If you have recently moved abroad you may find yourself wondering what will happen to your individual savings accounts (ISAs). This is a valid concern, and the answer depends on your individual circumstances and where you are in the world. Regardless, you should always be aware of the tax implications and of the various alternative solutions that exist and that would make life much easier. 

Can I access my ISA whilst living abroad?

Yes, you can keep and stay invested in your ISA – but it may no longer be tax-efficient in your new country of residence since you are no longer in the UK. 

ISAs are tax-free in the UK – that’s why they are so popular. However, if you were to move to France, for example, then any gains or withdrawals would be subject to French taxation – rendering the ISA ineffective at what it was designed for in the first place. 

Additionally, many UK ISA providers will not accept applications from non-UK residents – so setting up a new ISA from outside the UK may be challenging.

Some further guidance can be found here

So what should I do next?

Harrison Brook’s advisers can help facilitate moving your savings into a tax-efficient investment vehicle that will allow you to meet your short, medium and long-term goals. There are several options available that can be tailored to meet your situation:

• A Global Investment Account or GIA is an example of a platform-based, globally-accessible product that puts you in charge and offers a flexible way of saving – allowing customers growth of their money in ETF’s and mutual funds whilst staying accessible at all times in case plans change – you can find more information here
• A locally-compliant investment solution can be looked in depending on where you are – for example, expats living in France have the option of an Assurance Vie is essentially a life insurance bond that acts as a tax-efficient wrapper and holds investments – it’s geared towards individuals looking to invest over a long-term period (8+ years) and is perfect for anyone looking at investments that combines tax-efficiency, capital growth and excellent inheritance benefits. A similar product may be available where you are.

What to do with my UK ISA now I live abroad – Harrison Brook is here to help!

Wherever you are in the world – there is almost certainly a better alternative to leaving your old ISAs in the UK and accepting the punishing tax rates and the labyrinth of bureaucracy that comes with it. Whether it’s setting up and transferring to a global investment account or taking another approach – Harrison Brook is here to help you. We can book you in for a free consultation to assess your needs and provide further advice. 

Throughout the entire journey from the initial meeting to the application process and beyond, we’ll be happy to guide you and help you make an informed decision. Harrison Brook is not remunerated by commissions or hidden fees – our advice is impartial and honest.

To have an initial discussion with one of our advisers about any of the above, please contact us or message me directly here.