Currently working abroad so how can I invest as a non UK resident?

lovewalter

I am a British citizen but I currently work in China, so I am a non UK resident I have 17000 GBP in savings.

I want this money to make more money for me. I can keep adding 1000 GBP every month and also maybe an extra 4000 GBP every year with my bonus.

But when I sign up for an ISA or new bank savings account they say non UK residents cannot apply.

What can I do with my money? Right now it sits in my current bank account earning 0.01% interest.

Please help thank you

xylophone

As a non resident you cannot open an ISA.

It is likely that opening a savings account will also prove difficult.

Off shore accounts may be possible.

https://moneyfacts.co.uk/guides/offshore-savings/offshore-savings-guides/

It may be possible to set up an investment account.

https://www.tddirectinvesting.co.uk/other-accounts

macman

National Savings Income Bonds will pay you 1%. That's 100 times more interest than you are getting at present. Minimum holding is £500.

xylophone

Before applying to NS&I the OP would need to check that Chinese regulations permit him to hold the account.

https://www.nsandi.com/files/published_files/asset/pdf/income-bonds-brochure.pdf Page 6.


Check the rules where you live

First you should check whether local
regulations allow you to buy and hold
Income Bonds, as some countries don’t
allow this.

Applying from abroad

The first time you apply will have to be
by post, as you’ll need to send us some
documents to prove your identity and
address. We’ll also need your Tax
Identification Number and date and place
of birth if you live in the European Union.
Find out more before you apply

buglawton

I would try to open a UK based online share trading account. Buy a decent variety of FTSE shares that yield over 2%. These are often not in the top 100 but in the top 250. In some ways they are safer than currency, e.g. if the £ falls, UK shares eventually rise. If the £ rises, not all shares will fall. It's a sort o hedge against currency fluctuations.

Don't concentrate on one sector - have commodities, commercial property, services and tech/chemical/medical all in the mix.

The irony here is that many Chinese citizens with family money are busy buying investment properties in the UK!

lovewalter

to buy UK shares I have to be a UK resident, is there any other way?

buglawton

I didn't know that. So you're saying that none of the international stockbrokers here would handle UK shares for you?
https://the-international-investor.com/2011/uk-stock-broker-accounts-nonresidents

NG83

You need to read the books of Andrew Hallam on expat investing. Google his name for his website and books.

Maigrait

I am also a non resident living in France. Take a look at a good ?Investment firm that can supply of-shore investment. You pay no tax, only when you take the money home. Which is fair enough. It earns interest and generally has a level of investment under UK law but is outside UK tax; Guernsey, Isle of Man, Gibralter etc.