Regulation S of the securities act

Hi! Not exactly tax, but seems like the best place to ask about this.  So I’m interested in buying Wimbledon debenture tickets.  In researching this prior to the next debenture issue in March I came across the statement ‘Americans are restricted from purchasing Wimbledon debentures’.  On further googling it appears this is related to regulation S of the securities act.  I am a dual citizen residing in the UK, am I really unable to legally purchase a debenture??  WTAF?  Can someone explain this? I am somewhat hoping it only applies to US residents, but I’m rather afraid my dual citizenship means it applies to me.  This is the most compelling reason I’ve found so far for relinquishing citizenship!😂

I don’t know anything about restrictions on buying foreign debentures but if the restriction applies to US residents then I would be not at all surprised that it also applies to US citizens because when it comes to taxation of any sort, US citizens are considered to be resident in the USA.

I don’t know anything about restrictions on buying foreign debentures but if the restriction applies to US residents then I would be not at all surprised that it also applies to US citizens because when it comes to taxation of any sort, US citizens are considered to be resident in the USA.

Yep, I’m sure you’re right, it appears it applies to ‘US persons’ which I’m sure means me. From what I can glean it’s some ancient rule created at a time when cross-border investments weren’t really considered.  Was hoping someone could shed some light on what the rule is exactly, what the rational for it is, and confirm if it applies to me.

Yep, I’m sure you’re right, it appears it applies to ‘US persons’ which I’m sure means me. From what I can glean it’s some ancient rule created at a time when cross-border investments weren’t really considered.  Was hoping someone could shed some light on what the rule is exactly, what the rational for it is, and confirm if it applies to me.

I'm sure that this will be related to the endless problem of cross border reporting - many UK institutions shy away from taking money or investments from USC's because of the onerous reporting that is required to Uncle Sam (or more accurately, the IRS). It's far from being an ancient rule, but more related to the information sharing between tax authorities - they all want their slice of the pie!

You are not alone with this problem - try opening a SIPP in the UK as a USC - many providers simply won't touch us - which seems quite discriminatory  - they just don't want to go through the hoops of reporting to the IRS.

I'm sure that this will be related to the endless problem of cross border reporting - many UK institutions shy away from taking money or investments from USC's because of the onerous reporting that is required to Uncle Sam (or more accurately, the IRS). It's far from being an ancient rule, but more related to the information sharing between tax authorities - they all want their slice of the pie!

You are not alone with this problem - try opening a SIPP in the UK as a USC - many providers simply won't touch us - which seems quite discriminatory  - they just don't want to go through the hoops of reporting to the IRS.

Yes, even the US financial behemoth Vanguard does not allow any USCs in their UK company. (My wife’s brother has his SIPP with Vanguard and I have inquired about opening an account with them here, since I have been a satisfied customer of US Vanguard since 1994)

Yes, even the US financial behemoth Vanguard does not allow any USCs in their UK company. (My wife’s brother has his SIPP with Vanguard and I have inquired about opening an account with them here, since I have been a satisfied customer of US Vanguard since 1994)

I finally managed to open a SIPP with IWeb (part of Lloyds/Halifax) after I was kicked out of Fidelity when they realised I was a USC. IWeb is managed by AJ Bell - at the time of opening they confirmed that being a USC was not a problem to them - might have changed since, but I'm staying under the radar. I'm able to buy and trade Vanguard Funds with them and they've being doing very nicley thank you !