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Quickest way to establish UK residency (former resident) for financial services?
I am interested in taking on the services of a brokerage firm for the 'cashing out' of assets. The problem is they will only take me on as a client if I am a UK resident.
I tick most of the boxes e.g. Born and bred, UK passport holder, full family connections, maintaining a bank account etc but I have been oversees for many years, therefore, I do not comply with the '183 day', 'home' or 'UK tax payer' rules.
Are there ways to get around these problems in case something happens in the markets and I need to make moves?
Is it a case that I'll have to return to the UK and sit in my parent's spare room, twiddling my thumbs for 183 days before anything can be acted upon?
Cheers,
Tom.
Comments
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If you’re not resident most won’t want to know. What is it that you own? For shareholdings you can often transfer them in specie from one stockbroker/registrar to another. Interactive Brokers could be one that’s available where you’re domiciled and accepts transfers from around the world.
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Are there ways to get around these problems in case something happens in the markets and I need to make moves?
Options are:
- become a UK resident for tax purposes
- use a firm that has a target market for UK expats and deals with people where you are resident.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.4 -
How do you manage your investments now? Can you continue with your current financial services arrangements when you return to the UK?
You generally prove residency to organizations like the NHS, banks etc with a utility bill or rental agreement.
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
Thanks for the replies. I shall elaborate further.
I hold a quantity of crypto currency and in the near future I may be looking to 'cash out' depending on the market. Therefore, I am looking to use the likes of 'Caleb and Brown' and/or 'Uptrend' to act as my brokers to ease the process, instead of doing it manually myself with the exchanges and the challenges that presents.
So, in the case of C&B (Uptrend - unconfirmed), they require that I am a UK resident to take me on as a client.
Out of interest, if I turn up in the UK and change my UK bank account address to my parents (where I would stay), take out a mobile phone contract etc would this help with my residency or am I still stuck with waiting a prescribed time before I am a legit UK resident?
Tom.
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"Out of interest, if I turn up in the UK and change my UK bank account address to my parents (where I would stay), take out a mobile phone contract etc would this help with my residency or am I still stuck with waiting a prescribed time before I am a legit UK resident?"
No, just those things wouldn't make you a legit UK resident.Why don't you sell the crypto in your country of residence? Looking at your past posts, Italy? Tax? You have creditors in that country who would take the proceeds?
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Residency has a number of "tests" and they do not necessarily include 183 days presence in the UK. With their parents' address, a utility bill, a UK passport and family history they will be able to claim UK residency and open bank accounts etc including UK brokerages.
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
I can't help you with advice about the mechanics of selling crypto.
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
I would have thought the last thing you'd want is for two countries to both believe you are tax resident.
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Indeed, Italy has a CGT rate of 33% on Crypto profits ( up from 26% prior to 1st January 2026), and UK CGT rates of 18 to 24% depending on marginal income tax rates.
Bearing in mind Italy has a number of authorised crypto trading platforms as well as transnational platforms such as Revolut, one wonders what the OP's motives are in seeking access to a UK platform they are not currently eligible for.
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From the, "twiddling my thumbs" comment in the OP I'm assuming that the OP isn't planning to actually move to the UK.
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