Investments, PFICs , HMRC etc.
#1
Just Joined
Thread Starter
Joined: Aug 2020
Posts: 21
Investments, PFICs , HMRC etc.
Has anyone solved the problem of investing in the UK as a US Citizen? I had to sell my investments when I moved back, so I'm earning basically nothing in my savings at the moment. I have spoken to someone at Creative Planning which I think was Thun Financial and they have ways to invest without falling foul of the various US vs. UK tax rules. Has anyone used them or similar with success? I wish I could open an ISA but apparently DO NOT OPEN AN ISA lol.
Laura
Laura
#2
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,129
Re: Investments, PFICs , HMRC etc.
I have not looked into investing outside the USA because of the PFIC consequences. Before leaving the USA I moved all our investments into a US brokerage that supports overseas customers. Just this week I opened a new ETF and moved some money into it. The brokerage even accepts a UK mobile phone for receiving login security codes.
Hopefully someone with better knowledge than I will come along with some suggestions.
Hopefully someone with better knowledge than I will come along with some suggestions.
#3
Re: Investments, PFICs , HMRC etc.
I am a dual citizen, OH is a permanent resident of the US. When/if we manage to move back to the UK, his residency will lapse but I will hold both citizenships. I was told (by a US accountant, so possibly wrong) that the best basic approach from a tax perspective was for me to own any US-based stocks/funds/accounts as the US citizen, and for OH to own any UK or other non-US-based ones. That's all once we are based in the UK though.
Would be interested to hear from someone with better knowledge too.
Would be interested to hear from someone with better knowledge too.