Savings for non residents

alphason

Hi I am expat who has not been back to the UK since Jan 2007.

I still have my ISA up and running but I am not so sure that I really qualify for it. I have income from the UK from a property (which I am considering selling) but after expenses I am below the tax allowances.

If I close my ISA where can I put the money for the best return, bearing in mind I am not in the UK to open an account? I currently have a/c's with halifax and nationwide but they will not accept form R105 (to receive interest without tax deducted). I don't mind locking it in for 6 - 12 months initially.

Thanks.

alphason

A bit more info if that helps...

I have 10k in an ISA and a few k in a esaving account, the isa money I am happy to lock but would prefer to keep instant access to the rest, just in case. Thanks

Jonbvn

I would suggest you look at the offshore accounts in Jersey or IOM. A&L IOM offer some competitive rates. http://www.alil.co.im/

Note that if you are resident inside the EU, then withholding tax will be deducted from interest, unless you request your bank to report to your local tax authority. This is a requirement of the EU savings directive.

runciblespoon

Offshore rate comparison site:
http://www.moneyfacts.co.uk/searches/offshore.aspx

jennifernil

I think you can keep your ISA, but not add to it. Worth checking up on.

alphason

Thanks for your help.

Tried moneyfacts - does not seem to be to good a range.
Best it comes up with is bradford&bingley @ 6.5% aer

All&Leics..
60day notice 6.5%aer min 15,000
instant access 4.9% aer min 10,000

From my existing banks I have found...

Halifax instant access 5.9% aer on balance 5,000 + (5.8% on 1,000)
Halifax 1 yr fix 6.9% aer on balance 1,000 + (2/3 yr fix 6.3%, 6m fix 6.76% aer)
Nationwide 1 year fix 6.64% aer monthly interest or 6.65% annual, balance of 1,000 +.

runciblespoon

Did you try both variable and fixed rate search on Moneyfacts (don't just use the 'include fixed rates' button, on the start scren choose 'fixed rate accounts' which is a different search)?

It gives me:
Kaupthing Edge 6.86% AER - instant access, min £1000
Anglo Irish Bank 6.6% AER - 30 day notice, min £5K
Kaupthing Edge 1yr Fixed Rate 7.15% AER - min £5K
(various other KE fixes)
Landsbanki Guernsey 1yr fix 7.06% AER - min £10K
(various other Landsbanki fixes)
Anglo Irish 1 yr fix 7.05%AER
etc etc

I don't know how much cash you have - the above were with it searching for £20K. If I search for £2K it comes up with all the accounts you list above, and some more. Leave all the options at default and just change the amount to start with.

dunstonh

Since the MiFID rules that came into effect last November, a lot of financial services companies ceased to offer ex pats services. So, your options are likely to be more limited than previously. Dont assume they will offer you an account. Check their T&C.

runciblespoon

Do you mean that the range of accounts offered is more limited, that fewer people are eligible according to the Ts&Cs (I notice most say 'not US residents', for example), or that there's some kind of check when you apply and you might get refused?

dunstonh

runciblespoon wrote: »

Do you mean that the range of accounts offered is more limited, that fewer people are eligible according to the Ts&Cs (I notice most say 'not US residents', for example), or that there's some kind of check when you apply and you might get refused?

As of 1st Nov last year, providers had to decide if they wanted to transact cross border business in Europe. If they did they had to opt into another regulatory regime. More admin and more cost. A number of providers decided it was not worth their while for the low level of business they transact. This included some well known brands.

The thing to look out for in the T&C is the mention of non UK residents.

Cook_County

You are resident in & taxable in Thailand. You should take advice locally to ensure you comply with exchange control, reporting & local tax filing obligations. These may impact your investment choices as well.