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Trading UK Shares as non UK Resident

Trading UK Shares as non UK Resident

Old May 12th 2020, 12:14 pm
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Default Trading UK Shares as non UK Resident

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.
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Old May 12th 2020, 1:05 pm
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Default Re: Trading UK Shares as non UK Resident

Get an offshore broker. Internaxx/Swissquote, HSBC, Interactive Brokers plus others I'm sure will all open accounts for non-UK residents.
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Old May 17th 2020, 12:25 pm
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by Desert Shaikh View Post
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.
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.
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Old May 18th 2020, 9:06 pm
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by Scamp View Post
I can only sell the positions now, not buy through them as they can't do it if you're an overseas resident.
Interesting, is this due to Taxation regulations or something else?
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Old May 19th 2020, 5:38 am
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by Desert Shaikh View Post
Interesting, is this due to Taxation regulations or something else?
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).
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Old May 19th 2020, 6:13 am
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by Scamp View Post
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).
Interactive brokers - they seem happy with just a passport copy.
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Old May 19th 2020, 7:06 am
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by Millhouse View Post
Interactive brokers - they seem happy with just a passport copy.
Thanks. Will have a look if I survive summer and go back to full pay.
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Old May 25th 2020, 5:25 am
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Default Re: Trading UK Shares as non UK Resident

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.
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Old Oct 26th 2020, 9:58 am
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by Scamp View Post
Thanks. Will have a look if I survive summer and go back to full pay.
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.

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Old Oct 26th 2020, 11:31 am
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Default Re: Trading UK Shares as non UK Resident

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 !
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Old Oct 26th 2020, 12:51 pm
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Default Re: Trading UK Shares as non UK Resident

Saxo is a relatively painless option to open an account, just done it for my wife from Qatar.
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Old Oct 26th 2020, 12:58 pm
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by UKCityGent View Post
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 !
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.

Originally Posted by fth View Post
Saxo is a relatively painless option to open an account, just done it for my wife from Qatar.
Interesting, might investigate.
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Old Oct 27th 2020, 5:07 am
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by Scamp View Post
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.
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


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Old Oct 27th 2020, 5:55 am
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by UKCityGent View Post
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
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.
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Old Oct 27th 2020, 6:35 am
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Default Re: Trading UK Shares as non UK Resident

Originally Posted by Scamp View Post
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.
Saints may be worth a punt this season.
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