Leaving the UK, can I keep my bank account?

ideas_aggressive

Hi,

I plan to move to Thailand and possibly become a tax resident there. I'm a self-employed British + Portuguese citizen, making around >= 100k per year. My client is based in the USA. Payments are made directly to my personal bank account. Once a year, I fill out and submit my Self-assessment. I don't have any debts, assets, or family connections in the UK. Once I leave, I'll do my best to declare and pay any future tax liabilities, etc. I don't plan to come back to the UK to live. If visiting, I will not stay for more than 2 weeks. For clarity, I don't want to be a tax resident in the UK and will not live there other than visiting for a few days.

Redditors have informed me that I must close my bank account and withdraw all the money. Because banks in the UK require customers to have UK residency, I find this information to be a bit bizarre, if not incorrect.

I've been a Lloyds bank customer for the past 14 years. When moving, I'll inform the bank I won't be a tax resident in the UK any longer and update my address (international address).

I expect to move to Thailand, possibly on a DTV Visa, which allows me to work remotely, leave and return every 180 days to renew the Visa, Stay at least >=180 days every year to become a tax resident, and pay my taxes in Thailand (advised by legal firm in Bangkok). Also, have my clients make payments to my UK bank account.

It's Saturday night; I'm doing my research, so I hope you people don't mind me asking. Of course, I'll call Lloyds support team on Monday to get answers. 

Can I keep my bank account and receive money in my bank account?

SiliconChip

It's certainly possible in some circumstances to retain UK accounts when moving overseas. However, it does depend on the country you intend to live in, for instance I believe Netherlands prohibits it. So it could be that the Redditors have knowledge about Thailand that would make it impossible to keep your UK account. I don't know, you can ask Lloyds although that would alert them to your plans and might lead to them closing your account anyway, or I seem to recall there are some people using this forum who live in Thailand who may be in a position to give first hand knowledge of what is permitted.

The other question is whether you need to retain a UK account at all, if you're planning to move your residence and your business to Thailand wouldn't it be better for your banking to be there too?

Voyager2002

In the short term you will be able to retain your UK account, but in the longer term the bank will close it.

Most of the major British banks have International branches (generally located in places like Gibraltar or the Channel Islands) that accept customers who live anywhere in the world. Account T and Cs are slightly different, above all since these accounts do not benefit from the FSCS guarantee.

ideas_aggressive

SiliconChip said:

It's certainly possible in some circumstances to retain UK accounts when moving overseas. However, it does depend on the country you intend to live in, for instance I believe Netherlands prohibits it. So it could be that the Redditors have knowledge about Thailand that would make it impossible to keep your UK account. I don't know, you can ask Lloyds although that would alert them to your plans and might lead to them closing your account anyway, or I seem to recall there are some people using this forum who live in Thailand who may be in a position to give first hand knowledge of what is permitted.

The other question is whether you need to retain a UK account at all, if you're planning to move your residence and your business to Thailand wouldn't it be better for your banking to be there too?

The Dtv Visa allows you to work remotely from Thailand, but doesn't allow you to establish or have any business relationship to any company or individual in Thailand.

ideas_aggressive

Voyager2002 said:

In the short term you will be able to retain your UK account, but in the longer term the bank will close it.

Most of the major British banks have International branches (generally located in places like Gibraltar or the Channel Islands) that accept customers who live anywhere in the world. Account T and Cs are slightly different, above all since these accounts do not benefit from the FSCS guarantee.

I'd have to open an international bank account? I guess it's not worth the hassle, and I'll close the bank account.

wmb194

heldrida said:

Hi,

I plan to move to Thailand and possibly become a tax resident there. I'm a self-employed British + Portuguese citizen, making around >= 100k per year. My client is based in the USA. Payments are made directly to my personal bank account. Once a year, I fill out and submit my Self-assessment. I don't have any debts, assets, or family connections in the UK. Once I leave, I'll do my best to declare and pay any future tax liabilities, etc. I don't plan to come back to the UK to live. If visiting, I will not stay for more than 2 weeks. For clarity, I don't want to be a tax resident in the UK and will not live there other than visiting for a few days.

Redditors have informed me that I must close my bank account and withdraw all the money. Because banks in the UK require customers to have UK residency, I find this information to be a bit bizarre, if not incorrect.

I've been a Lloyds bank customer for the past 14 years. When moving, I'll inform the bank I won't be a tax resident in the UK any longer and update my address (international address).

I expect to move to Thailand, possibly on a DTV Visa, which allows me to work remotely, leave and return every 180 days to renew the Visa, Stay at least >=180 days every year to become a tax resident, and pay my taxes in Thailand (advised by legal firm in Bangkok). Also, have my clients make payments to my UK bank account.

It's Saturday night; I'm doing my research, so I hope you people don't mind me asking. Of course, I'll call Lloyds support team on Monday to get answers. 

Can I keep my bank account and receive money in my bank account?

