Opening an Angolan Investment Account from the UK
UK-based Angolans and other investors can open non-resident investment accounts in Angola under Aviso 15/19. This guide covers documentation requirements, the step-by-step process, and UK-specific considerations.
Required Documentation
| Document | Details |
|---|---|
| Valid Passport | Angolan or British passport |
| UK National Insurance Number | Or other UK tax reference |
| Angolan NIF | If available; can be requested through the Angolan Embassy in London |
| Proof of Address | UK utility bill, bank statement, or council tax bill (within 3 months) |
| Source of Funds | UK bank statements (3-6 months), employment letter, or HMRC Self Assessment |
| Account Application | Completed form from the chosen Angolan bank |
Documents must be notarized or apostilled. The Angolan Embassy in London (22 Dorset Street, W1U 6QY) provides notarization and consular services.
Step-by-Step Process
Step 1: Contact an Angolan Bank Reach out to major Angolan banks (BAI, BFA, BIC) via their international desk. Confirm the specific documentation requirements for UK applicants and request the account application form.
Step 2: Prepare and Notarize Documents Visit the Angolan Embassy in London for notarization of required documents. Alternatively, use a UK notary public with subsequent apostille from the Foreign, Commonwealth and Development Office (FCDO). Allow 1-2 weeks for embassy processing.
Step 3: Submit Application Send the complete package to the Angolan bank via tracked courier (DHL, Royal Mail Special Delivery International) or secure electronic submission where accepted.
Step 4: Account Activation KYC verification and account opening typically takes 2-4 weeks from receipt of complete documentation.
Step 5: Fund the Account Transfer GBP from your UK bank via SWIFT. The standard route is GBP to USD (through your UK bank) and then USD to AOA (through the Angolan bank). Major UK banks (Barclays, HSBC, Lloyds, NatWest) all offer international wire services. Transfer times: 3-7 business days.
Step 6: Begin Investing Once funded, engage a CMC-licensed broker to trade on BODIVA or participate in bond offerings.
Estimated Costs
| Item | Approximate Cost |
|---|---|
| Embassy notarization | GBP 15-50 per document |
| SWIFT transfer fee | GBP 10-30 per transfer |
| FX conversion (GBP/USD) | 0.3-1% spread |
| FX conversion (USD/AOA) | 0.5-2% spread |
| Broker commission | 0.5-1.5% of transaction value |
UK Tax Considerations
UK tax residents must declare Angolan investment income to HMRC:
- Dividends: Report on Self Assessment under foreign dividend income
- Interest: Report on Self Assessment under foreign interest income
- Capital gains: Report on Self Assessment; GBP cost basis applies
- The absence of a UK-Angola DTA means no automatic foreign tax credit, though unilateral relief may be available — consult a UK tax advisor
For a comprehensive understanding of the investment framework, see Aviso 15/19 and the diaspora FAQ.