US dollar share dealing

andl10108

Hello all.
This is my first post so hope i will get some replies to my questions.

I've just inherited around $5000 in the good old USA and rather than convert it back as i dont really need it, i would rather buy some US index tracker shares in US dollars.

Can i just open up an account there ?(I have a relatives addresss i can use in florida), and are there any reputable companies to use.

Note: i have a uk passport only and am permanently residing in the uk.

Many Thanks
A

Cook_County

It is unlikely that a US brokerage would deal with you unless you have a Social Security Number. Should you buy a domestic American US tracker fund any profit would be subject to UK tax as income - without the CGT exenmption - because of the offshore income gain rules, so it may not be wise in any case.

gt94sss2

andl10108 wrote:

I've just inherited around $5000 in the good old USA and rather than convert it back as i dont really need it, i would rather buy some US index tracker shares in US dollars.

Can i just open up an account there ?(I have a relatives addresss i can use in florida), and are there any reputable companies to use.

There are various US based stockbrokers who will allow UK citizens to open accounts with them - the list changes from time to time as they alter their eligibility requirements for new accounts and it may be that you can't open the account online but must post them your initial application form (though accounts can then be managed online)

For instance:

- E*Trade will allow you to open an account

- Datek (now part of http://www.tdameritrade.com/contact.html) used to and the TDA website still has contact details for international customers and the W-8BEN (certificate of foreign status) form is downloadable as one of their 'popular' forms.

- Charles Schwab have a site for UK investors at http://www.charlesschwab.co.uk/

Also, may be worth looking at http://www.interactivebrokers.co.uk/ (or http://www.interactivebrokers.com/)

Regards
Sunil