packer

can i sell my uk house and rent long term on island how do i manage my bank account in uk, as i will not have a uk address

Mitzyboy

Well .... yes ... of course you can!

As for the bank account, use internet banking but be sure not to mention that you have moved abroad. You will probably have to use a relations address.

You will find it difficult to open new accounts or take out credit cards in the UK once you are no longer a UK resident

packer

why can i not mention that i have moved abroad , i am hoping for a private pension off 12,000 and 200k in a high interest uk bank account how can i access the interest and my pension what if i open a Spanish account to transfer funds

cricketman

Because UK bank accounts are for UK residents only.

The alternative is to have an off shore account, while they usually charge maintanance fees, but you may be better off as they usually give more interest

Yes you can open a Spanish account, no problem there.

Mitzyboy

Because, as you will learn, UK banks don't like dealing with people who live abroad. Same as your SKY account. A lot of us have SKY in Spain, but if we told SKY then they would cut us off immediately.

Re your pension, you will become a tax resident in Spain if you live here and therefore in most circumstances your pension will become taxable here, not in the UK. Government pensions aren't taxed here. Not knowing your circumstances its difficult, but it seems your £200k would be taxable in Spain, not the UK and this is done by registering for not paying tax in UK with HMRC Nottingham

ShinyAndy

Strange! I´ve got a Natwest account that I came here with and they took my Spanish address no problems at all. Most communication is electronic but they still send stuff out. Agreed you wouldn´t be able to open an account without a UK address but otherwise I don´t see it as a problem

packer

thanks for the replays i will sell my house to my daughter so i could use her address i will open a spanish account can i transfer my interest to this account

HBG

When Santander took over Abbey Bank in the UK, I changed my English address to my Spanish address – they could hardly refuse, could they? I get everything sent here now and I’m quite happy with the service.

Mind you, apart from being able to use a Spanish address, nothing has changed.

packer

i am still cofused i have 200k what is my best option

HBG

I would consult an independent financial advisor, rather than a forum.

ShinyAndy

LOL

I´ve heard property here could be a safe bet

Mitzyboy

I agree, I have three UK bank accounts I had open when I left the UK and at least one of them know I am in Spain. However if you go into a UK bank and tell them you live in Spain they are unlikely to open an account for you.

I recently opened a business account in the UK and that took all kinds of problems to get up and running. I am not even a signatory yet.

I dont understand what you are asking. You can open a Spanish account, and then use someone like currencies direct to do the transfer for you every month from UK to Spanish account. Currencies direct dont charge a fee at the moment if you have a direct debit set up for regular movements

packer

have you had any problems with leaving those 3 accounts open and where do they send yuor statments

Mitzyboy

Well, you can opt for paperless and get the statements on line .... or you can register a relatives address. Mine go to a property I have in the UK

Ive had no problems with the accounts. All state though that you have to be a UK resident, however if you have the account before you leave then it doesnt seem to be a problem

HBG

I’m sorry to have to bring this up but it may save you some trouble later.

If she is your only daughter, then you are selling her what would be her inheritance anyway. If you sell it to her at a really advantageous price (to her), then that could constitute a taxable ‘gift’

If you have other children, then, apart from any ethical considerations, they would have a good case to sue you.

Of course, if you sold the house to a stranger, you could do what you like with the proceeds.