Scottish independence
Posted: 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)
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)