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Is it possible to invest in the UK whilst living here?

Posted by jeanneashcroft-407856 - Created: 3 years ago
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10 replies (Showing replies: 1 to 10)

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Posted by lakeman-415065 - 3 years ago

Nationwide International offer savings accounts for expats. You can open an account online.

This is purely a savings account with instant access to your money dependant on the account you open.  They also offer fixed rate bonds.

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Posted by absolutely gallois - 3 years ago

Kernoboy we had an account with a building society that has a reputation as a city for a rather scantily clad lady on horseback albeit centuries ago.

Our interest too was abysmal.  Wanted to change to another another offering better interest.

They said sorry.  Let us say I have some relationship with the law and argued that it was not opening another account simply changing the header of the account.

After some legal argument they agreed and we now have a differing account but with marginally better interest rates.

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Posted by moi-383589 - 3 years ago

Information on the EU Savings Tax Directive here. The first exchange of information was 2006.

http://www.nsandi.com/eu-savings-tax-directive#02

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Posted by chèvrefeuille - 3 years ago

Thanks kanak, it's a Form R105 but the UK bank does not have to accept it.

Posted by Joyce - 3 years ago

As 'countrydweller' says, it is relatively straight forward to open and manage an offshore savings account.  This links may be of use to find the best deal:-

http://www.interest-rates.org.uk/offshorecomparison.htm

 

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Posted by Kanak - 3 years ago

the form to fill in for gross tax is NOR (not ordinarily resident). ISA's not allowed.  Common reporting/automatc exchange information could mean from 2016 info on all interests are notified to France without their asking for it.  Heavy penalties for undeclared accounts (here, that means current, savings, FRS, are all seen as separate accounts, even at the same bank).

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Posted by moi-383589 - 3 years ago

...................and you must have an UK bank account to hold bonds and to buy any further investment

http://www.nsandi.com/i-live-outside-uk-can-i-invest-with-nsi

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Posted by moi-383589 - 3 years ago

chèvrefeuille That's my point! The R85 is for UK residents only. 

 

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Posted by countrydweller - 3 years ago

Opening and running an offshore account is no different to opening and running any bank account it can all be done online .However many offshore banks require a minimum deposit of quite a bit and/or a high monthly deposit.The reason why UK banks do not want expat customers is because expats actually cost them money very often as they have to inform other tax jurisdictions the expats tend to use the account as a convenient place to pay pensions into before moving it abroad. and there is no chance of getting any money back if the expat defaults.There are numerous accounts in France that can be opened and do not forget tax free in the UK is not tax free in France eg ISAs Premium Bond winnings

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Posted by Iguana Rock - 3 years ago

We have Premium Bonds as there are no savings accounts available to us as expats as far as we know unless things have changed very recently.

I wouldn't have a clue how to open or operate an Offshore account so PBs seem to be the only option for us really.