Non resident child's account

Roooooooooo

I now live in Germany and am a non-resident but still have my Nat West current account. I'd like to open a UK account for my children who are receiving small (beneath £250 taxable amount) gifts in GBP from their grandfather (if it goes into my account I have tax liability on it). Children are 10 &12. Does anyone have a tip for me on under 18 non-resident accounts?

Band7

I think the only non-resident accounts you can open in GBP are offshore ones. Skipton BS might have something suitable though I don't know whether they do children's accounts. Whether you can avoid tax, I don't know. It would depend on the laws applicable to your tax residency.

xylophone

I now live in Germany

Were your children born before you left? Did they have CTF/JISA?

Roooooooooo

Children were born in Germany, after I left, they do have dual citizenship but are non residents in UK. No financial products at all , only my stuff in my name

Roooooooooo

@Band7 Skipton is a min £25k , I'm looking for a current account 

Band7

The only UK current account for EU-residents I am aware of is the HSBC Basic Account. But min age is 16, and folklore has it that it takes considerable effort to open.

 

eDicky

Could grandfather manage to send euros to Germany..?

Roooooooooo

@eDicky that's where we'll probably have to end up.

Band7

That's very easy to do. Grandfather just needs to set up something like Starling GBP and Euro accounts. He can very easily change his GBP into Euros and then send the Euros to the granddaughters' Euro accounts. Starling has some of the best rates - certainly better than High Street banks.

Roooooooooo

Let's see, granddad is no computer wizard and bed ridden..... Thanks all for the great suggestions 

Brie

Would a WISE account work?  Granddad pays in GBP and kids withdrawn in EUR.