Can non-UK residents open a SIPP?
I live outside of the UK and I would like to open a UK SIPP, is that possible and how do I do it?
It is possible for non-UK residents to open a SIPP and there are many online platforms that will facilitate, as well as more traditional means through advisors or financial institutions.
Be aware that as a non-resident, there will be limitations on how you can fund the SIPP. While transferring funds from other pensions is possible, making regular contributions will depend on each individual SIPP. Some SIPPs may not allow any contributions, while others might permit up to £3,000 per year, providing you have been a tax resident of the UK within the past five years.
However, people that are not UK tax payers will not receive tax relief on any contributions made, and SIPPs may be subject to different tax treatment in different jurisdictions.
Therefore, to ensure you are choosing the right SIPP for your needs, you should always seek advice from someone who understands both the risks and tax implications of opening a SIPP.
Why open a SIPP?
The ultimate benefit of a SIPP over other pension schemes is that they can offer a wider range of investment options that the individual can either manager themselves or get assistance from an independent financial advisor who would be able to make recommendations on their behalf, based on their risk profile and future plans.
Another benefit of SIPPs over offshore options such as QROPS, is that the tax status of the SIPP will not change if the individual relocates to the UK.
Before making any decisions about setting up or transferring any pensions, you should always seek independent advice from a professional advisor. Similarly, it is a legal requirement stipulated by the FCA to seek independent advice if you are planning to transfer over £30,000 from a UK defined benefit pension scheme into a SIPP or other pension.
Request a free introductory consultation
If you would like to know more about opening a SIPP, transferring pension funds to a SIPP or would like to review all of your options, we can help.
Enter your details using the form to request a free introductory consultation with an independent financial advisor from our network. Once we have received your details, we will select the most suitable advisor from our network and ask them to contact you directly to arrange your free consultation.
The consultation will last between 15 and 30 minutes and is designed to answer your key questions and provide some guidance on your options. If you wish to proceed with any advice or services, the advisor will provide further details about the services and any potential charges, although there is no obligation to proceed with any services at any time.
