Can't invest as i don't reside at my 'primary address' as i live overseas.

Nobby_12

Hi all. I'm a UK citizen, have a UK flat, bank accounts etc, however i live in Europe. My UK current account is giving me a whopping 0% interest on my savings, so i'd like to invest in some long term bonds. I contacted a few banks and they all say I have to be UK resident. When I told them i had a flat in the UK, they say i can use this address to apply (even if i i reside abroad) but any returned mail could amount to the account being closed. So I ask them if i can use my parents address as they permanently reside there, and they can forward any mail. But I'm told it will have to be my primary address and not the folks. Is it a big deal to just give them my parents address as the primary address without elaborating on the situation? Doesn't feel too controversial. I'd like to do everything by the book, but seems like it's a blanket rule for all (or most?) banks. Such a trivial thing but at the same time, my savings just sit there at 0% so i don't want to waste any opportunities. Grateful for. any advice. Many thanks. 

masonic

If by 'bonds' you mean savings accounts rather than investments, then there are offshore accounts based in the Channel Islands / IoM that are available to non-residents. Check out Skipton International and Conister Bank.

Voyager2002

The banks are playing by the rules. Furthermore, if this situation persists for longer than a couple of years, your UK bank account is likely to be closed down.

Assuming that you want to continue living outside the UK, you can open a bank account with one of the "international" branches of our high street banks: these tend to be registered in places like Gibraltar or the Isle of Man and are NOT covered by FSCS protection. Some of these may have savings products that are of interest to you. At the same time you should explore the banking and savings products that are available in the country where you live.

Your question asked about investment, which usually means stocks and shares. As a non-uk resident you have a few options, such as the Luxemburg-based Internaxx, although you should be prepared for higher charges than are usual in the UK.

If you want to break the rules and lie you may or may not get away with it, although since your name should not appear on the electoral register things could go wrong at any point.

DullGreyGuy

Most UK banks dont have licenses to operate in the EEA now that the passporting rules came to a close thanks to Brexit. As you are resident of "europe" not the UK they cannot provide their services to you, though the same banking group may operate in your chosen residency. 

There are international banks, as others mentioned outside of the UK, or there are naturally banks in the country you now call home. 

Nobby_12

Hi all, many thanks for your replies and for the options to explore (Masonic; am looking at fixed rate bonds). Wasn't sure if it was actually 'illegal' because it just seemed so trivial. They were happy for me to be non resident, so long as i picked up my post at my primary address. Still a uk tax payer and all the rest, and I have pounds and a property to maintain in the UK hence my interest in serving my cash in the UK minus all the faff. Ill check out some of the international banks based in the UK. Sounds like a plan. Thanks again. 

bostonerimus

Just invest or save locally. It makes tax and administration easier. 

PragueAddick

I've been living in Europe for a good long while now and this topic naturally comes up among Brits locally. It seems many choose to get around this, if they have family or trusted friend ready to allow them to claim their UK address as home.

This requires a certain amount of low level deception. Such deception, by otherwise law abiding and generally upstanding people  is usually justified on the grounds that they are UK citizens, and may well be continuing to pay UK tax and contributing to or receiving a UK State pension, so why should they not have a UK bank account or access to retail investment platforms?.This attitude is fuelled by the perception that many very wealthy foreigners claim to be "resident" in London yet are never there, but have access to a UK bank account etc as and when they want to use it.

The main advantages of doing so are that when it comes to financial services, - and this may be hard to believe for those in the UK constantly frustrated with their bank - the UK IMO has overall the best retail financial services for ordinary customers, savers/investors, in Europe. Virtually no European country has a  retail investment platform to match Hargreaves Lansdowne and its several major competitors.  I use Degiro and Keytrade (now Swissquote) and  neither can hold a candle to H-L. Ordinary bank accounts are often slower and sloppier, and less likely to be free of charge.

In addition just because you have left the UK that does not mean that you have left for good, and return is greatly eased if you have maintained a financial "footprint". 

I've never heard of anyone running into any problems by maintaining a home address for these purposes. It's sad that deception is involved. Personally I dream of the UK's return to at least the Single Market which would free UK banks up to regain EEA licences; and platforms like H-L would absolutely clean up if they expanded their platforms to major EU countries. But of course, Peter Hargreaves was one of the biggest financial donors to the Vote Leave campaign

DullGreyGuy

Nobby_12 said:

Ill check out some of the international banks based in the UK.

Just to be clear, they arent based in the UK but in the likes of Jersey (Crown Dependency), Isle of Man (Crown Dependency) or Gibraltar (British Overseas Territory)