FATCA compliance - enable Americans to use Freetrade

Ideas 💡
1

Would be nice if us Americans living in the UK could get in on this action (especially if we invested!)

3

Hi,

I am looking forward to hopefully being able to use Freetrade soon, I was wondering if anyone knows if the stock account will be open to American citizens, as some other providers dont due to the FATCA compliance.

Thanks :slight_smile:

2 Likes
4

Hi! I’m afraid the service isn’t available for US citizens at the moment due to FATCA compliance. It’s definitely something that we’d like to support. Please add your vote to this topic to help us prioritise this :ballot_box:

I’ve moved your post here to keep all of the info about this in once place, I hope that’s ok!

3 Likes
5

Don’t encourage that! we want them switching to Freetrade if it can be done! :smiley:

5 Likes
7

I do have a NI number; I’ve been living and working in the UK for 5 years.

I also have a Robinhood account. I want a FreeTrade account too!

8 Likes
8

I don’t know if enabling the IRS to spy on US citizens living abroad is the best use of the freetrade team’s time.

5 Likes
10

I cannot sign up because I am still subject to US tax (which is the case as a US citizen no matter where you live). FreeTrade would need to comply with FATCA to allow me and other US citizens to sign up.

3 Likes
11

Would love this to be possible - can’t trade on Robin Hood or any free American platforms, and can’t do Freetrade either :frowning: sad times. Freetrade looks awesome though!

4 Likes
13

There is currently legislation in the US House of Representatives that, if passed, will result in Territorial based taxation instead of Citizenship based. This is the first step to repealing FATCA and would essentially mean that any FATCA compliance would be redundant if the expat is genuinely living abroad…could mean that freetrade is in a better position to allow Americans living here to use the platform…just a thought.

Either way, Americans - contact your representatives and make sure they pass the Tax Fairness for Americams Abroad Act!!!

6 Likes
14

Would really love this feature !

4 Likes
15

Definitely want to upvote this as well, would be really nice to be able to be a customer!

3 Likes
16

I think this is a glaring opportunity for Freetrade and a possible niche USP that could bring them a substantial amount of customers.

There are around 200,000 US expats living in the UK and their access to brokerage accounts (esp. low-commission ones) is extremely limited. For example:

  • Trading212 doesn’t accept US citizens.
  • Revolut Trading doesn’t accept US citizens.
  • Degiro doesn’t accept US citizens.
  • eToro doesn’t accept US citizens.
  • Robinhood (coming next year) doesn’t offer UK stocks/ETFs.
  • Vanguard UK doesn’t accept US citizens.
  • IG Trading has very limited acceptance (unclear).
  • … and so on.

If Freetrade was available to US expats I would sign up immediately, and I’m sure many others would.

8 Likes
17

good shout if possible

3 Likes
18

Forget the UK think the world :stuck_out_tongue_winking_eye: I’ve seen many Americans ask this on EuropeFIRE on reddit. DeGiro offer it I think because I remember the questions coming up when I was joining

Be great if FT could do this

2 Likes
19

Thanks for mentioning Degiro, I forgot about them.

They don’t allow US citizens either.
https://www.degiro.co.uk/helpcenter/faq/become-a-client/1059

20

Sorry about that. They asked so many FATCA questions I thought they did.

Edit: Renounce your citizenship. Easy! (joking)

1 Like
21

All gd! I’ve added them to the post above.

Edit: Yep so easy :laughing:

22

What about IB, TD Ameritrade or Charles Schwab? Little to no fees now.

23

Interesting suggestions, TD Ameritrade isn’t available in the UK but Charles Schwab actually seems to be. They lack things like UK stocks (?) and ISAs though.

24

I know a guy in Ireland who uses thinkorswim. Irish citizen