Are SIPPs available to expats?

[NickStein]

Hi,

I am a UK citizen living in Vienna, Austria (pre-BREXIT) and I was wanting to know if SIPPs are open for me to invest in. I am not going to be moving back to the UK for at least 10-15 years.

Thanks

[scrumpyjack]

Some discussion here about non UK residents and SIPPs
https://www.cjfinance.co.uk/pension-tra ... 0residents.

Sounds like most UK Sipp managers won't accept non UK residents.

ps in your situation I would be very wary of who I dealt with!

[Charlottesquare]

I think you have to be careful re the tax regime where you are resident, for instance I believe that whilst my son (who now lives in the USA) can keep the SIPP he had when he did operate/earn in the UK, the tax free wrapper disappears and he needs to declare dividends and realised gains generated within the SIPP in the US. (You probably need to take tax advice within the country within which you are tax resident and liable for income tax/local equivalent)

[mc2fool]

As noted, you'll have difficulty in finding a UK SIPP that'll accept non-residents, and you definitely should check how the tax regime where you live will regard it.

Even if you do manage to find a UK SIPP that'll accept you, you almost certainly won't get the tax relief on your contributions to it (but you will very likely be potentially liable for tax when you draw from it).

Here's the HMRC internal manual on the matter (warning: turgid reading!).

PTM114000 - International: Overseas membership of a registered pension scheme

Note the requirement to be a "relevant UK individual" in order to get the tax relief on the contributions, which, amongst other conditions, requires that you were a UK resident when you became a member of the pension scheme. That (unless there are some other tests that I've overlooked) means that even if you do manage to open a SIPP while non-resident, you can't get tax relief on the contributions.

[James]

Hi,

I am a UK citizen living in Vienna, Austria (pre-BREXIT) and I was wanting to know if SIPPs are open for me to invest in. I am not going to be moving back to the UK for at least 10-15 years.

Thanks

Why would an economic migrant choosing to live somewhere else expect to get a benefit from a tax regime they do not contribute to?

[scrumpyjack]

Hi,

I am a UK citizen living in Vienna, Austria (pre-BREXIT) and I was wanting to know if SIPPs are open for me to invest in. I am not going to be moving back to the UK for at least 10-15 years.

Thanks

Why would an economic migrant choosing to live somewhere else expect to get a benefit from a tax regime they do not contribute to?

If he is not a UK taxpayer I can't see how he would be getting any benefit from the tax regime of Sipps?

[James]

If he is not a UK taxpayer I can't see how he would be getting any benefit from the tax regime of Sipps?

Earn money o'seas, stick it in a SIPP, come back in 10-15 years, take 25% tax-free lump sum.

[NickStein]

Thanks for all the feedback

I thought it was worth asking the question than kicking myself in 10-15 years with a missed opportunity that might have been open to me as a UK citizen.

[jaizan]

Earn money o'seas, stick it in a SIPP, come back in 10-15 years, take 25% tax-free lump sum.

That might work if the individual is confident he would return to the UK.

After 10~15 years overseas, some people might want to stay overseas. Now, as I understand it, moving a pension overseas has become more difficult.

[20thcenturyboy]

Hi,

I am a UK citizen living in Vienna, Austria (pre-BREXIT) and I was wanting to know if SIPPs are open for me to invest in. I am not going to be moving back to the UK for at least 10-15 years.

I opened a SIPP as a non-UK resident (Australia). There are some (well at least one!) that cater to expats. I transferred two old company pensions into the SIPP. Happy to provide more details if you want.

[NickStein]

Hi,

I am a UK citizen living in Vienna, Austria (pre-BREXIT) and I was wanting to know if SIPPs are open for me to invest in. I am not going to be moving back to the UK for at least 10-15 years.

I opened a SIPP as a non-UK resident (Australia). There are some (well at least one!) that cater to expats. I transferred two old company pensions into the SIPP. Happy to provide more details if you want.

If you would share that, that would be fantastic.

[20thcenturyboy]

If you would share that, that would be fantastic.

No worries, I've sent you a private message to avoid free advertising on this thread.

[BenValue]

I would also like to know please. I have become tax resident in Spain 4 years ago

[20thcenturyboy]

I would also like to know please. I have become tax resident in Spain 4 years ago

Sent you a PM.