Expat - where to invest 30K?

bearmarket

Hi All,

I'm a newbie on this site and looking for some wisdom about what to do with the proceeds from a recent flat sale. I have about 30K to invest... I know that any investment depends on attitidues to risk etc, what I'd love to hear is advice particular to my situation as an expat.

I'm a UK citizen on a long term work assignment abroad, so am expatriated and therefore (I think!) not liable to pay UK income tax. I'm still paid monthly into a UK bank account however, and this is where the money is current languishing.

I don't want to do anything too risky with the money, but would be like to put it into a safe medium term investment of, say 5-10 years.

Specifically I'm wondering:

- Can a non-resident buy UK premium bonds?

- Can a non-resident continue to use UK based savings accounts (I have an ING direct account and read in the T's & C's that you must be resident to open the account, but can you continue to use if you expatriate?)

- I know I cannot hold an ISA as a non resident. Are there similar alternatives for non-residents?

- Would there be advantages for me to offshore the money?

- Can anyone clarify what taxes I'm liable for on investments as an expat? The way I understand it I'm liable for some income tax in both Uk and host country, but I'm not clear what would happen with tax on investments.

- Any other advice/ideas?!

Big thanks in advance!

Bearmarket

t_i_g_e_rr

I can forward you the account number of my savings account if you want. lol. I'm sure you will get some better ideas! Oh, and welcome.

grumbler

'How can my sister in South Africa invest in UK? ' recent thread...

lawrie_(with_a_'w')

Regards your idea on Premium Bonds, 30K is the limit you can invest with them. I just had a quick look through a leaflet on Premium Bonds that I have and I can't see why you can't buy them. For more information, their website is https://www.nsandi.com

Hope this helps!

bearmarket

Thanks for answers so far, seems I can buy premium bonds as a non UK resident so thats definitely one option.

Regarding my ING Direct savings account. I spoke to someone on the ING helpdesk who couldn't reaally answer the question. He said that there was no need for me to close the account as a non-resident, but that he wouldn't reccomend using it while abroad!

Can anyone clarify this one? Can i continue to use a UK based savings account while temporarily residing abroad?

grumbler

'non-resident savings' thread...

Paul_Varjak

As you are a non-taxpayer in the UK I do not think that premium bonds are such a good idea. Any winnings are tax-free anyway, so really favour the higher rate taxpayer.

Your other questions are probably too specialised for a general money-saving website. I would suggest that you try: Taxation Web and locate the Tax Tips forum.

cheerfulcat

Hi, Bearmarket,

Have a look at the Expat Investors board on TMF -

http://boards.fool.co.uk/Messages.asp?bid=50919

HTH

Cheerfulcat