GBP Investments
Jan 26th 2005, 6:15 pm
#1
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GBP Investments
This is an investment question , but this seems to be the most appropriate forum for it. I'm a UK/US dual citizen and I'm going to be moving back to the UK in the next couple of years. As the GBP/US$ exchange rate is jumping around and the US deficit is worrying me I want to start movings ome funds regularly into GBP denominated investments. Has anyone done this? What's the best way to approach this. I'm looking at UK offshore fund managers in Isle of Man and Channel Islands and banks like Bank of Scotland International, Barclays etc. Any advice/experience appreciated.
Jan 26th 2005, 7:26 pm
#2
Joined: Feb 2002
Posts: 6,848
Re: GBP Investments
I'm certainly not qualified to give anyone any investment advice, but here's a good source of info for British expats who do want to make investments or even just to find offshore banks/building societies to open savings or current accounts before eventually moving back to the UK:
http://www.expatinvestor.com
There is a link on the Home page to IFA's (Independent Financial Accountants) who specialise in serving expat clients.
They will mail you out a monthly newspaper if you sign up for it.
Also you can go to their drop-down list of advertisers (eg. banks, building societies, so you can contact them directly if you want further info about their products).
Hope this helps!
http://www.expatinvestor.com
There is a link on the Home page to IFA's (Independent Financial Accountants) who specialise in serving expat clients.
They will mail you out a monthly newspaper if you sign up for it.
Also you can go to their drop-down list of advertisers (eg. banks, building societies, so you can contact them directly if you want further info about their products).
Hope this helps!
Jan 26th 2005, 7:58 pm
#3
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Joined: Sep 2003
Location: Banks Peninsula, SI, NZ
Posts: 373
Re: GBP Investments
Buy low sell high not the other way round. IMO, I wouldn't go rushing into selling USD any time soon.
Anyway, shifting money from one ccy to another is quite simple. However, it gets more complicated once the money has moved as you are liable to tax on the interest. For that reason you are right to consider an offshore bank.
The actual process of shifting funds is simply to instruct your bank to transfer X USD to a GBP denominated account at another bank. This transaction will effect an FX transcation at the prevailing FX rate known as SPOT, and take 2 days to settle (for historic reasons). Voila.
You will need to supply the from bank with (normally) a SWIFT code that identifies to to bank along with your account number and bank address and your name. Thats it.
If you are going to stick it into GBP don't leave it in a standard Money Market - call account. Look at what they have in the way of tracker funds, etc as there are some good ones around.
Do a search on the internet for "GBP tracker funds offshore" or something and you should get a idea of whats out there.
Hope it helps...
WOS
Anyway, shifting money from one ccy to another is quite simple. However, it gets more complicated once the money has moved as you are liable to tax on the interest. For that reason you are right to consider an offshore bank.
The actual process of shifting funds is simply to instruct your bank to transfer X USD to a GBP denominated account at another bank. This transaction will effect an FX transcation at the prevailing FX rate known as SPOT, and take 2 days to settle (for historic reasons). Voila.
You will need to supply the from bank with (normally) a SWIFT code that identifies to to bank along with your account number and bank address and your name. Thats it.
If you are going to stick it into GBP don't leave it in a standard Money Market - call account. Look at what they have in the way of tracker funds, etc as there are some good ones around.
Do a search on the internet for "GBP tracker funds offshore" or something and you should get a idea of whats out there.
Hope it helps...
WOS
Jan 26th 2005, 8:10 pm
#4
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Posts: 892
Re: GBP Investments
Originally Posted by WheelsOfSteel
Buy low sell high not the other way round. IMO, I wouldn't go rushing into selling USD any time soon.
Anyway, shifting money from one ccy to another is quite simple. However, it gets more complicated once the money has moved as you are liable to tax on the interest. For that reason you are right to consider an offshore bank.
The actual process of shifting funds is simply to instruct your bank to transfer X USD to a GBP denominated account at another bank. This transaction will effect an FX transcation at the prevailing FX rate known as SPOT, and take 2 days to settle (for historic reasons). Voila.
