ISAs for Dual Citizenships UK+USA? - Im worried I'll lose money

Jackbtn94

Im looking at a potential move to the USA in coming years and therefore will become a tax resident there. 

I currently have a selection of ISA accounts and pay into my S&S ISA regularly as someone self employed its one of many ways Im preparing for my retirement.

I have however just been reading about the rules on not being able to pay into an ISA from abroad as a foreign national?

Im a bit concerned as I don't want to be hit by the impact of loss of compound interest here that Im accumulating.

1) Is there a way to continue to pay into my ISA as a USA dual national?
2) Failing that - is there a way I can transfer my current S&S ISA i have in the UK to a USA similar programme? 

Anything else worth noting? thank you

masonic

ISAs aren't recognised as tax wrappers in the US, so you'd lose any protection from income and capital gains tax, which you'd pay to Uncle Sam. In addition to this, many UK providers will not allow you to hold accounts with them if you are tax resident in the US because of the tax reporting burden the US FATCA law places on them. To continue holding your accounts you'd need to find institutions willing to deal with US residents, perhaps a provider who also operates in the US, but they will not be allowed to let you add additional money to your ISAs.

jimjames

Jackbtn94 said:

1) Is there a way to continue to pay into my ISA as a USA dual national?
2) Failing that - is there a way I can transfer my current S&S ISA i have in the UK to a USA similar programme? 

Anything else worth noting? thank you

You can't pay into an ISA if you're not a UK tax resident anyway regardless of being dual national. (but presumably you're not being a US national, just resident?)  You can continue to hold ISAs if you're not resident in the UK but as above USA residency might impact that with some providers.