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Cross posted from Citizenship Solutions
The post is about Fidelity. It is also about the regulatory and penalty risk of allowing U.S. citizens (or suspected U.S. citizens) to be clients of non-U.S. financial institutions.To be clear, Fidelity U.K. is the U.K. affiliate of Fidelity in the United States.
Those of a certain age will associate Fidelity with legendary fund manager Peter Lynch author of “One Up On Wall Street“.
Those of any age, will know that:
There is an international trend of financial firms avoiding U.S. citizens. This post is specifically about Fidelity UK (1) refusing to accept U.S. citizens as clients and (2) proactively ridding their client base of those who they know are U.S. citizens or have reason to believe “may be” U.S. citizens!
Think of it: A U.S. based company, founded in Boston, Massachusetts, refusing to do business with U.S. citizens!!
I recently became aware of the following letter sent by Fidelity U.K. to certain undesirables who either are or are suspected of being U.S. citizens. Read it and weep!
Unconfirmed USP Sell To Cash Letter
The letter speaks for itself.
For those interested in the general context and discussion, here is the complete post from which this introduction was excerpted, click here.
Happy Halloween! (It’s the evening of October 31, 2025)
If you want a “scary costume” tonight, just dress up as a U.S. citizen!
I stay with Hargreaves Lansdown because they don’t seem to mind US person’s at least at present. Though I have renounced, I realise that I’d still have the scar of a US birthplace, etc.
Interestingly on Oct. 31/25 the Globe and Mail ran on article on financial planning featuring a couple in Canada where one spouse is a U.S. citizen. The U.S. citizenship taxation issue is mentioned but particularly highlighted. I suspect the reason is thatbThe financial circumstances of the couple make CBT less of an issue.
https://www.theglobeandmail.com/gift/dba9fd7f8dda6f477e211036ebb092211a2bea52f5744309ba33b5cc70169133/ICEGJX3M5NGZ3EKQUCEDTNQTX4/