Question
I'm non-resident and understand that I can't open new cash or equity ISAs. My question is can I switch money from one of my existing funds (opened before I became non-resident) into a new fund to try and get a better a return?Answer
While you can't add new ISA money as a non-resident, it is possible to switch or transfer your existing ISAs.
Switching between funds with your existing ISA provider(s) should be no problem at all, you just need to tell them what changes to make, either in writing or online (if they offer this facility).
But transferring your ISAs between providers could prove more challenging. It is allowed, but most ISA providers won't let non-UK residents open an ISA account, which you'll need to do if you want to make the transfer. When I looked into this previously the only ISA provider I could find that allows this is HSBC - see my previous answer for more details.
Good luck!
I'm non-resident and understand that I can't open new cash or equity ISAs. My question is can I switch money from one of my existing funds (opened before I became non-resident) into a new fund to try and get a better a return?Answer
While you can't add new ISA money as a non-resident, it is possible to switch or transfer your existing ISAs.
Switching between funds with your existing ISA provider(s) should be no problem at all, you just need to tell them what changes to make, either in writing or online (if they offer this facility).
But transferring your ISAs between providers could prove more challenging. It is allowed, but most ISA providers won't let non-UK residents open an ISA account, which you'll need to do if you want to make the transfer. When I looked into this previously the only ISA provider I could find that allows this is HSBC - see my previous answer for more details.
Good luck!
Read this Q and A at http://www.candidmoney.com/questions/question426.aspx
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