"us person" box on SIPP application form

Hi -

I have had a SIPP (self-invested pension package?) here for years and recently looked into getting a new one with Alliance Trust - the online application asked if I was a "us person" which I think I might be (A US citizen but UK resident for many years). It seems when you tick this box you cant open a SIPP but have to talk to a financial advisor. Does anyone have any idea what this is about? I want to move the funds from my exisiting SIPP to a new one and am worried I may be stuck with the one I have.

Thx,
TT

This question is designed with SEC Regulations in mind as under Dodd Frank TD Waterhouse would have to rely on an exception to avoid SEC registration.

As you a US person for tax purposes a SIPP is doubtless a foreign grantor trust so you would already need to be filing annual forms 3520, TD F 90-22.1 and 8938 to report the think and presumably also filing a form 8833. From the 2012 return one may also be filing forms 8621 if PFICs are held in the SIPP.

TD Waterhouse may not want to become involved in 3520-A filing and providing US compliant annual reporting. There are doubtless a limited number of SIPP trustees who can offer US friendly reporting and services. You may well be best to find such a provider through an IFA.

According to your other posts you are delinquent in mandatory annual filings with the IRS and Department of Treasury. Given this fact the potential civil penalties at stake in the circumstances described are in the hundreds of thousands of dollars, I would suggest urgent professional advice in such circumstances.