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UK SIPP - US Resident

UK SIPP - US Resident

Old Aug 25th 2023, 2:12 am
  #1  
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Default UK SIPP - US Resident

I have a UK SIPP but resident/citizen in US. I cant speak to my provider as they will not deal with US resident so I need to move. I did move a smaller SIPP to AJBELL and now need to move a larger fund. AJBELL is ok but there are issues. I have spoken to MyExpatsipp and I like them but its 3-10 people so worried about stability. How safe are my funds at either of these firms. I cannot move the funds to the US (tax) so will need to rely on a UK firm for 10 years as I draw it down. They both state FCA and how secure that makes my funds but I have not been convinced about the security this offers.

Any other options.and/or personal experiences
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Old Aug 28th 2023, 3:56 am
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Default Re: UK SIPP - US Resident

Originally Posted by TerryGoX
I have a UK SIPP but resident/citizen in US. I cant speak to my provider as they will not deal with US resident so I need to move. I did move a smaller SIPP to AJBELL and now need to move a larger fund. AJBELL is ok but there are issues. I have spoken to MyExpatsipp and I like them but its 3-10 people so worried about stability. How safe are my funds at either of these firms. I cannot move the funds to the US (tax) so will need to rely on a UK firm for 10 years as I draw it down. They both state FCA and how secure that makes my funds but I have not been convinced about the security this offers.

Any other options.and/or personal experiences
As a US/UK dual citizen, resident in the US, I transferred a Hargreaves Lansdown SIPP and a couple of small personal pensions to an AJ Bell SIPP several years ago. The transfer process presented no problems and I have had no issues with AJ Bell.

There are very few UK SIPP providers who will accept US citizens/residents.
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Old Aug 28th 2023, 9:24 am
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Default Re: UK SIPP - US Resident

thank you - AJBELL don't like using Wise as a bank but I dont have a UK bank anymore. Also. all investments are in pounds so there is that currency risk. I presume you have to live with those things
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Old Aug 30th 2023, 3:27 pm
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Default Re: UK SIPP - US Resident

You can get a UK account number with WISE. AJ Bell are OK with that.
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Old Aug 31st 2023, 12:41 pm
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Default Re: UK SIPP - US Resident

Interactive Investor also appear to accept customers who are subject to US tax, although I transferred the fund to them prior to leaving the UK.
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Old Aug 31st 2023, 11:18 pm
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Default Re: UK SIPP - US Resident

Originally Posted by raggedyak
Interactive Investor also appear to accept customers who are subject to US tax, although I transferred the fund to them prior to leaving the UK.
According to their terms you have to be a UK resident at the time of transfer. Additionally there are ominous references to action they may take if you become a US resident.

https://media-prod.ii.co.uk/s3fs-pub...sipp_terms.pdf
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Old Sep 1st 2023, 6:11 am
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Default Re: UK SIPP - US Resident

Originally Posted by MidAtlantic
According to their terms you have to be a UK resident at the time of transfer. Additionally there are ominous references to action they may take if you become a US resident.

https://media-prod.ii.co.uk/s3fs-pub...sipp_terms.pdf
Interesting, yes I did wonder if you’d need to be resident at time of transfer (which I was).

They do appear fine with me becoming a U.S. person - they have accepted my address change and have taken a W9 so no issues there (yet).

The way I read the point about taking action in the terms is that they may take action if you appear to be a U.S. person but haven’t disclosed it, i.e. trying to avoid FATCA reporting, although that’s just my view.

I also transferred a lifetime ISA to AJ Bell (ii don’t offer one) and that’s been fine so far.
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