best place to deposit euros jersey or guernsey

toybs

As a Brit living & working abroad, I wondered if anyone could tell me the best place to deposit EUROS (from the sale of my house) in the Channel Islands as I will be moving for work to another european country & will have to buy another home? The interest rates on the continent are lousy, around 3.5%, so I think I could earn more interest off shore. I pay tax in Europe so a UK bank account wouldn't be good as I would have to reclaim the tax which is paid at source from the bank account.

I would really appreciate any concrete suggestions as the country I am moving to has a very high-priced housing market & any extra interest money would be very useful.

Thank you to Martin and all chat forum members

digerati

If you are resident in the EU for tax purposes, then the CI might not be the best place for your Euros as interest is reportable for EU residents, and Euro rates aren't fantastic. Some non EU banks do offer 3.5% on short-term Euro deposits with no tax payable at source, but only for those (like myself) who declare themselves as non EU resident. I haven't found better rates on Euros elsewhere.

if you aren't resident in the UK for tax purposes, you can file a R105 tax form to have your UK bank interest paid gross. Then declare it on your tax form in your country of taxation.