Advice for Expats - offshore? Financial Advisors? etc..

tomS_4

I've been in Japan for a few years, but I was always planning on coming back 'soon' so I left my affairs as they were in the UK.
(money spread across several bank accounts and in a cash ISA - though many of those accounts now have very poor returns.)
I've recently decided that I'll be in japan for at least the medium term, so I need to start getting my financial house in order in the UK.

Are there any expats on this forum who might be able to provide advice or their experiences? Or can anyone recommend a good source of advice?

Are there any reputable (and cheap ;-) ) financial advisers that are experienced in expat finances? Are there any online financial advisers? I don't really want to end up paying and then discovering that they only know about domestic matters.

What is the situation with opening ISAs and Bank Accounts from overseas? Is it allowed, or am I effectively stuck with the accounts I already have? In that case, is it better to look at offshore options?

If I already have a Cash ISA with a bank, does opening a Stocks and Shares ISA count as opening a new account and require UK residency?

Sorry for so many questions, but I'm just trying to get an idea of the issues and situation before finding out more specific info.

Thanks in advance!

xylophone

http://www.hmrc.gov.uk/isa/faqs.htm#14

An ISA is an ISA whether cash or stocks and shares.

With regard to moving it to another provider, I do not think that the rules forbid this see for example the HSBC transfer-in form http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/cash-e-isa-transfer-in-form.pdf

but you might find that not all providers will accept a transfer where the holder is non-resident.

This thread might be of interest https://forums.moneysavingexpert.com/discussion/3954949

As for financial advice, presumably this type of thing? https://www.ifa-asia.com/Home_Page.html is one example found by googling.

RetiredInThailand

Aside from the fact that you cant open one or add to an existing one, as a non-resident you have very little to gain from having an ISA rather than a regular cash deposit or regular share account with some online broker. In fact you would probably be worse off with an ISA due to fees and lower interest rates.

I wouldn't waste my time or money with a financial adviser, unless it is advice about Japanese tax planning that you need.

atush

I would look at investing in equities for future savings, if your current savings are mainly cash based. Most of the large providers will invest for expats.

Yes, you can transfer your old isas into higher paying accts, but can't open new ones. Some banks and building societies will accept money from offshore, others won't. BM do, I think Coventry too.

HSBC has good global accts that are linked in online banking, including an investment center. Costs are lower and rates higher if you qualify for Premier banking.

tomS_4

Thanks for the advice so far. Much appreciated.
I was sure i'd been told that i could keep paying into my ISA, but it turns out that I can't. So it seems like ISAs are mostly out.

Is dealing with the international versions of big providers (Nationwide international / HSBC global, etc...) any different from dealing with the UK version? I really have no idea except that offshore investing sounds a little scary. the main advantage being that I can open an account from overseas, I presume?

Re: online brokers - I'm not sure which ones allow international users or which ones are reliable. Anyone have any recommendations?

Re: Online advisers - I found lots by googling. But I have no idea which ones are reliable. I don't need advice for Japanese tax. I was thinking more of a one-off consultation to give me some basic recommendations. I've never used a financial adviser before though, and have no idea how much that would cost.

PS/ BM is Birmingham Midshires?

RetiredInThailand

Like I said, why worry about ISAs if you are non-resident? You are better off without them.
I would avoid offshore deposit takers also along with the financial advisors.

If you check their websites you will very quickly see which online brokers and onshore banks accept non-resident clients. It really isn't hard. And the search function in here will produce a lot of suggestions also.