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Investing from outside of the UK
Investing from outside of the UK

How investing, depositing, withdrawing, and tax work on Abundance if you are not resident in the UK

Updated over a week ago

Please note: As of 1 January 2021, we no longer accept new customers who are resident outside of the UK. This article is therefore only relevant for existing non-UK customers who joined Abundance before 1 January 2021.

Your rights if investing from outside of the UK

Abundance is authorised and regulated by the Financial Conduct Authority in the UK. Following the UK's exit from the EU and the end of the transition period, Abundance is no longer regulated across the EU. If you are an existing Abundance customer and are resident outside of the UK we have summarised your rights:

  1. If you wish to make a complaint about Abundance, we will treat your complaint in accordance with the FCA's rules but you will not able to refer your complaint to the Financial Ombudsman after 31 December 2020 as you will not be deemed to be an eligible complainant under FOS regulations.

  2. The Financial Services Compensation Scheme will still apply to you, which means the cash you hold in your Abundance account and some of the services offered by Abundance is still covered by FSCS. You can read more about the FSCS here.

  3. We are no longer able to market to individuals who are not resident in the UK. This includes our existing EU/EEA/Swiss customers, unless they expressly request this information from Abundance.

How do I deposit from a bank outside of the UK?

You can deposit money by bank transfer or by debit card but please be aware that your bank or debit card provider may charge you a fee for an international money transfer or for using your debit card to make a foreign transaction. You can use services like Wise (formally TransferWise) that might be cheaper than using your bank or debit card.

How do I withdraw to a bank outside of the UK?

Please contact Abundance if you would like to make a withdrawal to a non-UK bank account. For Abundance members who signed up for an account before 1 November 2017, it is free to make an international withdrawal. For Abundance members who signed up after 1 November 2017 there is a £5 charge per international withdrawal.

What tax do I owe as a non-UK resident?

We are unable to provide tax information for non-UK based investors. Any non-UK based investment holder who has any queries as to his or her tax position in the UK or elsewhere should consult an appropriate professional adviser.

Current rules from HMRC require that all companies issuing debentures or bonds must withhold a proportion of interest payments equivalent to the basic rate of income tax (currently 20%) and pay this to HMRC directly. Previously Abundance Investment had operated under an exemption, as the majority of our customers are small investors. Therefore, for any investment you make after 6 April 2017, 20% of your interest payments on Abundance will be deducted and paid to HMRC directly. This is the case for both UK and non-UK investors, although in some cases you may be able to claim tax relief. You can find out more information on withholding tax in our Help Centre article on Withholding Tax.

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