📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Dodl don't allow dual-citizens to open an ISA

I decided to open a Lifetime ISA with Dodl, but right at the end of the application process it states you must be "Solely a UK citizen."  I am British, but hold dual-citizenship.  Apparently this means Dodl won't have me as a customer.

Has anyone seen this before?  Is it normal for financial institutions to disallow dual-citizens to open accounts?

I can understand the complexity of customers who are resident for tax purposes in multiple countries, but I don't understand how citizenship is an issue.  It must cut out a lot of potential customers!

Comments

  • MattMattMattUK
    MattMattMattUK Posts: 11,038 Forumite
    10,000 Posts Fourth Anniversary Name Dropper
    peter_333 said:
    I decided to open a Lifetime ISA with Dodl, but right at the end of the application process it states you must be "Solely a UK citizen."  I am British, but hold dual-citizenship.  Apparently this means Dodl won't have me as a customer.

    Has anyone seen this before?  Is it normal for financial institutions to disallow dual-citizens to open accounts?

    I can understand the complexity of customers who are resident for tax purposes in multiple countries, but I don't understand how citizenship is an issue.  It must cut out a lot of potential customers!
    It is completely allowable and likely does not cut out as many as you might think as it only restricts a few tax beneficial products to individuals who may well make regulatory compliance much more complicated for them, especially as they are primarily an investment platform not a bank.
  • r6mile
    r6mile Posts: 258 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Usually US citizenship is an issue and most providers won’t allow you to open an ISA if you are American (basically because the US taxes on the basis of nationality not residency, and sees ISA gains as taxable so it can cause problems). 

    But citizenship of other countries should not be an issue - this is unusual (I am also a dual national).
  • peter_333
    peter_333 Posts: 123 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    Heard back from Dodl with an explanation. They were fairly upfront that not allowing dual-citizens or foreign nationals is simply a way for them to cut admin costs:

    "as we are a low-cost provider, one of the ways we can keep our charges so competitive is to reduce the extra data reporting requirements that would be necessary for Dodl if we allowed non-UK citizens or dual citizens to open accounts with us."
  • DavidT67
    DavidT67 Posts: 506 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Dodl also don't accept Gross employer contributions to their SIPP.

    If you want a full functionality S&S ISA and / or SIPP then AJ Bell offers them to dual nationals, provided you aren't Canadian or American...
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.5K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.3K Spending & Discounts
  • 243.5K Work, Benefits & Business
  • 598.2K Mortgages, Homes & Bills
  • 176.7K Life & Family
  • 256.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.