We trust the following is helpful clarification:
We can accept individuals who are dual nationality, if their tax residency is UK
Nationality, tax residency and country of residence are all completely different. You can have individuals that are non-UK national but have lived in the UK for the majority of their life. Whether we can offer services pivots mainly on where the individual lives (due to crossborder considerations). Generally if the individual LIVES in the UK then there are no issues. However, please see the note below re the FATF lists.
In the main we do NOT accept anyone who has US citizenship - even if they are dual nationals & their tax residency is UK
The FATCA rules look at US indicia (this could be a US address, phone number, US tax residency, US nationality etc.) There may be some limited exceptions (e.g. the individual is a student studying over there for X time but has a UK address too) but these would need to be reviewed on a case by case basis. As a rule we would not be able to onboard a client with any US indicia present.
Are there other countries we would not accept as part of a dual nationality status- where tax residency was the UK?
FATF has "black" and "grey" lists, and may flag countries for increased monitoring. It does not necessarily mean we wouldn't accept that individual, but will likely mean enhanced due diligence will need to take place along with sign off. Again, the tax residency is less of an issue as to whether we can accept an individual and more where that individual lives.
Non UK Residents:
Since the end of the post-Brexit transitional period, and under the current FCA rules, there has been a shift away from being able to rely on reverse solicitation and a move towards ensuring financial services firms have the right licenses in place (where required by that country) to provide cross border services. The requirements vary between countries and therefore it isn't possible to take a one size fits all type approach.
In order for Hubwise to consider whether we are able to offer our services to a Non UK resident the adviser firm would need to obtain legal advice and/or guidance as to whether we can (or cannot) provide services. We would then be happy to review this advice / guidance and consider how it might affect our ability to offer these services. The adviser firm also needs to be comfortable that they have the relevant license (if required by the rules of that country) to provide advice to the client. If they haven't currently obtained legal advice, but do so in the future then we'd be happy to review the situation again at that point in time.
Since the end of the post-Brexit transitional period, and under the current FCA rules, there has been a shift away from being able to rely on reverse solicitation and a move towards ensuring financial services firms have the right licenses in place (where required by that country) to provide cross border services. The requirements vary between countries and therefore it isn't possible to take a one size fits all type approach.
In order for Hubwise to consider whether we are able to offer our services to a Non UK resident the adviser firm would need to obtain legal advice and/or guidance as to whether we can (or cannot) provide services. We would then be happy to review this advice / guidance and consider how it might affect our ability to offer these services. The adviser firm also needs to be comfortable that they have the relevant license (if required by the rules of that country) to provide advice to the client. If they haven't currently obtained legal advice, but do so in the future then we'd be happy to review the situation again at that point in time.
SS&C Hubwise SIPP
If the client is UK resident for tax purposes then they can establish a SIPP; however (as per our T&Cs) they must inform us immediately if that changes.
If they not a UK resident at the time of wanting to establish the SIPP then they would not be able to do so.
(FATF- stands for Financial Action Task Force)
If you have any specific cases that you would like to discuss please raise a ticket via Freshdesk in the first instance.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article