Investment ISA transfer for non-uk resident?

emma_libertine · 27 May 2018 at 1:18AM

Hi everyone,

I need some advice regarding opening an investment ISA. I am a non-resident UK citizen who has moved to the USA (through marriage - I now have a green card). I live in the US and do not plan to return to the UK. I am not resident in the UK for tax purposes.

I have a large sum sitting in a cash ISA and the rate is terrible. I would like to invest it in an investment ISA but am struggling to find a company that allows non-residents to open a new account. I was considering moving it to the US and investing there but I am not sure this is best for two reasons: 1. the exchange rate GBP to USD is not good right now, and 2. My student loan is half of the amount I have saved and I need to pay in GBP, so it makes sense to keep at least this in GBP.

Any advice would be wonderful. I know that I cannot add new funds - I am not wanting to do that, just to make my savings work for me and it looks like investment is the way to go.

Does anyone know of a provider of investment ISAs that allows non-residents to open?

Please help!

masonic · 27 May 2018 at 11:36AM

You can't open a new ISA for the purpose of transferring the existing one as you are non-resident. The same would probably be true of taxable UK savings accounts - at least those with competitive interest rates.

I agree, keeping some exposure to GBP makes sense if a proportion of your spending is in sterling.

Investment could be an option if you can take a risk with the money. I presume there are investment firms that allow you to have accounts in multiple currencies over in the US just like we have in the UK.

Investment ISA transfer for non-uk resident?

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