Over 50s ex-pat needs UK savings help

marson_2

Have been living in the US for almost 20 years and, since I still have some funds and my parents living in the UK, I love this website. Kudos to Martin and his team and my sincere thanks for such a comprehensive site.

Does anyone know where to go on the internet to investigate options available to ex-pats to keep savings in the UK. I have read so many sites only to get down to the bottom of the terms and conditions to find that it's "open only to UK residents". So much so that I go to the end first these days. Anyone have any ideas? Thanks.

scotsbob

I have a friend who is also an ex pat and she has been trying to do exactly the same for the last 6 months.

Apparently i'ts all because the government are afraid of something to do with washing money.
To be able to set up an account in the UK you have to buy gas and/or electricity here, if you don't ( and they ask to see the bills to prove it) then you can't set up an account.

Good luck to you if you find a way to do it and maybe post it here to help others.

EdInvestor

Can't be done I'm afraid.You could try the offshore accounts of the UK banks, but I fear as a US resident they will reject you.Something to do with the IRS,methinks.

seven-day-weekend

I have opened new bank Accounts (and had them registered to my Spanish address) whilst living in Spain, but only with banks I already had accounts with.

I have also recently openend a Nationwide Flexaccount. They would not register this to my Spanish address, but I opened it whilst I was in the UK. I did tell them I lived in Spain but because I was able to provide appropriate documentation and ID for my UK house, I was able to register it to that address.

I don't think you'll be able to open a new account unless you can show some link with the UK.

gfplux

I have the exact same problems. I suggest you try when you next visit the UK.
I opened a basic current account with HSBC in Kensington on my last visit to the UK. They were quite happy to open with a Passport and original bank statement from my other UK bank. At the same time they set me up with internet banking.
On my next trip to the UK I intend to try another bank.

seven-day-weekend

gfplux wrote: »

I have the exact same problems. I suggest you try when you next visit the UK.
I opened a basic current account with HSBC in Kensington on my last visit to the UK. They were quite happy to open with a Passport and original bank statement from my other UK bank. At the same time they set me up with internet banking.
On my next trip to the UK I intend to try another bank.

I have internet banking for all my UK accounts - most important.

Forgot to say, the Nationwide were satisfied with my British driving licence as it had my UK address on, but I also had an ISA which was previously with Portman which had been taken over by Nationwide. I don't know whether this made a difference, they didn't ask to see it.

fonesaver

UK banks seem really stuffy about non-residents opening accounts.

I have a friend from Belgium who finally managed to open an HSBC account after three attempts at different branches! Also he managed to open an account with RBS when I made an appointment and went with him to the branch. Both accounts are current accounts with on-line access also fixed-term bonds.

However I opened an account at ING in Belgium just by presenting my passport and latest RBS bank statement. Also my friend opened an account in France with HSBC easily.

Considering the UK to supposed to be a leading world financial centre why do they treat EU citizens like aliens! let alone Brits living abroad..Pity they didn't more pay attention to their wreckless lending policies....

scotsbob

fonesaver wrote: »

UK banks seem really stuffy about non-residents opening accounts.

I have a friend from Belgium who finally managed to open an HSBC account after three attempts at different branches! Also he managed to open an account with RBS when I made an appointment and went with him to the branch. Both accounts are current accounts with on-line access also fixed-term bonds.

However I opened an account at ING in Belgium just by presenting my passport and latest RBS bank statement. Also my friend opened an account in France with HSBC easily.

Considering the UK to supposed to be a leading world financial centre why do they treat EU citizens like aliens! let alone Brits living abroad..Pity they didn't more pay attention to their wreckless lending policies....

You got that one right mate. I managed to open accounts in Oman, South Africa and Bahrain just by turning up at the bank and filling in the forms. Still use the acounts and they aren't bothered where I'm living.

Try opening an account here in the UK and you have to show bills to prove you buy gas and electricity here and jump through all the hoops. Like you correctly say we are supposed to be a leading financial centre, in reality we have beciome a laughing stock.

Cook_County

I hope for your sake that you don't already have "funds" here in the UK so you are not caught by the PFIC regime which charges gains to a minimum 35% tax charge.

I assume you have filed the FBAR (Form TD F 90-22.1) by 30 June to avoid the minimum $10,000 penalty.

Investing outside the US has serious US tax consequences.