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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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