Dual UK/US citizen looking for Share Trading Account

StevieB4

Please help. I am both a UK and US Tax resident. I live in the UK and have done my whole adult life. I am a US resident as I was born in the US but moved to England when I was 7. I also have a certificate of British citizenship after a request was made before I moved. I have a National Insurance Number as well as a social security number which I obtained a few years back to become compliant with US tax filing.

Last week I received a letter from my bank about my share trading account saying that they will be closing it in 4 weeks basically stating that they cannot offer me the best service. However I believe it is more to do with FATCA reporting. To cut it short I need a new trading account to transfer my shares to and allow me to trade again.

Does anyone know of any that cater for Dual CItizens of UK and US or know how I could go about finding one?

EdSwippet

Have you tried Interactive Brokers? They claim to offer accounts to investors worldwide, and have a good reputation among the internationally mobile. Their pricing is reasonable, though they are not the cheapest. And their trading interface is geared up for more complexity than you probably want or need, though of course you don't have to use all its features.

Be very careful about the type of investments you hold. You cannot use UCITS ETFs without falling foul of nasty US tax laws, and Interactive Brokers will not allow you to hold US domiciled ETFs that would otherwise escape that. In practice, you may find yourself restricted to holding only direct stocks and bonds, and with no usable access to any 'collective investment vehicles' such as ETFs, OEICs, mutual funds, or investment trusts.