Hello All,

Been living in KSA a couple of years now, I am a small fry in the grand scheme of things, but I'm looking to invest in an Index Tracker Fund (S&P, FTSE etc) and avoid CGT, as I was doing this by sending money back to the UK but now the tax burden is starting to creep up (Government lowered the CGT to 3k).

Does anyone have any experience in doing this? Is there a bank account I can open to invest in these and avoid taxes please?

I looked at opening an HSBC expat account but it said I wasnt eligible due to living in KSA and I heard the fees on investing are super high

Any help or insight would be much appreciated. Thank you!

I'm not familiar with UK taxes, but wouldn't think CGT is applicable if you're not a resident for tax purposes?

Good news is you can achieve this with onshore banking. You can open an Interactive Brokers account and Alinma Bank account, which will allow sending and receiving USD with IB (most banks in KSA wont process the transaction).

Using IB will allow you to withdraw funds to any Western bank in future.

You are correct. And later, if the account holder returns to the UK to live (and therefore becomes UK tax resident), he will have to pay CGT no matter where in the world the investment account is held.

The same is highly likely to also be true if he moves to any other country that charges CGT.

Am I correct in thinking that CGT is only applicable on the gains after the date of becoming a UK tax resident again?

I think so.