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Saving for children who live abroad
hweddle
Posts: 6 Forumite
Hello,
I would like to put a modest chunk of money into savings for two children related to me. They are 3 months and 2 years old and live in Australia (born there). I'd like it to be as long term as possible, aiming for the money to be a gift when they turn 18/21/when they need it. I might be able to top it up sporadically during this period of time, but there's no guarantee of this.
What would be the best options for this? As it's for so long, I wouldn't mind a reasonable risk, but I'm not sure about tax implications etc as they are not my children. Any advice would be much appreciated.
I would like to put a modest chunk of money into savings for two children related to me. They are 3 months and 2 years old and live in Australia (born there). I'd like it to be as long term as possible, aiming for the money to be a gift when they turn 18/21/when they need it. I might be able to top it up sporadically during this period of time, but there's no guarantee of this.
What would be the best options for this? As it's for so long, I wouldn't mind a reasonable risk, but I'm not sure about tax implications etc as they are not my children. Any advice would be much appreciated.
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Comments
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Investment Trust in bare trust?http://www.sit.co.uk/products/investing_for_children/features/questions_and_answers/0
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