UK non-dom: best offshore brokers and banks account

[Konstanz]

If someone as UK non-dom can afford to put 3.5m$ assets in Singapore or swiss bank I am not sure if UK non-dom is worth that.
Better then Monaco residence. It makes more sense as tax is pure 0%

 

[mandarin88]

Yes changing tax residency is def something to look in to. But I’m afraid it’s too late atm, uk tax residency is quite sticky so it’ll be around for a while.

 

[Konstanz]

Yes changing tax residency is def something to look in to. But I’m afraid it’s too late atm, uk tax residency is quite sticky so it’ll be around for a while.

It's worth consider, since UK is non in eu now and problematic

 

[imrjl]

Banks YES that understand clean capital, dirty capital and know how to do settlement booking into different accounts for a UK non-dom. They are all in Channel islands or Switzerland. However charge low fees NO.



You need to check every investment whether it has UK situs. Why not ask IB if you can use their Luxembourg entity to trade or do they force UK resident to use UK IB entity?

Thanks. I'll give up on finding a low cost solution then. None of them seem to be able to segregate dividends to a different account.

Have asked IB if I can move to one of their EU entities more than a week ago, their response times seem to have dropped dramatically. Also asked whether they can segregate dividends but pretty sure the answer will be no.

 

[Martin Everson]

Have asked IB if I can move to one of their EU entities more than a week ago, their response times seem to have dropped dramatically.

Sounds about right for IB when you ask them anything outside the box.

Also asked whether they can segregate dividends but pretty sure the answer will be no.

Wouldn't hold any hope.

 

[imrjl]

Anyone have experience to share RE: uk-non-dom with Singapore DBS wealth management/ private bank? Been speaking with them, UBS and Credit Suisse. Upwards of 7 to low 8 figures USD. Credit Suisse was very proactive in the non-dom discussion. Been looking at wealth management options to start with, with an eye of peeling away after a few quarters once comfortable towards the likes of Saxo and Swissquote (and/ or DBS treasuries?).

Interesting, I am now talking to the same three UBS, CS and DBS. UBS gave me an offer of 0.5% custody and 0.5% trading fees. Still waiting to hear from the others.

 

[imrjl]

Anyone have experience to share RE: uk-non-dom with Singapore DBS wealth management/ private bank? Been speaking with them, UBS and Credit Suisse. Upwards of 7 to low 8 figures USD. Credit Suisse was very proactive in the non-dom discussion. Been looking at wealth management options to start with, with an eye of peeling away after a few quarters once comfortable towards the likes of Saxo and Swissquote (and/ or DBS treasuries?).

DBS private bank told me today that they cannot segregate capital and income as required for uk-non-dom. .

 

[mandarin88]

Interesting, I am now talking to the same three UBS, CS and DBS. UBS gave me an offer of 0.5% custody and 0.5% trading fees. Still waiting to hear from the others.

oh hey! Look up cazenove capital too, if you're looking for management. Lower AUM fee than UBS, different customer approach. So far we like CS and Cazenove, but have another meeting with CS tomorrow. Still waiting on DBS.

DBS private bank told me today that they cannot segregate capital and income as required for uk-non-dom. .

That's a shame, but not surprised.

However I've recently learnt/understood that segregation only matters if you ever plan to remit the funds. If it stays off shore (UK), then the structures or UK reporting / non-reporting don't matter.

If you're sure you won't remit some funds then DBS is an option.

Or - if you put some with DBS that you won't remit, and then the rest with a European crew like CS or Cazenove Capital for funds you might remit into UK. I'm considering doing some spell like this as I like DBS, they have a great reputation and I intend on having more presence in SEA in the future so it may prove useful. Not to mention splitting between 2 investment banks across hemispheres is appealing. Then also I will look further into managing more myself with swissquote or Saxo trader etc.

 

[rey skywalker]

try citibank if you want i can give you good contact in dubai

 

[GIOBBI4]

try citibank if you want i can give you good contact in dubai

Hello Rey, have you real contact in Dubai? A serious contact?

 

[Martin Everson]

try citibank if you want i can give you good contact in dubai

You mean Citibank in Dubai? They no longer since well over 1 year accept non-resident clients so they kicked me out. Unless this rule of theirs has changed its pointless.

 

[troubled soul]

You mean Citibank in Dubai? They no longer since well over 1 year accept non-resident clients so they kicked me out. Unless this rule of theirs has changed its pointless.

I am just curious . If it is offend you, accept my apology in advance.
How many bank account do you have ?
Can you give the list of name of the bank ?

 

[Martin Everson]

How many bank account do you have ?

Approximately 107 between banks, EMI's, MT's and brokers. But actual accounts (i.e individual IBAN's, account numbers) is too many to count.

Can you give the list of name of the bank ?

No. I have not prepared such a list before.

 

[troubled soul]

Approximately 107 between banks, EMI's, MT's and brokers. But actual accounts (i.e individual IBAN's, account numbers) is too many to count.



No. I have not prepared such a list before.

Can you make the list ?
Please
Request
That would be helpful to many.

 

[Martin Everson]

Can you make the list ?

No

Please

No

That would be helpful to many.

In what way?

Thats a very private question to ask someone to list all the banks and brokers where they put their wealth and on a public platform .

 

[GIOBBI4]

You mean Citibank in Dubai? They no longer since well over 1 year accept non-resident clients so they kicked me out. Unless this rule of theirs has changed its pointless.

Hello Martin, thank you for your reply!!! I wish look for an internation abnk in the emirates!! cheers!!

 

[troubled soul]

No



No



In what way?

Thats a very private question to ask someone to list all the banks and brokers where they put their wealth and on a public platform .

Sorry

 

[Martin Everson]

Sorry

No problem. No offence taken

Some people don't even like to mention what country they live in on here. So to ask someone to list all their bank accounts is very uncomfortable question for me personally.

 

[BlueMist]

You mean Citibank in Dubai? They no longer since well over 1 year accept non-resident clients so they kicked me out. Unless this rule of theirs has changed its pointless.

I checked this with my RM. He said while they don’t accept non residents anymore, if you opened account while being a resident, you can keep it if you move elsewhere.

 

[Defender]

Hey folks! What is the overall assets amount when it makes sense to deal with remittance basis? The more I read about the fees of Barclays and the likes, the more I think that if you don't have at least few millions to invest, it's not worth it. One of the tax advisors told me the same. 20% CGT might be not that high after all considering the fees and limitations of these banks. And it saves you from a lot of hassle.