Savings for overseas godchild

Orlu

Hello all

I've been asked to be godmother for my friend's new baby boy and I was hoping to set up a savings account which I can contribute to regularly (once or twice a year). They live in Germany and are likely to be there for the foreseeable future.

I know the easiest / most tax efficient option would be to set up an account in my name, however I was hoping for it to be in his name. Does anyone knows of any childrens' trust fund/ savings accounts which do not require the child to be UK resident? I would prefer not to venture into opening overseas accounts unless I have to.

Thanks for your help!

Al.

On what basis are they overseas, as a dependent of someone in Crown service?

xylophone

Opening a savings account for a non resident child can prove difficult.

However, a bare trust through an investment trust might be worth considering?

http://www.sit.co.uk/private-investors/products/stockplan-a-flying-start

See under FAQ.

Biggles

xylophone wrote: »

However, a bare trust through an investment trust might be worth considering?

I second that, I have two grandchildren living abroad. And it is potentially more tax-efficient than in your name, as it is the child's personal tax allowance that is used.