Changes to our new business policy for non-UK residents on Nucleus Wrap
Frequently asked questions
We’ve taken the decision to no longer accept new business from non-UK residents and US persons (irrespective of country of residence), with immediate effect on Nucleus Wrap. All new clients must be UK tax resident and have a primary residential address located in the UK.
Key things to note
- For trusts: All settlors and trustees must be UK resident. Any beneficiary who’s entitled to trust assets must be UK resident.
- Pension beneficiaries who reside overseas will still be able to access their pension pot, as we’ll facilitate lump sum payments and transfers out to new providers.
- Bond assignees who reside overseas will still be able to cash in bond segments immediately after assignment.
- We’ll continue to update our systems, processes, and literature estate to reflect this change.
- We're reviewing our approach to our existing non-UK resident clients and will communicate any changes in due course.
- Nationals of non-UK countries who reside in the UK may still be accepted, subject to the usual nationality and residency checks for countries outside of tier one. A list of tier one countries can be found below:
Tier 1 Andorra Cyprus Japan Montenegro Seychelles Albania Czech Republic Jamaica Nauru Singapore Antigua and Barbuda. Denmark Jordan Netherlands Slovakia Argentina Dominica Kenya New Zealand Slovenia Armenia Estonia Latvia Norway Spain Australia Finland Liechtenstein Peru Sweden Austria France Lithuania Poland Switzerland Belgium Georgia Luxembourg Portugal Taiwan Bermuda Grenada North Macedonia Puerto Rico Tunisia Botswana Greece Marshall Islands Romania Brunei Darussalam Iceland Mauritius Saint Lucia Chile Ireland Micronesia (Federated States of) Saint Vincent and the Grenadines
Cook Islands
Italy Moldova
San Marino
From 11 May 2026.
Yes – with immediate effect, all new trust applications must be made by UK resident trustees. All settlors and trustees must be UK resident. Any beneficiary who’s entitled to trust assets must be a UK resident.
UK residents are those residing in Scotland, England, Wales, or Northern Ireland. We won’t accept applications from residents of the Republic of Ireland as this is outside of the UK.
Yes, this is permitted, subject to the relevant HMRC regulations.
Yes, if they have a UK bank account.
Yes – however we’ll only facilitate lump sum payments or a transfer to a new provider so they can still access pension death benefits.
No. Existing overseas clients shouldn’t open any new products. If we become aware that a non UK resident client has opened a new product, we reserve the right to close the account.
No – we can process the bond assignment, but if the assignee lives overseas, they must cash in the segments as soon as they’re assigned.
No, your client must have their own residential address recorded on the platform. Their primary residential address must be in the UK.
No, the residential address must accurately reflect where your client is based so they receive regulatory correspondence.
Nationality is not a factor in our overseas client review, as this is about country of residence. The exception being US persons, we don’t accept US persons irrespective of country of residence. However, our nationality and residency process still applies for nationals for non-tier 1 countries. A list of tier 1 countries can be found in the table above and also in our Nationality and Residency questionnaire.
As above, nationality isn’t a factor in our overseas customer review, as this is about country of residence. The exception being US persons, we don’t accept US persons irrespective of country of residence.
Yes, provided they are UK resident for tax, and their primary residential address is in the UK. The exception being US persons, we don’t accept US persons irrespective of country of residence.
Please raise a Jira to inform us which country your client is moving to. We can then let you know what happens next and how to update the address on the platform.
If they aren’t a US person, or a customer residing in the US or Canada we may accept the application. Temporary overseas cases will be considered on a case-by-case basis. Please refer any cases such as these to your usual contact.
Please refer any cases such as these to your usual contact.
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