If you are planning to move abroad or have already moved away from the UK, and are no longer permanently resident in the UK, then Octopus Money must off-board your account. This is because right now, we are are only able to keep client accounts open if they are a UK resident.
There are times when being away for the UK is temporary, for example studying abroad, contract work, military service or maybe just enjoying travelling abroad for an extended period of time!
In this case, we would allow clients to keep their account open but the following restrictions apply when you move abroad:
- You cannot pay-in any more money to your existing accounts.
- You cannot open new account types. For example, a client who holds an ISA will not be able to open a new GIA.
- SIPP transfers and ISA transfers are allowed where you already hold an existing SIPP/ISA account with us.
- GIA transfers can be accepted if they are coming from another UK platform.
Clients moving to the US
Please note that owing to USA tax requirements, when you move to the US we will no longer be able to offer you an account and unfortunately we will need to close any open accounts you have with us.