Offshore savings account recommendation please

[rsole]

Hi all,

I've just sold my house and am looking to invest some of the proceeds in an offshore bank or building society account. I need it to be managed online as I am going travelling and won't be receiving snail mail etc. A notice account is ok, but no more than three months as a maximum. I've found an account here

http://www.lloydstsb-offshore.com/offshore-savings...

that looks promising, but does anyone have any advice or suggestions?

thanks in advance

[cjs]

I've used HSBC international now HSBC Expat? You can have a savings and current account all managed online, also can have currency accounts if you want, debit cards etc. However why do you want an offshore account? Their status is not like it used to be, they are now liable to UK income tax and income needs to be declared if you live within the EU. Check EU savings directive.

[Eric Mc]

Wll the OP cease being a UK non tax resident whilst away?

[daz3210]

cjs said:

Their status is not like it used to be, they are now liable to UK income tax and income needs to be declared if you live within the EU. Check EU savings directive.

Does that still hold true if you pay tax in the country in which the account is based?

[rsole]

Eric Mc said:

Wll the OP cease being a UK non tax resident whilst away?

Yes.

[cjs]

daz3210 said:

cjs said:

Their status is not like it used to be, they are now liable to UK income tax and income needs to be declared if you live within the EU. Check EU savings directive.

Does that still hold true if you pay tax in the country in which the account is based?

Under the ESD you have 3 options.

Do nothing and credit interest will have 35% deducted at source (ouch!)

Reporting option, the bank will give your account details and income to your local EU tax authority.

Declare that you no longer live in the EU and give a non EU residential address.

[Lawrence5]

HSBC - online stuff the same as uk bank account.


Lloyds a bit of a mess - too many redundancies calls to jersey now routed to iom...