Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 16.05.2019, 07:46
Newbie 1st class
 
Join Date: Apr 2009
Location: Lausanne
Posts: 23
Groaned at 9 Times in 3 Posts
Thanked 7 Times in 5 Posts
kkckkc has annoyed a few people around herekkckkc has annoyed a few people around here
Non-resident investing in UK funds

Hi, I am a UK expat and having moved around have some cash in GBP. I'd like to invest in UK mutual funds and have a UK bank account on my parents address, but as a non-resident brit, it seems impossible to open a uk based trading account. Hargreaves were unable to open an account. Interactive Brokers does not list any UK funds on my account, presumably as the address is Swiss.


I am keen to know how other Brits in CH have navigated around this. TY,



Reply With Quote
  #2  
Old 16.05.2019, 10:31
Senior Member
 
Join Date: Nov 2013
Location: zurich
Posts: 251
Groaned at 4 Times in 4 Posts
Thanked 163 Times in 88 Posts
peaky has no particular reputation at present
Re: Non-resident investing in UK funds

I have opened both Hargreaves and Premium Bonds while being a non resident. Something I also really like is Property Partners, which again I opened as non resident. You just have to jump through a few more hoops.

You can open them all, just need to get your documents verified by a notary.

An ISA wont be possible but otherwise you can do the rest.
Reply With Quote
The following 2 users would like to thank peaky for this useful post:
  #3  
Old 16.05.2019, 11:47
Jim2007's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Kt. Bern
Posts: 4,063
Groaned at 98 Times in 83 Posts
Thanked 4,455 Times in 2,134 Posts
Jim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond repute
Re: Non-resident investing in UK funds

Quote:
View Post
I have opened both Hargreaves and Premium Bonds while being a non resident. Something I also really like is Property Partners, which again I opened as non resident. You just have to jump through a few more hoops.

You can open them all, just need to get your documents verified by a notary.

An ISA wont be possible but otherwise you can do the rest.
Timing might be important here. When did you do this? I have noticed a significant increase in complaints about people trying to do business with UK financial services companies on one of the Irish finance forums over the past year or so.

In the past it was never an issue, Ireland was just treated as if it was part of the UK. But it seems that between new UK legislation, new EU rules, BREXIT and company policies, they are not so interested in taking on new non residents anymore unless of course you have a couple of million... the usual.
__________________
"There is no passion to be found playing small - in settling for a life that is less than the one you are capable of living." - Nelson Mandela
Reply With Quote
  #4  
Old 16.05.2019, 11:57
Forum Veteran
 
Join Date: Mar 2014
Location: Neuchatel
Posts: 623
Groaned at 1 Time in 1 Post
Thanked 246 Times in 168 Posts
Enohzee is considered knowledgeableEnohzee is considered knowledgeableEnohzee is considered knowledgeable
Re: Non-resident investing in UK funds

Hargreaves don't open accounts for non-residents, as the OP said. I'm not allowed to add any money to mine that I opened when I lived in the UK.

Interactive Brokers is perfectly fine, you can hold GBP and invest in UK stocks. You can't invest in mutual funds with IB though.

If you really want mutual funds, could look at Fidelity UK?
Reply With Quote
  #5  
Old 16.05.2019, 11:58
Senior Member
 
Join Date: Nov 2013
Location: zurich
Posts: 251
Groaned at 4 Times in 4 Posts
Thanked 163 Times in 88 Posts
peaky has no particular reputation at present
Re: Non-resident investing in UK funds

The HL fund was opened I guess in September/October last year, so really recently. Property partners was Feb last year so also not so long ago. And the Premium Bonds was quite a few years a go
Reply With Quote
This user would like to thank peaky for this useful post:
  #6  
Old 16.05.2019, 12:03
Forum Veteran
 
Join Date: Mar 2014
Location: Neuchatel
Posts: 623
Groaned at 1 Time in 1 Post
Thanked 246 Times in 168 Posts
Enohzee is considered knowledgeableEnohzee is considered knowledgeableEnohzee is considered knowledgeable
Re: Non-resident investing in UK funds

Quote:
View Post
The HL fund was opened I guess in September/October last year, so really recently. Property partners was Feb last year so also not so long ago. And the Premium Bonds was quite a few years a go
Very strange, as HL stopped allowing me to top-up my account after I told them my new address, earlier than September last year...