This comes up fairly regularly. Have a look at the thread linked below: try a HSBC expat account and/or HSBC and Standard Chartered in Singapore. Otherwise, as suggested above, an account in the Channel Islands.

https://forums.moneysavingexpert.com/categories/budgeting-bank-accounts

Edit: In your thread on Reddit you say you have a 25+ year old account in Portugal - is this registered at your parents' address? You might also have a problem with this one if you're too honest.

https://www.reddit.com/r/UKPersonalFinance/comments/1i4cl2d/leaving_the_uk_where_would_i_pay_taxes_as_a/

eDicky

When I was residing in Thailand for many years I held bank accounts in Singapore, Hong Kong, Jersey (CI) and Thailand. A bank account in mainland UK would have had no purpose - will it have any for you..?

ideas_aggressive

This comes up fairly regularly. Have a look at the thread linked below: try a HSBC expat account and/or HSBC and Standard Chartered in Singapore. Otherwise, as suggested above, an account in the Channel Islands.

https://forums.moneysavingexpert.com/categories/budgeting-bank-accounts

Edit: In your thread on Reddit you say you have a 25+ year old account in Portugal - is this registered at your parents' address? You might also have a problem with this one if you're too honest.

https://www.reddit.com/r/UKPersonalFinance/comments/1i4cl2d/leaving_the_uk_where_would_i_pay_taxes_as_a/

First of all, thanks for the advice.

The thread link is not working, mind check?

Yes, the account in Portugal has my parents address. But recently I have updated the address with my British address they didn’t complain? Guess the rules there are different.

Just mentioned this to friends who live abroad who have regular accounts in the UK who are equally surprised. They seem to have their  parents addresses in their accounts.

I’ll talk to my legal advisor in Thailand and see if possible to open a bank account on a Dtv visa. That’d be the easiest solution 

ideas_aggressive

eDicky said:

When I was residing in Thailand for many years I held bank accounts in Singapore, Hong Kong, Jersey (CI) and Thailand. A bank account in mainland UK would have had no purpose - will it have any for you..?

I thought it’d be easier to get started because Lloyds bank works very well. In general services in the UK work correctly. I can do everything remotely and it’s rare to need visiting a branch physically. I’ve done that recently to request a letter from the bank for some unrelated paper work for my Thai visa application, but that’s it!

The purpose would be to facilitate getting paid into an account in GBP which is stable in a bank service provider I have a history and trust. Due to the news I’ll have to close it, which is very sad news.

I’ll contact my legal advisor in Thailand and ask if I can open a bank account there. Alternatively, I’ll check those expat bank account providers.

Thank you!

wmb194

heldrida said:

This comes up fairly regularly. Have a look at the thread linked below: try a HSBC expat account and/or HSBC and Standard Chartered in Singapore. Otherwise, as suggested above, an account in the Channel Islands.

https://forums.moneysavingexpert.com/categories/budgeting-bank-accounts

Edit: In your thread on Reddit you say you have a 25+ year old account in Portugal - is this registered at your parents' address? You might also have a problem with this one if you're too honest.

https://www.reddit.com/r/UKPersonalFinance/comments/1i4cl2d/leaving_the_uk_where_would_i_pay_taxes_as_a/

First of all, thanks for the advice.

The thread link is not working, mind check?

Yes, the account in Portugal has my parents address. But recently I have updated the address with my British address they didn’t complain? Guess the rules there are different.

Just mentioned this to friends who live abroad who have regular accounts in the UK who are equally surprised. They seem to have their  parents addresses in their accounts.

I’ll talk to my legal advisor in Thailand and see if possible to open a bank account on a Dtv visa. That’d be the easiest solution 

A Portuguese bank (or Dutch, German, etc) might not have a problem with Britain but they might have a problem with Thailand. 

Using your parents’ address and fibbing about where you really live is a common tactic.

ideas_aggressive

wmb194 said:

heldrida sair

This comes up fairly regularly. Have a look at the thread linked below: try a HSBC expat account and/or HSBC and Standard Chartered in Singapore. Otherwise, as suggested above, an account in the Channel Islands.

https://forums.moneysavingexpert.com/categories/budgeting-bank-accounts

Edit: In your thread on Reddit you say you have a 25+ year old account in Portugal - is this registered at your parents' address? You might also have a problem with this one if you're too honest.

https://www.reddit.com/r/UKPersonalFinance/comments/1i4cl2d/leaving_the_uk_where_would_i_pay_taxes_as_a/

First of all, thanks for the advice.

The thread link is not working, mind check?

Yes, the account in Portugal has my parents address. But recently I have updated the address with my British address they didn’t complain? Guess the rules there are different.

Just mentioned this to friends who live abroad who have regular accounts in the UK who are equally surprised. They seem to have their  parents addresses in their accounts.

I’ll talk to my legal advisor in Thailand and see if possible to open a bank account on a Dtv visa. That’d be the easiest solution 

A Portuguese bank (or Dutch, German, etc) might not have a problem with Britain but they might have a problem with Thailand. 

Using your parents’ address and fibbing about where you really live is a common tactic.

For my own sanity, I like to be transparent and do everything by the rules. Getting information as I am doing now is proving that there’s a lot that I wasn’t aware of and most of my friends neither. Who are honest hard working professionals.

Its crazy to think that to have a basic bank account, an individual has to live in the country. Banks are regulated businesses but still businesses. So I’ll look to do my business elsewhere.