Savings Accounts for UK National but who resides overeas.

CyTravel

Does anybody know of any savings accounts that can be opened by non UK resident. I get paid into my UK bank, pay Tax in the UK but as I am not resident in the UK I can't find anywhere that I can put some savings. I am an EU resident but UK national.

wmb194

CyTravel said:

Does anybody know of any savings accounts that can be opened by non UK resident. I get paid into my UK bank, pay Tax in the UK but as I am not resident in the UK I can't find anywhere that I can put some savings. I am an EU resident but UK national.

If you have a normal UK current account you might be able to open one with NS&I.

https://www.nsandi.com/help/join-nsandi/using-nsandi-outside-uk

Bostonerimus1

Why do you pay UK tax if you live overseas? Best place for you to open a saving account is where you live.

rallycurve

Do you pay tax in the UK despite not being resident? Wouldn't you need to pay tax in the country you are resident?

CyTravel

You get the choice of where to pay tax. Less hassle to pay in UK as all income comes from there. Long story.

masonic

CyTravel said:

You get the choice of where to pay tax. Less hassle to pay in UK as all income comes from there. Long story.

I think you are mistaken, otherwise we'd all be choosing to pay tax in the UAE or Bermuda.

Whether or not you pay UK tax is determined by a residency test: https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt/guidance-note-for-statutory-residence-test-srt-rdr3

For other countries there will be other rules in place. For example the US requires its citizens to pay US taxes on their worldwide income regardless of where they reside.

CyTravel

We're going off topic here - it's just possible savings accounts I'm interested in as a non-UK resident.

masonic

CyTravel said:

We're going off topic here - it's just possible savings accounts I'm interested in as a non-UK resident.

It isn't off topic if the reason for you wanting a UK account is based on a misunderstanding. We're also not allowed to discuss legal grey areas such as tax evasion in your country of residence, so it is worth establishing that you definitely do not need to declare any income in your country of residence.

CyTravel

I do declare where I live and also pay into the system here - so it is irrelevant in this matter. I just wanted to establish my current close ties to the UK. I could invest here but it's Euros and a lot would be lost transferring it back to sterling.

wmb194

If you have a stockbroking account(s) and they're offered, another option for cash-like returns is money market funds and gilts/UK Treasury bills.

masonic

If it is the currency that matters to you then you could consider an offshore bank such as Conister.