They still required notarized documents, so that I could even just withdraw my money.
Reply With Quote
  #7  
Old 29.05.2019, 13:12
Newbie 1st class
 
Join Date: Apr 2009
Location: Lausanne
Posts: 23
Groaned at 9 Times in 3 Posts
Thanked 7 Times in 5 Posts
kkckkc has annoyed a few people around herekkckkc has annoyed a few people around here
Re: Non-resident investing in UK funds

I called HL a couple of days ago and they said it would be fine for me to open an account despite living in CH. This being said however, I noticed that some of the funds I am interested in are only open to UK residents and so likely to be blocked within HL...!







Reply With Quote
  #8  
Old 29.05.2019, 14:39
Newbie
 
Join Date: Sep 2014
Location: Geneva
Posts: 3
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
David-J has earned some respectDavid-J has earned some respect
Re: Non-resident investing in UK funds

HL told me last year that I cannot add funds to my account or buy or sell anything on the platform. I can keep the account but the only action I can take while I'm resident in CH is to close it entirely, for which they agreed to waive the usual fees.
Reply With Quote
  #9  
Old 29.05.2019, 14:47
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 17,791
Groaned at 282 Times in 231 Posts
Thanked 15,185 Times in 8,440 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Non-resident investing in UK funds

Quote:
View Post
Hargreaves don't open accounts for non-residents, as the OP said. I'm not allowed to add any money to mine that I opened when I lived in the UK.

Interactive Brokers is perfectly fine, you can hold GBP and invest in UK stocks. You can't invest in mutual funds with IB though.

If you really want mutual funds, could look at Fidelity UK?
I have added substantial funds to my HL account in the last year whilst being non resident.
Reply With Quote
  #10  
Old 31.05.2019, 16:06
Senior Member
 
Join Date: Apr 2015
Location: Port-Valais (was SFO)
Posts: 268
Groaned at 5 Times in 3 Posts
Thanked 153 Times in 95 Posts
Caryl has earned the respect of manyCaryl has earned the respect of manyCaryl has earned the respect of many
Re: Non-resident investing in UK funds

Quote:
View Post
I have added substantial funds to my HL account in the last year whilst being non resident.
From HL T&Cs: "We offer a full range of services to UK residents and may be able to offer limited services where you are resident outside the UK. You must let us know if you are not, or cease to be, resident in the UK or the EEA and/or become resident in the USA. For these purposes you are deemed to be resident in a country if you have lived, or move with the intention of living, in that country for 12 months or more. We may not be able to offer some or all of our services to you if you cease to be resident in the UK."
Reply With Quote
  #11  
Old 31.05.2019, 17:09
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 17,791
Groaned at 282 Times in 231 Posts
Thanked 15,185 Times in 8,440 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Non-resident investing in UK funds

Quote:
View Post
From HL T&Cs: "We offer a full range of services to UK residents and may be able to offer limited services where you are resident outside the UK. You must let us know if you are not, or cease to be, resident in the UK or the EEA and/or become resident in the USA. For these purposes you are deemed to be resident in a country if you have lived, or move with the intention of living, in that country for 12 months or more. We may not be able to offer some or all of our services to you if you cease to be resident in the UK."
They have only ever had a foreign address for me, they know I have a NT (No Tax) code from HMRC as the pay my UK pension free of UK tax. Other than a new ISA or their new cash handing service, I don't think I am missing any services.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Anyone investing in SRI funds? giff Finance/banking/taxation 9 23.02.2017 11:21
Taxation [UK Non-Resident Married to Resident] Montana2 Finance/banking/taxation 1 20.07.2015 13:54
Account in the UK for a non-resident? inzinga General off-topic 4 03.10.2013 16:00
Investing in Swiss Real Estate funds DavidSJC Finance/banking/taxation 4 20.02.2012 21:34
Car insurance in UK for a non resident swisscath General off-topic 3 12.01.2011 11:23


All times are GMT +2. The time now is 02:14.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0