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Scottish independence

Financial discussion for any financial queries for Expats
stuart349734
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Scottish independence

#312514

Postby stuart349734 » May 26th, 2020, 11:37 pm

Not sure if this is the best place for this topic, but bear me out.

This is absolutely not about the merits or otherwise of Scottish independence.

If there was a vote for Scottish independence, then Scots would, in time, become “Expat investors”, perhaps akin to Ireland.

During the last referendum campaign, I read a few throwaway comments, to the effect that “wealthy” Scots (or perhaps those with assets) had already either moved assets before the vote, or had plans in place if there had been a “Yes” vote.

A naive question perhaps, but what in practice, does that mean?

If there was a vote for independence, there would be a period, before Independence Day, that the new Scottish government presumably would be unable to prevent capital flight, so Scots could move assets, but where to? I’d read that UK domiciled banks wouldn’t necessarily be a safe haven, because it may be the case that the domicile of your cash savings could be determined by your own domicile, rather than the bank’s. Would this also apply to investment platforms?

Lots of hypotheticals, but I suppose it boils down to, what strategies would be worth considering In this scenario? Offshore bank account? Buy gold?

(The simplest I suppose, move to England before Independence Day)

Charlottesquare
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Re: Scottish independence

#312578

Postby Charlottesquare » May 27th, 2020, 10:28 am

stuart349734 wrote:Not sure if this is the best place for this topic, but bear me out.

This is absolutely not about the merits or otherwise of Scottish independence.

If there was a vote for Scottish independence, then Scots would, in time, become “Expat investors”, perhaps akin to Ireland.

During the last referendum campaign, I read a few throwaway comments, to the effect that “wealthy” Scots (or perhaps those with assets) had already either moved assets before the vote, or had plans in place if there had been a “Yes” vote.

A naive question perhaps, but what in practice, does that mean?

If there was a vote for independence, there would be a period, before Independence Day, that the new Scottish government presumably would be unable to prevent capital flight, so Scots could move assets, but where to? I’d read that UK domiciled banks wouldn’t necessarily be a safe haven, because it may be the case that the domicile of your cash savings could be determined by your own domicile, rather than the bank’s. Would this also apply to investment platforms?

Lots of hypotheticals, but I suppose it boils down to, what strategies would be worth considering In this scenario? Offshore bank account? Buy gold?

(The simplest I suppose, move to England before Independence Day)


I believe there were, last time, a few property purchases south of the border near Berwick, given its rail links, other than that I heard that a few individuals checked where say their shares/bank deposits etc were held.

I only actually know one reasonably high net worth couple who have stated they would certainly decant south if we did vote for independence, they have sold a lot of their Scottish property interests but I suspect that was more just simplifying their life as they got older rather than IndyRef2 risk aversion.

Whilst I have toyed with moving south I really cannot see me doing it (probably not rich enough to make it worthwhile) and I suspect a fair few are similar.

Dod101
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Re: Scottish independence

#312607

Postby Dod101 » May 27th, 2020, 11:38 am

I almost wrote earlier the same as Charlottesquare has just done. I always felt that I would move to Northumberland. It is an attractive County, unlike Berwick which I do not think much of, but as Charlottesquare has said, it has good rail links north and south. However I am too old nowadays to do anything and would just sit tight.

Obviously I have the bulk of my investments in an ISA and SIPP anyway and I have heard nothing to suggest that the left leaning SNP would do anything about those. In any case after the first few years, when the SNP would no doubt demonstrate its inability to manage the economy, the poisoned chalice would most likely be passed either to the Conservatives or to a coalition which would, even if the SNP were part of, certainly tame their wilder ideas.

Dod


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