keithboyd

Hi

First time i am settling into my role in kuwait. I have recieved my salary and am trying to set up an bank account (offshore). I selected lloyds tsb in Jersey as they only require GBP2,500 to open an account - but after completing the form i have been told "Due to cross border restrictions we cannot open a new account for you as you are in Kuwait."

Is there a bank that i can open an account with over the internet and send them copies of my passport from kuwait and ideally with a low opening balance (in GBP) or do i have to open an account from the UK first ?

Thanks

OriginalSunshine

Are there any international banks in Kuwait that can do that for you once you are a regular customer and or have a salary statement letter?

keithboyd

There are only 3 international banks in Kuwait from my research - HSBC who require 60k GBP and Citi and BNP Paribas who don't do retail clients.

scot47

Why offshore ? No need that I can see for this.

Try these guys

http://www.islamic-bank.com/

keithboyd

Thanks scot47 but thats not what im looking for

OriginalSunshine

HSBC don't require 60k at first. You can become Premier on your salary assuming you earn enough - and if you don't then you have no need for offshore, surely?

keithboyd

The Premier facility isnt available in Kuwait for some reason

gottheTshirt

Again why do you want to open a bank offshore - if you are non resident you can remit your salary to UK tax free. If you stick it into an offshore bank account and remit it to UK when you are resident then you will have tax problems. The main reason to have an offshore bank account is to receive interest tax free but the banks you are looking at pay crap interest !! And as Ms Sunshine says if you haven't got 60K then why bother.

Meow

I can't be bothered to retype the reasons why, so see this linke. One main reason for many - Sharia law...

http://www.souqalmal.com/blog/blog/t...ng-for-expats/

gottheTshirt

True
The main difference between offshore and regular in country bank accounts is in the way that tax is payable on interest earned and thus become rather more relevant for expatriates, who frequently enjoy tax benefits from living overseas. Interest is generally paid without the deduction of tax, which can make matters easier for people who are not subject to tax on their worldwide income, or it can allow for tax planning.

keithboyd

I have my own reasons - and not returning back to the UK is one of the drivers, and to keep my money out of Kuwait (incase the worst happens) is another driver. I didnt think that opening an account would be this difficult !

OriginalSunshine

(sheesh I'm hoping that isn't your real name, and you don't work for Crown Relocations - if you do, you might want to change your username...)

anyway - open a local account with HSBC, you can still do overseas transfers, and when you have saved enough, open an account with them in Jersey, and do transfers across, even if it is not Premier status.

keithboyd

I guess i will have to wait until i pop back to UK and set something up. Thanks for your help. And no i am not Keith Boyd from Crown Relocations - I am Keith Boyd from a University in Kuwait.

Meow

These problems for people trying to open banks account is only going to get harder. Following US sanctions, some banks are already refusing accounts from certain nationalities and that is likely to spread to certain local accounts, not just offshore ones.

OriginalSunshine

that's HSBC doing that, and if they have Premier status then the bank funnily seems to think that they are ok