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Assistance with UK-Based Savings Accounts (Non-Resident)

madeiraboy
Posts: 5 Newbie

I am a British citizen living permanently in Portugal, and I currently hold savings accounts in the Isle of Man and Guernsey However, since IOM and Guernsey are classified as a blacklisted jurisdictions under Portugal’s IRS rules, interest earned is taxed at 35%, which I want to avoid.
I have access to a UK address for correspondence via my son’s address, and I am looking for alternative UK-based savings accounts where I can deposit and earn interest in GBP, while remaining compliant with tax regulations. Ideally, I am seeking:
- Fixed-rate savings accounts or bonds with competitive interest.
- Deposit protection under FSCS (Financial Services Compensation Scheme).
- Easy-access GBP accounts for withdrawals and transfers.
- Accounts open to non-resident UK citizens with a UK correspondence address. My current account is offshore IOM.
Could you provide guidance on eligibility requirements, account setup, and any tax reporting obligations? I appreciate any recommendations you can offer.
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madeiraboy said:I am a British citizen living permanently in Portugal, and I currently hold savings accounts in the Isle of Man and Guernsey However, since IOM and Guernsey are classified as a blacklisted jurisdictions under Portugal’s IRS rules, interest earned is taxed at 35%, which I want to avoid.I have access to a UK address for correspondence via my son’s address, and I am looking for alternative UK-based savings accounts where I can deposit and earn interest in GBP, while remaining compliant with tax regulations. Ideally, I am seeking:- Fixed-rate savings accounts or bonds with competitive interest.- Deposit protection under FSCS (Financial Services Compensation Scheme).- Easy-access GBP accounts for withdrawals and transfers.- Accounts open to non-resident UK citizens with a UK correspondence address. My current account is offshore IOM.Could you provide guidance on eligibility requirements, account setup, and any tax reporting obligations? I appreciate any recommendations you can offer.
https://www.nsandi.com/help/join-nsandi/using-nsandi-outside-uk
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For the accounts you require I am pretty sure you need to be a UK resident with a proper address, though many expats try to get around it your way by using a family member's address.
I have friends in Thailand doing exactly that, some have been found out and accounts closed.
With your situation I think you'll be limited to offshore accounts as at present, Jersey, Guernsey and IoM.
Have you looked at WISE?
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I wonder about this possibility - If your son lives alone and is eligible for 25% Council Tax reduction, would he lose this Council Tax reduction if you use his address? e.g. If he was no longer the sole resident as you would be, as far as the bank is concerned, living at your son's address.0
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Mum161111 said:I wonder about this possibility - If your son lives alone and is eligible for 25% Council Tax reduction, would he lose this Council Tax reduction if you use his address? e.g. If he was no longer the sole resident as you would be, as far as the bank is concerned, living at your son's address.1
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I don't know but was just wondering.0
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GrubbyGirl_2 said:Mum161111 said:I wonder about this possibility - If your son lives alone and is eligible for 25% Council Tax reduction, would he lose this Council Tax reduction if you use his address? e.g. If he was no longer the sole resident as you would be, as far as the bank is concerned, living at your son's address.Would need to go on the electoral roll or register for council tax in order to have a chance at being electronically verified. Otherwise register for a utility at the address.Chances are son is not the only adult living at his address, so may not be an issue.1
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Maybe I am getting my facts mixed up but don’t some savings providers perform a soft credit check before opening a savings account? I think I have seen such a thread on this board. Do you need to be on the electoral roll to complete a soft credit check?OP I understand UK HSBC allow you to open a current account with an address in the EU. Don’t know if that extends to their savings accounts.
And if you do need to be on the electoral roll at an address, you will most likely have to pay council tax. Which feeds into the point made by @Mum161111.1 -
lr1277 said:Maybe I am getting my facts mixed up but don’t some savings providers perform a soft credit check before opening a savings account? I think I have seen such a thread on this board? Do you need to be on the electoral roll to complete a soft credit check?OP I understand HSBC allow you to open a current account with an address in the EU. Don’t know if that extends to their savings accounts.0
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madeiraboy said:I am a British citizen living permanently in Portugal, and I currently hold savings accounts in the Isle of Man and Guernsey However, since IOM and Guernsey are classified as a blacklisted jurisdictions under Portugal’s IRS rules, interest earned is taxed at 35%, which I want to avoid.I have access to a UK address for correspondence via my son’s address, and I am looking for alternative UK-based savings accounts where I can deposit and earn interest in GBP, while remaining compliant with tax regulations. Ideally, I am seeking:- Fixed-rate savings accounts or bonds with competitive interest.- Deposit protection under FSCS (Financial Services Compensation Scheme).- Easy-access GBP accounts for withdrawals and transfers.- Accounts open to non-resident UK citizens with a UK correspondence address. My current account is offshore IOM.Could you provide guidance on eligibility requirements, account setup, and any tax reporting obligations? I appreciate any recommendations you can offer.
Are there local banks in Portugal that offer sterling accounts? Regular High Street banks in UK offer EURO and US Dollar accounts and, I am sure, other currencies also.
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masonic said:GrubbyGirl_2 said:Mum161111 said:I wonder about this possibility - If your son lives alone and is eligible for 25% Council Tax reduction, would he lose this Council Tax reduction if you use his address? e.g. If he was no longer the sole resident as you would be, as far as the bank is concerned, living at your son's address.Would need to go on the electoral roll or register for council tax in order to have a chance at being electronically verified. Otherwise register for a utility at the address.Chances are son is not the only adult living at his address, so may not be an issue.5
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