Inheritance and banking
#1
Just Joined
Thread Starter
Joined: Aug 2017
Posts: 5
Inheritance and banking
Hello
I am British born but now I am a permanent resident and citizen of USA. I am about to inherit about £100k and would prefer not to bring the money over to the states.
Instead, I would like to put it in a UK bank account that I could share with my UK based brother. However, because I don't reside in the UK this is looking like it might be difficult.
Could anyone advise me how I might do this and what sort of account I should be looking for. It doesn't have to be a current account or an account with many features.
tia
I am British born but now I am a permanent resident and citizen of USA. I am about to inherit about £100k and would prefer not to bring the money over to the states.
Instead, I would like to put it in a UK bank account that I could share with my UK based brother. However, because I don't reside in the UK this is looking like it might be difficult.
Could anyone advise me how I might do this and what sort of account I should be looking for. It doesn't have to be a current account or an account with many features.
tia
#2
Account Closed
Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: Inheritance and banking
I think you mean simply that you live in the US... because you can't actually be both a permanent resident and a citizen at the same time. From an immigration POV, you're either one or the other... but never both.
If it's in the UK, that money will also complicate your tax reporting each year - perhaps beyond your sanity's ability to cope!
My advice, split the money and transfer your share to the US.
Ian
However, because I don't reside in the UK this is looking like it might be difficult.
My advice, split the money and transfer your share to the US.
Ian
#3
Forum Regular
Joined: Mar 2015
Posts: 40
Re: Inheritance and banking
Yes, This is relevant. If you dont file properly under FBAR and/or FATCA you could land yourself with a penalty from the IRS. If you hold the $100k in your name overseas you have form 8938 to deal with.
#4
Just Joined
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Joined: Aug 2017
Posts: 5
Re: Inheritance and banking
In reading other threads on this forum I believe the only tax to be paid would be UK inheritance tax and there is none for this amount. However, yes, I do have to declare it even though there is no tax to pay.
My motivation for not moving the money to the US isn't tax avoidance. It is is because I may invest it in the UK so would like to avoid the currency round trip headache.
How do I legitimately park the money in the UK?
My motivation for not moving the money to the US isn't tax avoidance. It is is because I may invest it in the UK so would like to avoid the currency round trip headache.
How do I legitimately park the money in the UK?
#5
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Inheritance and banking
In reading other threads on this forum I believe the only tax to be paid would be UK inheritance tax and there is none for this amount. However, yes, I do have to declare it even though there is no tax to pay.
My motivation for not moving the money to the US isn't tax avoidance. It is is because I may invest it in the UK so would like to avoid the currency round trip headache.
How do I legitimately park the money in the UK?
My motivation for not moving the money to the US isn't tax avoidance. It is is because I may invest it in the UK so would like to avoid the currency round trip headache.
How do I legitimately park the money in the UK?
#6
Just Joined
Thread Starter
Joined: Aug 2017
Posts: 5
Re: Inheritance and banking
Exactly. The problem I am seeking help with is opening an account in the UK. It doesn't have to be a full account, just something with my name on it. I presume a savings account would make profit / would be an investment and therefore be liable for declaration for tax.
#7
BE Forum Addict
Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Inheritance and banking
If you are a US citizen, and the UK inheritance is $100,000, check out IRS Form 3520 (and 3520-A). Even before considering where to put the funds (US/UK), there's other reporting that needs attention.
https://www.forbes.com/sites/robertw.../#4a78b6ba2eab
https://www.forbes.com/sites/robertw.../#4a78b6ba2eab
#8
Just Joined
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Joined: Aug 2017
Posts: 5
Re: Inheritance and banking
Sigh. I'm not asking for advice about the IRS. That is what accountants are for. I just need advice about UK banks.
If anyone can help with that then great. I clearly don't need any more advice about IRS forms.
If anyone can help with that then great. I clearly don't need any more advice about IRS forms.
#9
Re: Inheritance and banking
*Sigh* Our members are only trying to be helpful to a new member.
As you are only interested in facts re opening a UK bank account...I will move this thread over to our UK forum.
#10
Just Joined
Thread Starter
Joined: Aug 2017
Posts: 5
Re: Inheritance and banking
I would prefer it if you could delete the thread in its entirety. I have tried to do so but I don't seem to be able to. I respect and thank people for their efforts, but I think I need to talk to professional people about this.
Thank you
Thank you
#11
Re: Inheritance and banking
PM me if you wish the thread to be re-opened.
Last edited by Jerseygirl; Aug 23rd 2017 at 10:30 pm.