Living Abroad...what happens to Credit Cards?

Bully5001

Hi All

Have been checking this site out for a good couple of years now but this is my first thread so let's see how we go...

I've been living and working abroad for the last 10 months (I am a registered resident of Spain) and have finally managed to get debt free with all my UK Banks and cards...so all good news really. What I now want to do is to inform my Banks that I live abroad (in the last 10 months I have been registered with banks at my parents' address), do not pay UK income tax and would therefore like any interest on my UK savings to be paid to me tax free. However, I have a concern, will my credit card companies (HSBC, Capital One and Egg) want to close my account as I am no longer living in the UK?

Any thoughts/help much appreciated.

ratttyo

Well I work abroad alot and a pal of mine informed the credit card company and they demanded the balance be settled and the account closed as it was in the terms and conditions that Uk resident was nessecary in order to own the card.

But 6 months ago I rang Barclay card up and gave them my address in Denmark which I was living at and they sent my statements there no problem! But i try and not bother telling them because what happened to my freind. as I want to keep my UK bank cards.

DeepSporran

When I worked abroad for a few years some time back, I advised all my CC issuers of my new foreign address. Most were quite happy, but one (can't remember which) insisted I close the account.

On the bank interest tax-free thing, there are new EU regulations coming in now, so you'll find that UK banks with customers resident abroad will advise the UK tax people of the fact. In turn, the UK tax folk will advise the tax people in the relevant EU country. So you may find that the Spanish tax people find out about your UK bank interest.

koswix

As a former employee of HSBC I can tell you for certain that they allow you to live overseas.

Incidentally my partner is a secondary card holder on a credit card account that is held in New Zealand and domiciled in Canada, and she lives here in London. No problems with that either!

techno_geek

Phone them and ask a hypothetical question- say you will be moving abroad, would they have a problem registering your card/account at a foreign address.

If they say "yes" then great, if "no" then keep it registered at your parents address!

By the way, you'll want to fill out an Inland Revenue R105 form as soon as the banks have changed your address to your one in Spain - this will allow you to get paid gross interest, and you should receive any tax back that was deducted in this financial year.

Bully5001

Thanks everyone.

I have phoned HSBC and given them the "hypothetical" situation and they are happy for me to register myself abroad. Although I was advised to complete an R85 form to claim Gross Interest on my Savings...having looked at that form it appears to be valid only for UK residents wanting Gross Interest. I have already completed a P85 and reclaimed my income tax from this financial year (which was a nice surprise!) so just a bit confused on all the forms.

I don't think I will actively tell Egg or Cap One of my situation and just hope they never find out!

So, which forms do I need?!

Alassa

Hi Bully

I live abroad and to change my Egg savings account I just phoned them. THey asked a couple of questions and then they changed my account to pay interest without deducting tax. All done over the phone with no probs.