How can I open an offshore bank account in the Channel Islands from the UK?

eloy7

I want to receive my foreign income in an offshore bank account to be exempt from the UK tax as a non-domicile resident.

Which bank does open a bank account online or by visiting a branch in London?

My problem is that most accounts are intended for investment, and then require a high initial deposit, but I want an account to receive money from abroad not transferring my UK money.

Barclays suggested an international account, which needs £25,000 fund and I believe it is not an offshore account for the tax purpose.

HSBC requires £60,000 initial deposit.

Standard Bank seems reasonable needing only £5,000 initial deposit, but since I do not have an account with them in the UK, I am not sure about them.

brianposter

https://international.lloydsbank.com/products-and-services/saving-accounts/ ??

Ballard

I'm not entirely sure what you're asking. You are a non-dom living in the UK with an income from overseas. Sorry for my ignorance but does receiving funds from overseas make you liable to UK taxes?

eloy7

Ballard wrote: »

I'm not entirely sure what you're asking. You are a non-dom living in the UK with an income from overseas. Sorry for my ignorance but does receiving funds from overseas make you liable to UK taxes?

A domicile resident (like a UK national) is liable for any income worldwide. But a non-domicile (who lives in the UK but his permanent home is not the UK) is entitled to exempt from the UK income tax for foreign income, which is not brought into the UK (for example, renting out a house in his home country). Thus, if the rent is paid to my Swiss bank account, I do not need to pay the UK tax since the foreign income had nothing to do with the UK. Instead of a Swiss bank account, I want to open an offshore bank account in the Channel Islands.

eDicky

For many years I used multi currency accounts with Cater Allen Jersey >> Abbey International >> Santander International, which is now Santander Jersey, and they now have a high minimum balance requirement to avoid fees. I think you will find that this applies to all similar accounts with other CI and IoM bank branches, which have downsized since the increase of tax reporting requirements, FATCA, etc.

I believe such accounts are still effectively 'offshore' from UK if you are not a UK tax payer, you have to declare your tax domicile to the bank anyway these days under the CRS (Common Reporting Standard). You can check their various websites for account specifics and opening procedure.

Isabel_Ortiz

I've heard that sometimes these offshore accounts can be blocked or cancelled without consent. Has something similar happened to you? Do you know how to solve it?

colsten

Isabel_Ortiz wrote: »

I've heard that sometimes these offshore accounts can be blocked or cancelled without consent. Has something similar happened to you? Do you know how to solve it?

All bank accounts can be blocked / closed without the consent of the account holder.

JuicyJesus

Worth noting that HSBC decided to unilaterally close any Jersey accounts not held by people resident in Jersey a few years back. Banks generally reserve the right to do this in their terms as they can decide they no longer wish to service any customers they don't want to - no indication that Lloyds are planning to do this but you should be aware that it is possible.

https://www.bbc.co.uk/news/business-31908671

axel1005

Hello

Offshore Bank Account

Anybody have an info about an offshore bank account in Euros in Jersey, for example ?   I have some Euros that I would like to park there for when I am visiting Europe, using a bank card linked to the account.  I myself am resident in Asia. I'm hoping the day comes when Euros earn some interest - surely that might happen at some point. Certainly in Asia presently they earn nothing,which is apparently the case worldwide.

Brian Poster's post above looks helpful and I will try to contact Lloyds by mail or maybe a call.

Any recent experience of anyone ?

Axel

afis1904

Just pay your taxes

colsten

axel1005 said:

 I'm hoping the day comes when Euros earn some interest - surely that might happen at some point. 

Wake me up if that happens. In the meantime, get ready to pay for depositing money in a bank.