Investing · Stocks and shares

Investing in stocks and shares as a British expat

Last updated September 2026 · 7 min read

The moment you stop being UK resident, a lot of the familiar options close. You generally cannot pay into an ISA, several UK platforms will not take non-resident clients, and some will ask you to leave. None of that stops you investing, but it does change where and how.

ISAs: what actually happens

You cannot usually contribute to an ISA for any tax year in which you are not UK resident.
You can keep what you already have. An existing ISA stays open, stays invested and keeps its UK tax shelter.
The shelter may mean nothing where you live. Most countries do not recognise the ISA wrapper, so your new country of residence may tax the income and gains inside it regardless.
You can contribute again for any tax year in which you are UK resident once more.

Tell your provider you have moved. Continuing to contribute while non-resident creates a mess that has to be unwound, and providers are required to act on residency information. It is much easier to be straight about it at the time.

Platforms: the practical problem

Many UK investment platforms restrict or refuse non-resident accounts, largely because of local licensing rules in the country you have moved to. Some close existing accounts, some freeze them so you can sell but not buy, and some are perfectly happy to keep you. Policies differ enormously and change without much warning.

The options that generally remain open are international brokerage accounts designed for cross-border clients, or an offshore investment account or bond. All of them have their own cost structures worth comparing carefully.

The US tax trap

Be careful with US-domiciled funds and ETFs. Non-US persons holding US-situs assets can face US estate tax exposure above a low threshold, and withholding tax on dividends. Many expats hold Irish-domiciled equivalents instead, which are designed for exactly this situation. This is one of the most common and most expensive mistakes British expats make.

Currency: the risk people forget

If you earn in dirhams, invest in dollars and plan to retire in sterling, you are running a currency exposure that has nothing to do with your investment choices. Over a 20 year horizon that can matter as much as the returns.

There is no perfect answer, but there is a sensible question: what currency will my costs be in when I retire? Matching a meaningful share of your assets to that currency is usually wiser than chasing the highest return in whatever currency happens to be strong today.

A reasonable framework

Deal with debt and an emergency fund first. Neither is exciting and both matter more than fund selection.
Decide your retirement currency, or at least your best guess.
Keep costs low. Over decades, charges compound against you exactly as returns compound for you.
Diversify properly, across regions and asset types, not just across several funds that own the same things.
Automate the contribution so it happens whether or not you feel like it that month.
Review annually, not weekly.

How it fits with property

Shares and property behave differently, which is the point of holding both. Shares are liquid, easy to diversify and need no management. Property is illiquid and hands-on, but it is the only one of the two where a bank will lend you most of the purchase price and a tenant will repay the loan.

For most people the question is not which, it is what proportion, and that depends on timeframe, temperament and how much of your own effort you are prepared to put in.

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General information only, not financial, tax or legal advice. Rules and rates change and your own position depends on your circumstances. Take qualified advice before acting.