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keeping UK bank and investment account while abroad

keeping UK bank and investment account while abroad

Old Apr 14th 2016, 1:13 pm
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Default keeping UK bank and investment account while abroad

Hi there,

I'm about to emigrate (EU country with double taxation agreement).

My plan in permanent. It means I'll be visiting UK mostly for personal reasons couple times a year.

I want to keep my UK bank accounts and my ISA/non-ISA share dealing accounts (and increase amount of investments over time).

In terms and conditions it says bank and investment accounts are for UK residents only. Does anyone care?

What's the worst that can happen if anyone finds out? After all I'll still be paying UK tax, so technically everyone should be happy.

What's your view re "virtual residential address" services? I'm thinking to get one and register my accounts with the address.

Cheers,
Adam
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Old Apr 14th 2016, 11:41 pm
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Default Re: keeping UK bank and investment account while abroad

Originally Posted by adam.gre View Post

What's the worst that can happen if anyone finds out? After all I'll still be paying UK tax, so technically everyone should be happy.

What's your view re "virtual residential address" services? I'm thinking to get one and register my accounts with the address.

Cheers,
Adam
My view is Don't even think about it.

Worst is that the authorities will come down on you like a ton of bricks and you may lose a LOT.

Yes, you may get away with it. Your risk.
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Old Apr 15th 2016, 12:14 am
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Default Re: keeping UK bank and investment account while abroad

Welcome to BE Adam.

No one here is going to encourage you to break the law...it contravenes our Site Rules.

Site Rules | British Expatriate Community
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Old Apr 15th 2016, 9:52 am
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Default Re: keeping UK bank and investment account while abroad

Thank you all for your feedback.

You're probably right. It might seem like nothing, but probably better to adhere 100% to T&C.

I will just close bank accounts which are unwilling to accept foreign correspondence address.

Adam
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Old Apr 15th 2016, 10:02 am
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Default Re: keeping UK bank and investment account while abroad

Originally Posted by adam.gre View Post
Hi there,

I'm about to emigrate (EU country with double taxation agreement).

My plan in permanent. It means I'll be visiting UK mostly for personal reasons couple times a year.

I want to keep my UK bank accounts and my ISA/non-ISA share dealing accounts (and increase amount of investments over time).

In terms and conditions it says bank and investment accounts are for UK residents only. Does anyone care?

What's the worst that can happen if anyone finds out? After all I'll still be paying UK tax, so technically everyone should be happy.

What's your view re "virtual residential address" services? I'm thinking to get one and register my accounts with the address.

Cheers,
Adam
If the move is permanent, then you will NOT be paying UK tax, all your tax dealings will be with the country you have moved to, and they will tax ALL your income. ISAs are not legal for people living outside the UK, so you need to get rid of them smartish, many share dealings are only allowed from the country you are a resident of. Remember that countries of the EU share a lot of information between them, and, even if the UK does vote to leave, I really suspect that these sorts of things WILL remain in place.

Just read this, came out today, so less places to hide.

https://uk.finance.yahoo.com/news/bi...ml?cache=clear

Last edited by mikelincs; Apr 15th 2016 at 10:06 am.
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Old Apr 17th 2016, 5:30 am
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Default Re: keeping UK bank and investment account while abroad

I have a UK bank account and have been out of the UK for 10 years. It's just a basic current account (no credit). Abbey don't seem too bothered. I did have an issue a while back when I needed a replacement card and ended up finding the chief exec's email and complaining to him. In then end everything was sorted by his personal assistant. I was more than open that I lived outside the UK.
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Old Apr 18th 2016, 7:12 am
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Default Re: keeping UK bank and investment account while abroad

It's not illegal for a non-UK resident to have a UK bank account. Many countries are the same. Rumour has it that you can have a bank account in Panama without being resident there... But if your move abroad is permanent, why do you need one? (I'm not resident but maintain my UK bank account, and my bank are ok with that, although I still have a UK correspondence address.)

You certainly can't add to an ISA when you're abroad, but I'm fairly sure that you can let it sit there. That is a tax / financial regulation issue, so obey the rules. Talk to your ISA provider.
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Old Apr 18th 2016, 11:16 pm
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Default Re: keeping UK bank and investment account while abroad

I'd agree, having a UK bank account when you are living abroad is not illegal. It may breach the banks terms and conditions, but whilst living abroad HSBC, Santander and credit card companies including AMEX were all aware where I was and took no action whatsoever. Cash ISA was left in the UK, the only difference was I couldnt add to it.
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Old May 7th 2016, 12:44 am
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Default Re: keeping UK bank and investment account while abroad

You need to look up the meaning of Domicile and Tax Residence. It's a complex area and it sounds as if you are going to become non resident for tax purposes.

Last edited by Jerseygirl; May 7th 2016 at 1:13 am. Reason: Link removed...new member
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Old May 8th 2016, 4:21 pm
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Default Re: keeping UK bank and investment account while abroad

Hi,

It's certainly not illegal providing your bank supports accounts for ex-pats. I know from personal (and friends) experiences that both Lloyds and Barclays do. However, you most likely will NOT be able to open a UK account once established abroad - I got upset with my UK bank a few years back, tried to find a replacement and was turned down by all of them.

They 'can' be useful, but it really depends on your needs - standing orders, direct debits for example.

Some Building societies will - these days - refuse, citing FATCA as being too much for them. Not sure how many Building Societies have adopted this, but certainly a few of the smaller ones have in the last couple of years.
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