living abroad

hippo40

Can anyone tell me if I can save in the UK even though I live abroad ?

Hope someone can help!

Thanks

brodev

I know people who do so therefore it is possible. I also know that I have a bank account in Spain and I don't live there.

jenniferpa

On the whole, the answer is no. Most financial institutions have a residential requirement. There are some companys who have an offshore subsidiary, and they have accounts, although most require more capital than most(and take fees accordingly). I'm a U.K. citizen who lives in the U.S. and I've looked at it a lot, with no luck. I imagine if you live in the EU it is different though.

Jennifer

Cook_County

There are no reasons why a non-UK resident could not have a UK domiciled account. However the person concerned will then have to declare the UK bank account interest in the place he/she resides (Jennifer in the US for example has to report and pay US taxes on the interest and file a form TDF90-22.1 each year with the US Treasury to avoid a $10,000 fine).

The UK is a tax haven in that no UK tax is due on UK bank interest in COMPLETE years of non-UK residence. For this reason it is almost always recommended that savings are placed offshore (Channel Islands) so that interest credited in years of departure and arrival can escape UK tax.

jenniferpa

Well, if you can point me towards a savings account or similar that doesn't have a residential requirement I would appreciate it. I don't mind paying tax on the money, or even filling yet another IRS form. I come backwards and forwards quite frequently and such an account would be very useful.

Jennifer

Cook_County

Jennifer - there is no reason why it should be onshore. The Channel Islands & Isle of Man are offshore for tax purposes but part of the British bank clearing system and are exactly where you should be looking to deposit your money.

jenniferpa

Mmm, I had looked at that. The problem is that where I have looked (Citibank and the like) either require me to hold a fairly large balance, or want to charge me fairly large fees. I might consider the fee route should the inconvenience start to get to the point where it would override my dislike of paying someone to have the use of MY money. I'm not particularly fussed about the interest rate (although any interest is good). If you could point me in any particular direction, I would appreciate it.

Jennifer

EdInvestor

The moral of this thread is never close any UK bank/BS/broker/online etc accounts you have when you go abroad, and always open any you think you might need before leaving.

This also saves you much of the hassle of establishing residency, credit ratings, and all that stuff when you come back.

Offshore savings accounts

jenniferpa

Very true! And thanks for the link. However, I think I may have hijacked this thread, for which I apologise.

Jennifer

nilocmac

hippo40 wrote:

Can anyone tell me if I can save in the UK even though I live abroad ?

Hope someone can help!

Thanks

As someone else has said it is possible.

I guess my question would be why are you doubting it possible is it because of residency requirements or tax implications?

Ted_Bloke

Cook_County wrote:

There are no reasons why a non-UK resident could not have a UK domiciled account. However the person concerned will then have to declare the UK bank account interest in the place he/she resides

Bank with HSBC or similar! They will relieve you of this problem!