The firm hopes to benefit from several large wealth managers such as HSBC and Brewin Dolphin ceasing to offer their services to US non-domiciled clients.
Fatca
The Fatca legislation, which into came law in March 2010, requires institutions around world to identify and report the financial details of all their American clients, whose tax duties remain once they leave the country, or risk facing a withholding fine on all relevant transactions.
However, Nutmeg revealed that complying with the reporting requirements of Fatca is now much easier since the introduction of changes under the Common Reporting Standards, which came into force on 1 January.
The firm said it is now “a worthwhile change” for Nutmeg to offer its services to US expats living in the UK.
Nutmeg previously said it could not accept American clients due to restrictions imposed by its last custodian Pershing Securities which no longer apply since it moved to State Street.
Slava Kremerman, responsible for strategy and growth at Nutmeg, said: “It’s an exciting step forward for the business. We’ve always been interested in diversity – offering wealth management services to a wider and wider audience. This is a step in that direction, and we’re glad to welcome American ex-pats to Nutmeg.”
