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

madeiraboy

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.  

wmb194

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.  

You could try NS&I and possibly HSBC but most banks and BS' won't want to touch you if you're not resident in Britain. Presumably this is why you went with offshore accounts when you moved.

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

Ayr_Rage

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?

Mum161111

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.

GrubbyGirl_2

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.

How would the council know?

Mum161111

I don't  know but was just wondering.

masonic

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.

How would the council know?

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.

lr1277

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.

masonic

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.

Almost all do a soft search and fall back to proof of address via (optionally certified) documents if that fails. Know Your Customer requirements are getting ever more stringent.

Grumpy_chap

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.  

As a non-resident, you may find difficulty obtaining a UK bank account.
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.

IanManc

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.

How would the council know?

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.

If you are an overseas British resident then you can register to vote as a British citizen living abroad which will attach you to a particular constituency and council ward, but being registered at a particular address on the electoral roll if you live overseas would involve making a fraudulent declaration to the local returning officer that you actually lived there, and that is a criminal offence.