Inheritance
 

Hello , any info/advice would be appreciated for this problem.

My father wants to put his monies/investments in his childrens name . That is some Bonds from Britsh Buiding societies and his house .
Unfortuneately he and my sisters is are in UK and I live in the US.
The problem is since I dont live in the UK I cant have a building society account so he is going to put the money in my sisters names. I dont think this is right.

Anyone any ideas >?

:confused:

Re: Inheritance
 

Why can't you have a BS account ??? Nothing stopping you having a Bank account..or even Premium bonds

Re: Inheritance
 

There is absolutly no reason your Father can't open a bs account in your name and leave his address on it. My grandfather opened BS accounts for all his grandchildren and put them at his address until we where 18, my mother and my aunty are doing the same for their grandchildren.

Tell him he is a retard and to open it up in your name at his address, don't put it in your sisters name, your asking for trouble.

Patrick

Re: Inheritance
 

I think you can have accounts even if you live abroad - you just need to have an address in the UK where they can send statements etc.

I spoke to a couple of my banks in the UK before I moved here and they were fine with me keeping my accounts so long as they could still use my parents address.

Maybe you could open an account but use one of your sister's addresses.

Having said that, you're not allowed to open ISA's or anything like that. I was told i could keep the money in mine but I wasn't allowed to add any more.

You also have to declare the interest you make on the UK accounts on your US taxes, but the tax you pay in the UK is taken into account.

Lindsey

Re: Inheritance
 

I retained my Lloyds TSB account when i moved here, it has my US address and all my statements come to this address, I didn't even need to give a UK mailing address in order to leave the account open.

Rob

Of course you can have a building society account - but for tax reasons since you're not actually resident in the UK you should have an account offshore....we transferred our Britannia Building Society account from our local branch in Essex to their offshore branch in the Isle of Man when we moved overseas. Nearly all the larger societies have offshore branches on the Isle of Man, Jersey & Guernsey for expats: Halifax, Alliance & Leicester, Bradford & Bingley etc. etc.

The accounts are pretty much identical to the mainland ones - but to open a new account you might need to scout around to see which will take a low minimum deposit.

This site has a list of offshore building societies - just look at the advertiser's index:

http://www.expatinvestor.com

:)

Oh, I forgot to add that you can open an offshore account with a US address - or any overseas address for that matter.

Also, you can get the ExpatInvestor newspaper for British expats mailed out to you free of charge each month and it's quite informative; info is on their website.

(http://www.expatinvestor.com)
:cool:

How about an account you can pay into in sterling, then take out in dollars without charge?

You can get these with Citibank.

www.citibank.co.uk

Re: Inheritance
 

Offshore accounts can be opened from many countries. Many banks operate out of the Channel Islands and the Isle of Man. However, they are not quite the same as an ordinary account. You may have to lock in a minimum amount to get a visa card. To open one, simply get a copy of your passport notarised, and send it together with a utility bill or something with your address on it, with an online application form. I personally have found Anglo Irish the most helpful, but my circumstances may be a bit different. You may be asked to prove the source of funds.

I have had problems trying to open a current account in the UK while not living there. The explanation was that a credit report could not be done unless I was living in the UK. I was told that even if I used a UK address (e.g., if I owned a house or used my brother's address) they could not do it.

Keeping an account when you leave seems to be more acceptable, and I think that savings accounts are easier to open without a credit report.

So, you should be able to find a bank or building soc that will open an account for you, it just may not be a current account.