Desert Shaikh

Hi all.

After doing some research online regarding the topic of trading UK shares while being a non UK resident, I could not find anything useful relating to my specific issue so would appreciate any guidance.

The issue I am facing is that all UK online brokers will not sign me up as I am in Saudi Arabia and hence not a UK resident despite having a UK bank account, UK address and Nat Insurance number.

I would like to know if anyone on this forum as a UK National trades UK shares directly with a UK based online broker and how they manage to get over the non resident issue? Could I just put the UK details in the application form and not tell them I am non resident or will that lead to problems with HMRC as NI number is taken by the brokers?

Thanks.

csdf

Get an offshore broker. Internaxx/Swissquote, HSBC, Interactive Brokers plus others I'm sure will all open accounts for non-UK residents.

scrubbedexpat141

I did the latter - well, the account was open before I moved overseas with Lloyds and then when I opened an offshore account with them they joined up the dots. I can only sell the positions now, not buy through them as they can't do it if you're an overseas resident.

Have looked time and again at transferring them to a new account but never really bothered. They've tanked recently (still profitable though) so will let the profit build up again and offload.

Desert Shaikh

Interesting, is this due to Taxation regulations or something else?

scrubbedexpat141

Possibly. I think at the time it was about they weren't licensed to deal on behalf of non-UK residents....I think.

I've looked at Swissquote and ended up struggling as I don't have a residential address here (all that stuff is in her name).

Millhouse

Interactive brokers - they seem happy with just a passport copy.

scrubbedexpat141

Thanks. Will have a look if I survive summer and go back to full pay.

fth

probably because the broker didn’t want to take the compliance risks of non-resident accounts. Many banks apply blanket policies which are tighter than what regulations state. These restrictions often don’t apply to other divisions, for example the high street brokerage division won’t allow for overseas residents, the private banking division however will.

scrubbedexpat141

You'll all be glad to know I've survived, so far...and whilst at times I'm struggling to survive the idiots and politics, I managed to read that Expat Millionaire book in a few days and have decided the hard earned pennies shall no longer sit doing **** all.

Internaxx now appears to be part of swissquote and I've played that game before with residential address etc.
Interactive Brokers still seem a firm favourite so shall begin that process and see how we go.

UKCityGent

Interactive brokers is the way to go - dont use the lite version it is simply crap and the fees arent worth it especially if you day trade !

fth

Saxo is a relatively painless option to open an account, just done it for my wife from Qatar.

scrubbedexpat141

ID want proof of residential address which I don't have. Might be able to use work address but haven't changed that over since moving companies so is a slower process. It might make me tell the bank though, which I should really have done.
Won't be going anywhere near day-trading. If I'm going to gamble, I'll do it on football or horses or something more fun.

Interesting, might investigate.

UKCityGent

I know absolutely nothing about football betting - horses only a little bit - never seen the thrill - If its for sports betting try betfair or bet365

scrubbedexpat141

Oh sorry, I use bet365 but only for little accumulators and the big horse meets.
This other account I'm talking about is for long term investments, not pissing money away on Southampton to win.

Pongo

Saints may be worth a punt this season.