Novia Global has launched a stocks and shares Isa aimed at expats.
The firm said it will address the issue of Brits living abroad being left in “suspended animation”.
This is where UK expats invested in Isas cannot add additional funds, and any gains or income from the Isa could be subject to tax in their country of residence.
Chris Skelhorn, Novia global’s sales director, said: “We know from our conversations with advisers and clients that it has been a matter of frustration, particularly since so few meaningful efforts have been made to tackle the issue.
“It’s still the case that only UK residents can set up or contribute to an Isa
“The starting point here is to transfer an existing Isa, not to open a brand-new one. But this at least enables expats to have their existing Isas advised and managed by the same people they trust to look after their other holdings, which we know is important to them.”
Expats with existing Isas will be able to transfer them to the new Novia Isa.
It is described as suitable for those who plan to, or could, return to the UK.
Novia Global CEO Steve Andrews added: “We’re introducing this product in direct response to an issue that advisers and clients have been highlighting for a number of years.
“Many investors are more comfortable with a clearly aligned approach to advice and management.
“We don’t pretend this is a revolutionary solution, but we know it’s one that advisers and their clients want to see.”
tara.o'connor@ft.com
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