Hi,
I am Spanish citizen and my wife is Australian citizen. We are curently residents in Spain, but are planing to leave Spain, due to work offers my wife has received in schools abroad, as she is a teacher.
We would like to have some, or most, of the savings we have deposited in Spain (invested in funds and ETFs), transfered to other bank jurisdictions, like and especially Australia.
For the last 2 decades we hold a bank account in Australia in one of the big four banks. But years ago we had to transfer the money to Spain and leave the Australian account with a minimum balance, because at that time it was not possible to open an investment account for non residents. We are not interested on leaving our savings just resting in a current account.
Since then, several times we have inquired about this option, but after a lot of consultations from our bank, we were informed that it is still not possible for non residents to have an account for investment purposes, in our case, mostly ETFs and funds.
But I have been reading in different forums, including in this community, that there is a possibility for non residents to have an investment account, to have access to basic financial investment products, once again, international ETFs and investment funds.
So my questions are:
Is there a possibility for a non resident in Australia, to open the mentioned account and have access to financial markets, to have our savings properly invested?
In positive case, what steps should we follow to achieve that desired goal?
In the past I assisted my Australian parents in law (Australian residents) investing their savings in ETFs, through the same bank were we have the current account, which they did succesfully.
But it feels very disapointing that we, my wife and me, are unable to do the same, and it`s been our real interest for many years to have our savings invested in Australia.
Thank you in advance for any advice that anyone can offer to us.
1,801 views
2 replies