Banking

Old Mar 14th 2009, 3:19 am
  #1  
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Default Banking

Has anyone living in the US opened a bank account in the UK since livinig here? I am meeting the usual "have to be a UK resident" thing. Of course they keep trying to sell you products on the Isle of Man or Channel Islands, are these viewed as skeptical by the IRS?
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Old Mar 14th 2009, 3:40 am
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Default Re: Banking

Originally Posted by JustinI View Post
Has anyone living in the US opened a bank account in the UK since livinig here? I am meeting the usual "have to be a UK resident" thing. Of course they keep trying to sell you products on the Isle of Man or Channel Islands, are these viewed as skeptical by the IRS?
They will be viewed as a potential source of taxable income, just like everything else, if you file as resident for taxes.
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Old Mar 15th 2009, 1:53 am
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Default Re: Banking

There's no law against opening a UK bank account as a non-UK resident, but it could be tricky. For example, they might not want to be seen to be offering banking services to "US persons" as that could make them liable to US banking regulations. I imagine the more money you wish to deposit, the easier it would be become.

An offshore account might be an easier bet, provided you can satisfy yourself that the regulation/compensation schemes are adequate. If you're paying your taxes, the IRS will have nothing to object to (just remember to file the treasury form if you have more than $10000 in foreign bank accounts).
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Old Mar 15th 2009, 2:27 am
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Default Re: Banking

It's an utter and complete bitch.

I've been trying for awhile now to no avail. I've even had some vips make some calls to some banks, including their 'private banking' offices and it's not something that is done given all the money laundering rules and whatnot.

Haven't found a solution just yet. Still looking into it.
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