Due to the comprehensive reporting requirements imposed by the Internal Revenue Service (IRS) through the Foreign Account Tax Compliance Act (FATCA), Nutmeg has made the decision to not accept further US persons as customers.
For purposes of FATCA classification, customers considered by the IRS as US persons include: all US citizens; permanent legal residents or “green card” holders; and persons born in the US. This also includes dual nationals where one of the nationalities is the United States.
Existing clients that are U.S. Persons
If, for the purpose of FATCA classification, you’re a US person and have previously opened an investment account with Nutmeg, you will not be affected by this change in policy. You will be able to continue to use Nutmeg’s services while you reside in the UK.
If you are planning on leaving the UK to take up residency elsewhere and you are a US Person, you will need to close your Nutmeg account before you move outside the UK. Information on the steps you’ll need to take if you’re moving abroad can be found here: https://support.nutmeg.com/hc/en-us/articles/360001518392-Moving-Abroad
Please note Nutmeg is unable to offer tax advisory services. You should seek the professional services of an accountant or tax advisor if you are unsure of your tax position.