and you may have to declare the holdings for tax purposes as if they were unwrapped. A local tax adviser to you should be able to confirm this (or if cook county is reading this, he may be able to as he seems to have excellent knowledge on overseas taxation).

Cook_County

Thanks dunstoh!

According to PwC, the following is the tax position in Brazil:

"
Individual Taxes: Brazil: Territoriality and residence

Residents of Brazil are taxed on their worldwide income, and nonresidents are taxed exclusively at source on their Brazilian-source income. The source of income is determined by the place where the income payer is located, irrespective of where the work is performed.

Work permits and special visas are required for any alien intending to live and/or work in Brazil, whether for a short or a long period. Two types of visa may be granted in connection with work permits.

1. Permanent visas—Holders of permanent visas are considered residents as from the date of arrival in Brazil.

2. Temporary visas (valid only for up to two years)—Holders of temporary visas are also considered residents as from the date of arrival in Brazil, as long as they have an employment contract in Brazil. Otherwise, they will become tax residents as of their 184th day of presence in Brazil within any given 12-month period. "