What to do with a £30k inheritance in from the UK

[chrisc]

A spinster aunt died a while back and left all her nephews and nieces about £30k each. I'd like to invest this in a UK unit trust. I looked up 10 of them and wrote them. Only one replied (Virgin Money) with a generic reply that they don't do business outside the UK

Anyone dealt with a similar investment institution in the UK?

I need to tell the solicitor what to do with the money as it is currently sitting in his trust account

Although I am resident in SA, I have an address in the UK for correspondence

 

[GhostSixFour]

A spinster aunt died a while back and left all her nephews and nieces about £30k each. I'd like to invest this in a UK unit trust. I looked up 10 of them and wrote them. Only one replied (Virgin Money) with a generic reply that they don't do business outside the UK

Anyone dealt with a similar investment institution in the UK?

I need to tell the solicitor what to do with the money as it is currently sitting in his trust account

Although I am resident in SA, I have an address in the UK for correspondence

Did your "aunt" request that you pay money before you can receive this "inheritance"?

 

[ShaunSA]

A spinster aunt died a while back and left all her nephews and nieces about £30k each. I'd like to invest this in a UK unit trust. I looked up 10 of them and wrote them. Only one replied (Virgin Money) with a generic reply that they don't do business outside the UK

Anyone dealt with a similar investment institution in the UK?

I need to tell the solicitor what to do with the money as it is currently sitting in his trust account

Although I am resident in SA, I have an address in the UK for correspondence

Surely with several overseas properties this should not be an issue for you?

 

[Pooky]

Buy a new Christmas tree?

 

[ShaunSA]

Buy a new Christmas tree?

Pooks that is the second time you have surprised me. Pleasantly I might add

 

[bchip]

Ive looked at it a bit before, hopefully this might help.
Assuming you want to keep it in stocks...
HSBC might be able to help you, they also have Foreign ETFs available
(most institutions have the same ETFs - even if theyre names are different they all invest in the same stuff)
Otherwise try investec or Sanlam, they might be able to keep it there for you.

Its just a starting point hopefully it gets you somewhere.
Personally though Im looking at TD Ameritrade - an american public company
Seems a lot of locals have used it, gives access to overseas etfs like MSCI Brazil or MSCI South Africa (same as our Top40)
both just being in dollar terms.

Alternatives are properties overseas, but in my experience managing a property even in a different city is a nightmare.

 

[DrewChan]

Deposit £5k into my account ^_^

 

[$m@Rt@$$]

A spinster aunt died a while back and left all her nephews and nieces about £30k each. I'd like to invest this in a UK unit trust. I looked up 10 of them and wrote them. Only one replied (Virgin Money) with a generic reply that they don't do business outside the UK

Anyone dealt with a similar investment institution in the UK?

I need to tell the solicitor what to do with the money as it is currently sitting in his trust account

Although I am resident in SA, I have an address in the UK for correspondence

Since the Rand/Pound is so high I would bring that money into this country. Invest it here.

 

[TehStranger]

I can confirm, I am the spinster aunt and this is indeed a scam.

 

[bchip]

Since the Rand/Pound is so high I would bring that money into this country. Invest it here.

Why would you think the rand will strengthen that much to make it worth bringing back?

 

[brianj74]

Get an offshore bank account with one of our local banks. You can invest from there

 

[zippy]

Ive looked at it a bit before, hopefully this might help.
Assuming you want to keep it in stocks...
HSBC might be able to help you, they also have Foreign ETFs available
(most institutions have the same ETFs - even if theyre names are different they all invest in the same stuff)
Otherwise try investec or Sanlam, they might be able to keep it there for you.

Its just a starting point hopefully it gets you somewhere.
Personally though Im looking at TD Ameritrade - an american public company
Seems a lot of locals have used it, gives access to overseas etfs like MSCI Brazil or MSCI South Africa (same as our Top40)
both just being in dollar terms.

Alternatives are properties overseas, but in my experience managing a property even in a different city is a nightmare.

£30k is not enough for property. Enough for a deposit on a flat. Stay away from Sanlam. Very expensive. Awful returns as well. Invested is a better option.

 

[Magnum]

What ever you do, do not bring that money into South-Africa! Open a Swiss Bank Account and deposit it there if you must.

 

[Magnum]

Get an offshore bank account with one of our local banks. You can invest from there

Rather not. I think it is still linked with SARS and you will be taxed accordingly. Speaking under correction. Swiss numbered account is the only safe tax free option I am aware of. Did some research but SARS is unwilling to reply on my requests as they will be losing Tax Revenue.

 

[brianj74]

Rather not. I think it is still linked with SARS and you will be taxed accordingly. Speaking under correction. Swiss numbered account is the only safe tax free option I am aware of. Did some research but SARS is unwilling to reply on my requests as they will be losing Tax Revenue.

Fair enough, if you don't want to declare it.

 

[Nerfherder]

What ever you do, do not bring that money into South-Africa! Open a Swiss Bank Account and deposit it there if you must.

Poor advice.... the best time is to move it here right now.

Unless you plan on living/retiring in the UK... the best exchange rate is the current one.

 

[LaraC]

Poor advice.... the best time is to move it here right now.

Unless you plan on living/retiring in the UK... the best exchange rate is the current one.

A bit off topic but do you think the Rand will strengthen against the Pound?

 

[Magnum]

Fair enough, if you don't want to declare it.

Look at the Mark Shuttleworth debacle. And decide for yourself. Taking into account the Transnet pensions that was taken away, and the Government supporting it. Different pension funds merging and new executive managers pointed to get access to funds and re allocate as they see fit. There are too many loop holes for us to trust the current government.

 

[Magnum]

The pond sterling just took a dive this morning with the Scots wanting their land back. Anyone have figures? Sorry for OT post.

 

[kianm]

419?