@Dave any update on what you can use? Iām in the same boat where most of these new companies donāt accept US citizens so looking for an alternativeā¦ any ideas?
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@robynurbrainz I think your best bet (sadly) is to wait for Revolut to make their trading platform available to US citizens. They have launched their main product in the US this year so itās quite likely their trading platform will launch there too, at which point it should also become available to US expats elsewhere.
Personally I would prefer Freetrade over Revolut but it seems the former is not working on FATCA compliance atm.
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Please freetrade, open your services up to Americans ! There are only a few investment platforms open to us in the UK and it is painful. Iām building a website for tax/financial info for Americans in the UK (doubleduty.fi) that talks all about how difficult it is for us. Hargreaves and Lansdowne is one of our only good options and itās not a great service. I know a lot of Americans who would be keen to use Freetrade. I realise this means extra reporting work for you all - but it does mean you can unlock a well-off expat demographic in the UK.
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Do you know the status of this ?
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my understanding is now with FATCA if your allowing people to purchase US stocks regardless of their citizenship which Fair Trade does then you will already have to do a certain level of paperwork for the IRS, so a little more paperwork would be needed to allow US Citizens to use the service
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Are there any updates on this?
Or does anyone have a good suggestion on platforms to use for a US citizen living in the UK at the moment?
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I also want to nudge this again. Would be really nice to be able to support Freetrade as a customer!
This whole idea of ānudgingā isnāt effective. The team have said that they read the forums. They know about ideas mentioned here. Thereās likely a very, very long list of things on their to-do list. Some are higher than others. Itāll happen when it happens.
Perhaps itās not effective, but it is all that is under my control. If it attracts a couple extra votes to the thread, it couldnāt hurt.
Crowdfunding is my only easy investment option in the UK. Now of course some of that has gone into Freetrade, and I am very happy about the (paper) returns so far! However a Freetrade ISA would certainly be my top choice investment vehicle, if it were available to me.
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Just adding my support, as my wife is a US citizen living in the UK, but cannot use platforms like Freetrade. As mentioned above, there are around 200,000 American expats in the UK, so this could be a good business move for Freetrade.
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Found this article the other day, which suggests that FreeTrade could at least offer ISAs to US citizens, free from FATCA reporting?
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This is good to see, although from 2012, so not sure if it is still the case. I see Pinsent Masons confirmed it in 2016 - Foreign Account Tax Compliance Act (FATCA) (pinsentmasons.com). And the official UK Gov documentation is here - Microsoft Word - Cm 8445 Final Version for publication.docx (nationalarchives.gov.uk).
Can we get feedback from Freetrade on this?
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Iām also very keen to use Freetrade for my ISA. Beyond just the US expat community, Iām sure thereās a large number of US-UK dual citizens (like myself) who would be keen the invest.
Any update on whether this is part of the Freetrade roadmap?
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