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[AyG]

I need to move my investments from Transact to a new wrap account which allows holding of both equities and funds. The account would need to be a self-directed one since my IFA has dropped me as a client (hence the forced moved) and no IFA would take me on as a client whilst I'm outside the UK.

I approached 14 providers.

Five didn't respond to my emails/messages (Bestinvest, Charles Stanley Direct, Clubfinance, Interactive Investor, Trustnet Direct, Bestinvest, Charles Stanley Direct).

Seven said "no" (AJ Bell Youinvest, Alliance Trust Savings, Close Brothers, Halifax Sharedealing, Hargreaves Lansdown, iWeb, Strawberry).

Barclays said "Yes, but we're reviewing things and you may be forced to close your account".

TD Investing said "Possibly. We review it case by case."

Can anyone suggest any other provider I could approach which does accept non-resident clients? Or know that one of the non-responders does accept such clients?

Any thoughts much appreciated.

[AyG]

It gets worse. After TD Investing said it might be possible they've just sent me an email "I am very sorry but I am afraid we longer offer accounts for non-EU residents."

[KittenKong]

Can't you just "borrow" the UK address of a friend or family member?

[AyG]

Can't you just "borrow" the UK address of a friend or family member?

I could, but to do so I'd have to declare myself resident in the UK. That would mess up my claim to be non-domiciled in the UK.

[GavinK]

Do you really mean non-domiciled or non-resident ? Using a UK address for everyone except HMRC doesn't really matter when claiming non-resident status.

[AyG]

Do you really mean non-domiciled or non-resident ? Using a UK address for everyone except HMRC doesn't really matter when claiming non-resident status.

My concern is IHT. If I make a statement that I am resident in the UK (which I haven't been for many years) and lie to open an account stating I am resident I worry that my executor will have a problem.

The RDR (Retail Distribution Review) has been an absolute disaster for expats. My IFA has dropped me for my regular investment account. I can't get a new UK IFA as an expat. I can't open a new, non-advised wrap account. I can't open an advised wrap account. I'm really surprised there hasn't been more about this posted here.

My ultimate fear (and it's pretty inevitable) is when my IFA drops me for my QROPS investments. Even lying about my residence isn't going to help there.

[KittenKong]

My concern is IHT. If I make a statement that I am resident in the UK (which I haven't been for many years) and lie to open an account stating I am resident I worry that my executor will have a problem.

I think you worry too much.

What you say to your broker or bank has zero impact on what HMRC think.

[SantiSuk]

If you have a reasonable amount of money to manage*, try Fry Group at their Singapore office. UK-based expat advisers with operations in Singapore and Hong Kong. One of their advisers (UK-qualified) comes to Bangkok a couple of days most months to see clients.

Google FryGroup.

I can't give them a full recommendation yet as I am just starting out down the process of getting non-residence and non-domicile plus shifting money offshore UK myself, but they do seem to be pretty reliable established sorts. From contact so far I am given to believe that they can advise on where to park UK investments and can get advice from them and others they find if needed. Whether the advice comes with the same regulatory backing you would get in the UK I am not sure (I'm confident enough in my own decades of investing experience to manage that risk, having managed my own portfolios/pensions using mostly investment trusts, and other funds).

I share your concerns about not claiming resident status to new accounts with UK financial houses, while claiming non-residence to HMRC (not volunteering same to existing UK providers is a less difficult issue for me, but I would be unsurprised if UK institutions ultimately go down the path or requiring residence confirmations every few years). Probably people like KittenKong have got away with it in the past but is it worth, in an environment of increasing monitoring and enquiry, risking a large CGT liability or a big IHT clobbering to your estate that you are trying to (legitimately) insulate yourself from? Nah.

*Dunno whether they have a net worth limit below which they would not take on clients = would not be surprised if they want clients with more than say 100k or 200k.

[KittenKong]

Probably people like KittenKong have got away with it in the past but is it worth, in an environment of increasing monitoring and enquiry, risking a large CGT liability or a big IHT clobbering to your estate that you are trying to (legitimately) insulate yourself from? Nah.

HMRC residency rules could not be clearer and I pass (by far) every test used by them, so I see no possible CGT issues under current practice. Of course I do keep an eye on the situation as rules can change.

I also pass every test currently used by HMRC to determine domicile, though these are much less obvious. I keep an eye on this too.

I have also arranged my affairs so that when I finally snuff it there can be no UK tax liability, even if I was deemed domiciled there.

So I sleep easy and see no need to change my broker or move anything offshore. In fact I am progressively moving my money back onshore and have been doing so for several years, as after the Iceland debacle I have little faith in small nations with a banking industry that exceeds their net worth by many times.

[AyG]

I also pass every test currently used by HMRC to determine domicile, though these are much less obvious. I keep an eye on this too.

I have also arranged my affairs so that when I finally snuff it there can be no UK tax liability, even if I was deemed domiciled there.

So I sleep easy and see no need to change my broker or move anything offshore. In fact I am progressively moving my money back onshore and have been doing so for several years, as after the Iceland debacle I have little faith in small nations with a banking industry that exceeds their net worth by many times.

I'm not sure how you can be so confident. HMRC does not publish any domicile rules, and for expats usually won't tell you if it considers you UK domiciled until after you are dead. It also maintains that the issue of domicile is one for the courts, not itself which is why it won't tell you the rules. It is also extremely difficult to lose one's domicile of birth.

[SantiSuk]

I wasn't talking about having to move everything offshore KK. I agree that HMRC would not have an issue with you having investments onshore UK and I have no intention of moving a significant chunk of my assets away from the UK*. The issue is whether or not to to disclose UK residence to a broker who asks you when you try to open a new account.

Two different issues. Let's not fall out about it - just two different approaches. I'm not trying to take the moral high ground and have no problem with what you want to do, but I don't want to see one approach being advocated on a forum without putting an alternative viewpoint.

Ex chartered accountant (but not a tax specialist), so that may explain it

* Unless I am advised to do so to obtain non-UK domicile; the acceptable balance between onshore and offshore is one of the issues I am currently taking advice on from a Fry Group UK-based ex-taxman. Like most matters tax there os probably no one correct answer, just shades of acceptability.

[KittenKong]

I have also arranged my affairs so that when I finally snuff it there can be no UK tax liability, even if I was deemed domiciled there.

I'm not sure how you can be so confident. HMRC does not publish any domicile rules, and for expats usually won't tell you if it considers you UK domiciled until after you are dead. It also maintains that the issue of domicile is one for the courts, not itself which is why it won't tell you the rules. It is also extremely difficult to lose one's domicile of birth.

Well, I'm satisfied.

[AyG]

I have also arranged my affairs so that when I finally snuff it there can be no UK tax liability, even if I was deemed domiciled there.

I'm not sure how you can be so confident. HMRC does not publish any domicile rules, and for expats usually won't tell you if it considers you UK domiciled until after you are dead. It also maintains that the issue of domicile is one for the courts, not itself which is why it won't tell you the rules. It is also extremely difficult to lose one's domicile of birth.

Well, I'm satisfied.

I'm pleased for you. Perhaps you'd care to share with the rest of us what you means by "I also pass every test currently used by HMRC to determine domicile".

[KittenKong]

Perhaps you'd care to share with the rest of us what you means by "I also pass every test currently used by HMRC to determine domicile".

Study their website. They cover it there.

As I mentioned, I find it better to ensure that I just dont have any UK IHT liability at all, regardless of where they may think my domicile is.