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Bridgeman

Leaving money in UK

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Just wondering if anyone still has funds in the UK? I am about to get permanent residence and having sold my house, I still have the money over in the UK in various bank accounts. Haven't transferred it yet due to low exchange rate. After re reading the terms and condition of some of the accounts, however, they state that you need to be a UK permanent resident, so not sure what to do. Don't want to bring the money over yet. Just wondering if it's possible to put the money in an offshore account and where to start?

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They only say that for tax purposes - it means they don't want the faff of paying interest gross if they don't have to, more admin for them to work it out

 

If you have any sort of postal address you can use within the UK - like parents or inlaws - I wouldn't think twice about keeping it there

 

We have most of our capital split across a number of UK accounts, it's split because you only have £85K max. protected by the government if the bank goes **** up. No one really worried about that before 2008, of course ;-)

 

If it's proceeds from house sale(s) that might be something to consider

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Yes, we have done the same with our house money. Problem is we only get the . 'bonus' rate for another few months and then it drops to the square root of nothing. We have always moved money around in the past because of this, but it's diffuclt to open a new account if you are not in the country and have no proof af address etc which is why we are thinking of offshore.

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