UK non-dom: best offshore brokers and banks account

[Martin Everson]

Defender said:
Hey folks! What is the overall assets amount when it makes sense to deal with remittance basis?
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Any asset not in UK starting from £1 that produces income or capital gains.

Defender said:
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.
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Find other banks. And what you consider a fee your unwilling to pay?

Defender said:
One of the tax advisors told me the same.
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Find a new one.

Defender said:
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.
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Depends what 20% is. 20% of £1bn is no joke. Even 20% of £100k is still money.

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[Defender]

Is Barclays only bank outside UK?
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Well, I checked Barclays, Lloyds, HSBC, Credit Suisse. Investing with all of these seems to be pretty costly, with management fees of up to few percent and even some entry fees.

From this thread it also looks like it's not possible to invest with standalone platforms because they can't split income into different accounts.

Depends what 20% is. 20% of £1bn is no joke. Even 20% of £100k is still money.
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You first need to have 100k capital gains 🙂

 

[Martin Everson]

Defender said:
Well, I checked Barclays, Lloyds, HSBC, Credit Suisse. Investing with all of these seems to be pretty costly, with management fees of up to few percent and even some entry fees.
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Ok I see you picked the major high tier ripoff merchants.....lol.

Defender said:
From this thread it also looks like it's not possible to invest with standalone platforms because they can't split income into different accounts.
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That is true sadly. But its only a concern if you ever plan to remit clean capital. You would need to maybe keep clean capital in a separate bank and resign yourself to fact that the low cost bank with your investments will land you with dirty capital you can never remit without tax implications 🙁.

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[Defender]

Martin Everson said:
Ok I see you picked the major high tier ripoff merchants.....lol.
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I'd love to find someone cheaper! Would gladly read any info

 

[Martin Everson]

Defender said:
I'd love to find someone cheaper! Would gladly read any info
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Whats cheaper to you so I have an idea? Is like 0.20% custody cheap?

I know with CS for example a few clients just DVP (Delivery Verus Payment) their purchase into the platform from a discount broker. That's what I did with bonds I bought once upon a time.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Defender]

Martin Everson said:
Whats cheaper to you so I have an idea? Is like 0.20% custody cheap?

I know with CS for example a few clients just DVP (Delivery Verus Payment) their purchase into the platform from a discount broker. That's what I did with bonds I bought once upon a time.
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As a someone who used basic non-custody Degiro account to buy zero-commission ETFs like IWDA all these percents and even fractions for percents sound to me like a lot 🙂. But I guess 0.20% custody fee is way better than 1.5%...

 

[mandarin88]

Defender said:
Well, I checked Barclays, Lloyds, HSBC, Credit Suisse. Investing with all of these seems to be pretty costly, with management fees of up to few percent and even some entry fees.
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Try Pictet, Julius Baer, Lombard Odier, Cazenove?

 

[uplana]

mandarin88 said:
Try Pictet, Julius Baer, Lombard Odier, Cazenove?
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they are all street banks or private banking services ?

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[jjrapy]

uplana said:
they are all street banks or private banking services ?
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Sounds like private banks for me

 

[rowena]

uplana said:
they are all street banks or private banking services ?
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They're wealth management banks.

 

[willow2013]

mandarin88 said:
Would this not mean that using IB (Interactive Brokers) UK to use say US bank account funds to buy Ireland domiciled ETFs would not be counted as remittance? I.e. it's ok to use IB UK as long as your funds and investments are non-uk?
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NO!!!
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With IBUK where is the account located that you are you paying the money into? Does the funding of IBUK account require you to send money into a UK account? If so you have done a remittance.
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The example you quoted is clear as no offshore funds at any point were sent to UK. This is how it works in private banking in UK for non-doms. A non-dom can have a local banker who manages their assets held offshore and payment for that service takes place offshore and assets being managed offshore have no UK situs. The local banker in that example is compensated offshore thus no remittance has taken place by the client either in paying for assets or the service.
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Sorry to bump this thread. I've read this interesting forum with the above quote on first page of this thread.

I presume using swissquote to buy Ireland domiciled ETFs work (i.e. not remitted to the UK) since it remains outside of UK?

In addition, while some of these Ireland domiciled ETFs are domiciled in Ireland, I noticed they can be listed on the London Stock Exchange - would this cause an issue for non-dom?