gra001

Thanks for the response, appreciated.

11 hours ago, rammygirl said:

Ah I see. Problem is foreign currency accounts don’t pay interest so will be eroded by inflation. Swings and roundabouts!

if you are talking a significant sum you could investigate setting up a trust in her name maybe. 

Pity it is now impossible to open UK bank accounts as a non resident. 

Also check out offshore accounts. Some UK banks have these based in the Channel Islands, although some have minimum deposits and none pay amazing interest. 

Yes, we investigated setting up an account in the UK, as you say that was a non starter. I understand your "swings and roundabouts" but with IHT at 40% making use of the 7 year rule seems a no brainer.

Because of Inheritance tax I want to start the 7 year clock ticking, exchange rate is bad currently so it can sit in a sterling account until the rate improves.

3 hours ago, rammygirl said:

Yes but why would she need it?  Would it not be best for her to receive Aus$?

Many banks do allow foreign currency accounts. Also check out TransferWise, they do fx and also currency accounts.

Because of Inheritance tax I want to start the 7 year clock ticking, exchange rate is bad currently so it can sit in a sterling account until the rate improves

Ta for the response, I already transfer funds between the two countries, I'm trying to establish if she will be able to hold a sterling account in Oz.

Hi Guys, my daughter is now an Oz citizen (I'm a UK resident) and I wish to gift her some money. Can Oz citizens hold a sterling account in Australia so that I can transfer direct without exchanging to $AUD?..Thanks.

Hi, in Oz from the UK and have had reason to visit docs for prescription, my understanding is that I can reclaim part of docs fee via Medicare but not for the medication charge. Also, had to call 000, again I think there will be a charge which is not reclaimable via Medicare, however, is there any form of reciprocal arrangement between UK and Oz to cover this?....thanks 

Hi, I'm just starting a 6 month stay in Oz. Before departing the UK my GP explained that due to cutbacks in the NHS they are only allowed to provide prescriptions for three months medication (in my case for hypertension). However, if I apply online having been here for, say, 3 months the GP will provide a further prescription to cover the rest of the stay, my son can collect from the UK pharmacy and send to me. I'm aware there must be import restrictions on certain substances but does anybody know if this type of medication will be OK? Thanks.

I spend between 3 and 6 months in Oz each year and have no prearranged medical cover whilst there. My private cover here in the UK includes repatriation but the insurance costs are crazy, increasing each year with high excesses even when no claims are made so I'm considering cancelling. Thought I'd canvass the opinion of the pomsinoz collective to find out how you guys approach this situation...thanks.

Hello

 

So you are saying that you will look to move the sterling cash in the UK to a sterling cash account with an Australian financial institution?

 

If so I really cannot see the benefit of this in terms of making more money as the rates on sterling cash accounts in Australia are likely to be similar to bank cash accounts in the UK.

 

Andy

Guys, just posted in the NAB section but thought it best to canvass the collective thoughts of the pomsinoz people so i'm asking here as well.

I'm a UK citizen and my daughter now a citizen of Australia. Up until a few weeks ago I planned to fund an apartment in Oz which would be purchased by my daughter and owned by her (in her name), however, Brexit and sterling going through the floor has put it on hold until the pound regains strength, whenever that might be. With very bad interest rates in the UK I'm considering moving funds (Sterling) to a more attractive account in Oz, opened and run by my daughter to purchase the property in future. Pros and cons welcome...thanks.

Interesting present though. Why did you choose a Rolex watch? I would love it if my dad popped over with a Rolex. Can't see it happening though.

Guys, I'm going to buy my daughter (Aussie resident) a Rolex in the UK and take over when I next visit. Some are telling me I'll need to pay an import tax and others that I can reclaim the VAT.......advice welcome, thanks.

You can get a reciprocal Medicare card if you are from the UK and are on a temp visa (you don't have to have applied for pr). Far more than just emergency treatment is covered. I was on one for five years and never came across anything an Aussie could get that I couldn't. Including an eye test every two years.

Medicare? That's a new thing then as you use to have to take your passport and visa in. I know you can make claims using the app. Please let me know how you go on and if it's now possible to register online.

No joy online, went to the office and all sorted, for this stay at least. When I return to Oz i need to go back and register again.

Medicare? That's a new thing then as you use to have to take your passport and visa in. I know you can make claims using the app. Please let me know how you go on and if it's now possible to register online.

Thanks for continued help, a friend commented that I can register online instead of making a trip to their offices so I'll give that a go.

Thanks guys, no Medicare card so will go to their offices and register. Even if I can't recoup from this docs visit it's probably worthwhile doing as I regularly visit Oz.

Guys, I'm in Oz for three months (from the UK) and now have three weeks left. Realised I hadn't bought enough medication with me (my fault) so had to go to the docs for a prescription and then the pharmacist to get it made up. Total cost circa $150, can I claim this back. Didn't extend my private health cover, my understanding being there is a reciprocal arrangement between the UK and Australia. Many thanks.

Ken, many thanks it looks like we have the answer.

If you bought the house, and pretended it was your daughter that had done so, then you would have broken the law and your daughter would have broken the law by helping you. If however you gifted the money to your daughter to buy a house, well there's no law against that. It would also be rather difficult to prove there was anything underhand about the transaction if you were pretending this is what had happened (especially as it is legally what has happened - you'd have no legal comeback against your daughter should she decide not to let you stay there!).

Yes, your first sentence is backed up by the FIRB and I have no desire to misrepresent. My intention would be to gift the funds to my daughter (we have a strong relationship☺!) and, of course, the property would be in her name. My understanding, and an important benefit, is that by gifting, so long as I survive 7 years the funds would be outside of my estate for UK inheritance tax purposes.

Yes, I would be happy to do that and can't see anything on the FIRB website that prohibits this, as far as you know, is this acceptable? I wouldn't want either me or her to be in breach.

Guys, I've already received help with a few questions I've raised regarding me spending 6 months of each year in Oz (Manly NSW to visit my daughter, who is an Oz citizen, and her family). I've considered leasing via a real estate agent and taking a holiday rental, it also has been suggested that I might like to consider purchasing a property here. So, I've browsed the FIRB website and this does not seem a straightforward option, for example, by the time the buyer has notified them of a possible purchase and received a response it has most likely been sold to someone else. Anyway, advice from the "pomsinoz" collective please on a UK resident buying a residential property in Oz. I will, of course, talk to a financial advisor in the UK. Thanks!

Thanks all, very helpful. As "Marisawright" mentioned it maybe prudent to purchase a property in Oz so that is my next task, to investigate the possibility. I shall post a new thread and hope to get help with that option but browsing the FIRB website it does not look straightforward!

Guys, your help given previously has advised the best way for me to visit for 6 months each year is using the subclass 600 visitor visa, I fail the balance of family test. So, a few questions:

1) is there a reciprocal arrangement between the UK and Oz regarding health care, if so what does it cover and is it generally recommended to obtain additional cover. Advice on what I should get?

2)the plan us to spend the UK winter in Oz so, in terms of the best weather (I know this is difficult) should I go for Nov to April inclusive or Oct to Mar inclusive.

3)I'm guessing leasing a property via a real estate agent whilst based in the UK will present difficulties (inspection, early booking not possible etc) but will be cheaper than a holiday let which could be booked early with no logistical issues but may be quite pricey!

Comments, views and suggestions much appreciated. Thanks!

Thanks!