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Old 28.01.2015, 10:55
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Transferring UK ISA while living in Switzerland

Hi all,

I have a question regarding transferring investments / cash held in a UK ISA wrapper from one provider to another. Specifically, I want to transfer some investment funds to another provider but I may want to do the same with my cash ISA in the future to get a better rate...

The actual transfer process is very simple and I just start it online and then send some forms.

However...I know that I can't add any extra money to my ISA while I reside in Switzerland and am a non-UK-tax-payer. Are there any issues with transferring funds that are already held within an ISA?

Thank you for any help!
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Old 28.01.2015, 11:08
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Re: Transferring UK ISA while living in Switzerland

Isa's being tax free for UK residents which is why you cannot add to it. So I'm not sure how you would get round the money laundering rules to qualify to open a new account to make the tx?
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Old 28.01.2015, 11:38
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Re: Transferring UK ISA while living in Switzerland

But if I transfer my ISA to another provider, does it count as adding funds to a new ISA?
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Old 28.01.2015, 11:39
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Re: Transferring UK ISA while living in Switzerland

No but you are opening a new account, that will be the problem.
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Old 28.01.2015, 11:49
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Re: Transferring UK ISA while living in Switzerland

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No but you are opening a new account, that will be the problem.
OK thanks for your help... it's unfortunate if that's the case as I'll be stuck on a bad rate for the foreseeable future unless I give up my ISA.
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Old 28.01.2015, 12:16
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Re: Transferring UK ISA while living in Switzerland

When I moved to Switzerland I was told I had to close my ISA as I would no longer be a UK resident...
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Old 28.01.2015, 12:20
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Re: Transferring UK ISA while living in Switzerland

I transfered from Newton to 7im with no problem. They know that I am non UK resident and all communication comes here. So I would ask the new fund.

I had to provide certified copies of passport and a "utility" bill (EWO electricity bill)
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Old 28.01.2015, 12:36
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Re: Transferring UK ISA while living in Switzerland

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When I moved to Switzerland I was told I had to close my ISA as I would no longer be a UK resident...
This isn't the case (thought maybe it was in the past). You can keep your ISAs (but obviously not benefit while you live in CH as it's not tax free here), but not add to them.

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I transfered from Newton to 7im with no problem. They know that I am non UK resident and all communication comes here. So I would ask the new fund.

I had to provide certified copies of passport and a "utility" bill (EWO electricity bill)
Thanks. I will contact the company then. They do not know that I am in Switzerland yet so I need to inform them first...
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Old 28.01.2015, 16:49
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Re: Transferring UK ISA while living in Switzerland

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No but you are opening a new account, that will be the problem.
I call Bull Shit here, I have transferred ISA's several times whilst living in CH, the last time was within the last 12 months.

How can money laundering be an issue? You provide identification as any new account holder would.
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When I moved to Switzerland I was told I had to close my ISA as I would no longer be a UK resident...
There is no requirement to do so, my ISA's were originally PEPS, it's aways been possible to retain but not add to. If your going to remain in CH then it's of zero tax benefit with additional management charges in most cases.
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Old 28.01.2015, 17:42
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Re: Transferring UK ISA while living in Switzerland

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I call Bull Shit here, I have transferred ISA's several times whilst living in CH, the last time was within the last 12 months.

How can money laundering be an issue? You provide identification as any new account holder would.


There is no requirement to do so, my ISA's were originally PEPS, it's aways been possible to retain but not add to. If your going to remain in CH then it's of zero tax benefit with additional management charges in most cases.
Bull shit back at ya FMF lol. I had to contact my UK bank for another reason so asked them and they said no to a cash ISA transfer, even though it's effectively old money, as it's really just a bank account and to satisfy the "KYC" rules (which used to be called money laundering) I would have to provide proof of a UK address. It does appear a grey area though, they were good enough to suggest Barclays though as someone who may do it.

Last edited by Papa Goose; 28.01.2015 at 18:02.
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Old 28.01.2015, 18:02
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Re: Transferring UK ISA while living in Switzerland

I think that many CASH ISA accounts in many places require that you sign you are a UK resident even if you do this on line. I always baulk when I reach this section and so far this has led me to stick with my ISA provider and just move it to a better account often I do this face to face . I am sure somewhere I am signing this but often when they hand a form over the counter to you they just say sign here ... so I do ... Perhaps not defendable but so far it works


I still hold a equity ISAs under one provider , they know I live in CH and they do not seem to care but I never move them.

In some respects given UK citizens still retain their initial tax free income of 10000 GBP ( approx) thanks that George O left us alone : with today's miserable interest rates available you have to have a serious investment in place to make the need for an ISA as important in short term BUT obviously if you leave it alone and return and it retains the ISA wrapper this of course can help.
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Old 28.01.2015, 18:09
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Re: Transferring UK ISA while living in Switzerland

UK banks are rubbish they won't let me open any new accounts because I'm an Expat. Fund managers etc. appear different.
My ISA were all equity based so that is the reason I kept them
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Old 28.01.2015, 18:17
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Re: Transferring UK ISA while living in Switzerland

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Bull shit back at ya FMF lol. I had to contact my UK bank for another reason so asked them and they said no to a cash ISA transfer, even though it's effectively old money, as it's really just a bank account and to satisfy the "KYC" rules (which used to be called money laundering) I would have to provide proof of a UK address. It does appear a grey area though, they were good enough to suggest Barclays though as someone who may do it.
The requirement of a UK address was just a requirement of the bank in question for opening a new accounts. It was used as excuse, perhaps they don't open new accounts for non residents & nothing at all to do with money laundering Legislation.
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I think that many CASH ISA accounts in many places require that you sign you are a UK resident even if you do this on line. I always baulk when I reach this section and so far this has led me to stick with my ISA provider and just move it to a better account often I do this face to face .
You cross out the UK resident bit on the declaration, its only a requirement for new money, not a transfer. I had this clarified on 2 occasions by 2 UK financial institutions, they both needed a day or so to clarify. Perhaps I don't take no for an answer unlike Papa Goose.
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Old 28.01.2015, 18:20
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Re: Transferring UK ISA while living in Switzerland

Nah the missus had several ISAs accruing for the last 6 years and the bank was well aware she was no longer a resident in the UK. To set up a new ISA you need to be resident.
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Old 28.01.2015, 18:35
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Re: Transferring UK ISA while living in Switzerland

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.... Perhaps I don't take no for an answer unlike Papa Goose.
Maybe I'm just not so bloody minded over 0.015% as FMF.

Fact is I wanted to open a current account with a different bank for a specific reason last year and I tried normal the normal high st banks inc Barclay, Lloyds, RBS (used to work for them) and Santander, and IF online. No one would as I wasn't UK resident and could not provide acceptable doc's which where UK address and a UK utility bill.
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