J0nah

If your wife will be living in the UK then surely it is best/easiest/most convenient for her to open a UK based bank account, I'm sure there are plenty of options of who you can use, and due to the amounts involved tax on interest is largely irrelevant - and your wife is UK Res anyway so unable to claim non residency!

shiftdelete

Norm- I saw that as well- is a bit steep.

- not concerned about the savings interest- offshore for me primarily for ease of inexpensive access during holidays or, should something happen to me, to tide things over.

Who do you use?

Norm_uk

I use Standard Bank...I also broker them as I'm an IFA and they are good and have more of a personal touch than most of the highstreet banks. If you need more info feel free to PM me.

N.

ArranLass

Standard Bank have a deal with a very large firm of offshore financial advisors, the majority of whom have no qualifications. Standard Banks application form is given to every person who joins the company. So be wary, although you aren't going to get a great rate on any offshore current account.

Speak to the senior management in your company, they will have experience of offshore banks and may there may be benefits to banking with the same bank as your employer. More importantly, get your bank in the UK to send you an R85 form if you haven't filled one in already and send it back, it won't make any difference if you moved recently. This will stop your UK account being taxed at source. Then you have time to save enough to open an account with the bank of your choice.

Meow

Regarding your last point, that is not quite correct. You can apply for interest to be paid gross (with most deposit taker) and provided you are UK non-resident for tax purposes, you will not be liable for tax on UK income below your personal allowance.

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Meow

Of course, bank accounts are not a regulated area of financial services.

Senior management in all companies have experience of offshore banks? Since when? Funny that so many senior managers are my clients and prefer to get advice from a qualified and experienced adviser.

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Bonny Boy

You are quite correct.

So in such circumstances where is the benefit of off-shore accounts as compared with UK based accounts!!

Meow

Depends on the amount invested as your personal allowance is just £6,475. There is also a tax issue for many people in remitting capital (as opposed to income) to the UK.

In additional not all UK acounts are available to non-residents and quite a few deposit takers will not pay gross interest.

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J0nah

Probably Standard Chartered paying a $50/$100 introducer fee to an IFA

my wife and family will back in Blightly.....working off the princple that I will start with nothing How much tax do you pay on zero income from savings???

Meow

Some people have money. Just because you don't and there are fewer benefits, doesn't mean that offshore accounts aren't suitable for other people.

Now why not tell us about something you do know about. What's the best way to flip a burger?

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J0nah

Dunno, cooking is womens work

Norm_uk

Standard Bank aren't the only bank who will accept new accounts from unqualified advisors...all I know is that I use them myself and it works for me and a number of my clients seem quite happy with them so why the need to be wary? It's a current account in a well regulated market, not an investment...and a LOT safer than keeping your liquid assets in a UAE account

N.

Norm_uk

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J0nah

account in a well regulated market, not an investmen Tell that to those with accounts at Kaupthing Singer Friedlander IOM

Autonomy

some might disagree...