You will need to supply the from bank with (normally) a SWIFT code that identifies to to bank along with your account number and bank address and your name. Thats it.
If you are going to stick it into GBP don't leave it in a standard Money Market - call account. Look at what they have in the way of tracker funds, etc as there are some good ones around.
Do a search on the internet for "GBP tracker funds offshore" or something and you should get a idea of whats out there.
Hope it helps...
WOS
Anyway, shifting money from one ccy to another is quite simple. However, it gets more complicated once the money has moved as you are liable to tax on the interest. For that reason you are right to consider an offshore bank.
The actual process of shifting funds is simply to instruct your bank to transfer X USD to a GBP denominated account at another bank. This transaction will effect an FX transcation at the prevailing FX rate known as SPOT, and take 2 days to settle (for historic reasons). Voila.
You will need to supply the from bank with (normally) a SWIFT code that identifies to to bank along with your account number and bank address and your name. Thats it.
If you are going to stick it into GBP don't leave it in a standard Money Market - call account. Look at what they have in the way of tracker funds, etc as there are some good ones around.
Do a search on the internet for "GBP tracker funds offshore" or something and you should get a idea of whats out there.
Hope it helps...
WOS
Jan 27th 2005, 1:26 am
#5
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Joined: Aug 2004
Posts: 4,754
Re: GBP Investments
Originally Posted by psb182
I agree I would not be getting rid of any US $$ right now.......imo it has bottomed out......give it a while
averaging). I actually think the $ will get weaker due to US borrowing and lack of $ support from the Administration to try to reduce the trade deficit.
Thanks for the website expatinvestor.com. I think the major offshore banks are a good place to start.
Jan 27th 2005, 1:27 am
#6
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Location: Banks Peninsula, SI, NZ
Posts: 373
Re: GBP Investments
... the Euro is the new Dollar.
Jan 29th 2005, 3:14 am
#7
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: GBP Investments
Originally Posted by WheelsOfSteel
Buy low sell high not the other way round. IMO, I wouldn't go rushing into selling USD any time soon.
Anyway, shifting money from one ccy to another is quite simple. However, it gets more complicated once the money has moved as you are liable to tax on the interest. For that reason you are right to consider an offshore bank.......
Anyway, shifting money from one ccy to another is quite simple. However, it gets more complicated once the money has moved as you are liable to tax on the interest. For that reason you are right to consider an offshore bank.......
Jan 30th 2005, 3:47 am
#8
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Location: Banks Peninsula, SI, NZ
Posts: 373
Re: GBP Investments
Originally Posted by Pulaski
In both Britain and the US tax on bank interest/ investment income is payable based on where the owner is liable for their income taxes, not on where the money/ investment is registered. Anyone who fails to declare taxable income is committing tax fraud, so tread very carefully if you think that off-shore banking is a simple way to reduce your tax bill.
If you are intending changing your residance status somwhere, it is better to declare the income yourself rather than have the bank deduct it at source, as this is usually a one rate fits all scenario, which may not fit a persons profile in this situation.
Jan 31st 2005, 9:07 am
#9
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Joined: Sep 2004
Posts: 13
Re: GBP Investments
I've had an offshore account with Britannia for about 2 years now. Best interest rates I could find.
http://britanniainternational.com/
The dollar is in a temporary bear-market rally right now. Give it a couple of months and it'll be heading down for good, so get what you can out now IMHO.
http://britanniainternational.com/
The dollar is in a temporary bear-market rally right now. Give it a couple of months and it'll be heading down for good, so get what you can out now IMHO.
Jan 31st 2005, 2:43 pm
#10
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Joined: Aug 2004
Posts: 4,754
Re: GBP Investments
Originally Posted by Pulaski
In both Britain and the US tax on bank interest/ investment income is payable based on where the owner is liable for their income taxes, not on where the money/ investment is registered. Anyone who fails to declare taxable income is committing tax fraud, so tread very carefully if you think that off-shore banking is a simple way to reduce your tax bill.
