How to open account for children living in Australia

Helapickle

Hi can anyone shed any light on the options available for children's savings accounts if the children live overseas?
I want to put money away for my niece and nephew (only toddlers right now) for when they turn 18. 
The issue I face is that the children live in Australia. 
My sister is a British citizen, her husband is an Australian citizen. The children do not have British paperwork yet.
I don't know when they will next be over here to visit so I can't get the parents to open accounts here.
I know I could just put money aside in an account in my name and hand it over when they turn 18 but I would prefer a more official option where the accounts are in their names.
I'm also concerned about tax as I would want them to lose money to tax if I set it up wrong 

Thank you

wmb194

Helapickle said:

Hi can anyone shed any light on the options available for children's savings accounts if the children live overseas?
I want to put money away for my niece and nephew (only toddlers right now) for when they turn 18. 
The issue I face is that the children live in Australia. 
My sister is a British citizen, her husband is an Australian citizen. The children do not have British paperwork yet.
I don't know when they will next be over here to visit so I can't get the parents to open accounts here.
I know I could just put money aside in an account in my name and hand it over when they turn 18 but I would prefer a more official option where the accounts are in their names.
I'm also concerned about tax as I would want them to lose money to tax if I set it up wrong 

Thank you

Basically, you're a bit stuffed. I'd just save in your own name and if you can within an Isa as this makes tax and administration simpler in general.  Apart from possibly with NS&I, they'll have a hard time opening accounts here if they're not normally resident. They could open accounts in Australia and you could contribute directly to those.