How can a US citizen open a brokerage account in UK?

Asked by Arthur Wang

3 Answers

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
as long as you can meet the identification requirements there shouldnt be any issue with picking any provider either online or high street.

most will usually run a credit reference to confirm ID but you might have to send certified ID documents to confirm ID and address.

the best thing is to ask your chosen provider before you apply online as this probably wont be in the FAQs | 02.08.11 @ 22:32
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$commenter.renderDisplayableName() — {comment} | 11.21.17 @ 02:52
Answered by Paul Ross DipPFS CII(MP&ER), IFA in Bourne, LINCOLNSHIRE
Just to add to Darren, one of my US clients is in the same predictament. As long as she is paying UK taxes and has a National Insurance no., usually this will suffice. | 02.09.11 @ 05:54
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$commenter.renderDisplayableName() — {comment} | 11.21.17 @ 02:52
Answered by D C, IFA in Bristol, DEVON
Wow - dangerous!

There is no problem for US citizens who are UK residents - ie they live here (and, as with Paul's client, I suspect, has UK residency). However, US residents who use the UK to house their investments are frankly walking on legal thin ice. Your country of residence is not clear from your question.

UK institutions are at grave risk from punitive US legislation if they allow US residents to invest with them, and they do not normally permit US investors to join. If you do wish to invest here then you may find yourself on the wrong side of the IRS, with all that this entails (wasn't it the US tax authorities that nobbled Capone???!), so make sure that you comply fully with he Foreign Account Tax Compliance Act (FATCA) and reveal everything fully.

Apart from the moral and legal issue of not revealing foreign investments, remember too that there is increasing communication between countries and institutions which mean that undisclosed dealing and investment ownership is increasingly likely to be discovered. | 02.27.12 @ 12:00
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$commenter.renderDisplayableName() — {comment} | 11.21.17 @ 02:52
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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