Barclays are closing Bank accounts in the next three months for any UK account with a foreign address. This is not discrimination, they are applying the rule to everyone (unless they have a balance greater than £100,000).
Welcome the war on terror and tax avoidance by the use of Luxembourg, Swiss, Isle of MAn bank accounts. Under international OECD and EU Saving Tax Directives, the Banks have become the tax agents and are liable to pay the tax if they 'help' expats clients to evade tax. Given this burden of liability on the bank, it is only worth their while with the additional tax compliance if you bank big money with them.
So Barclays strategy is to corral Expat clients into International offshore accounts. UK resident Clients will then all be taxed at source. Simple. For them ! Cyprus expats have to act before September or have the account closed for them.
What can you do?
Top tips for Home UK Bank Accounts for Expats
1. Register the account under a UK address your property you own, or share with family,
2. Deposit more than £100k (for Barclays) and be treated like a millionaire
3. Switch to an offshore account , with Barclays or Others. Barclays want a minimum £25,000 deposit, LLoyds have reduced this requirement in a competitive response. Nationwide have an Isle of Man Savings Account, all with UK sort codes.
4. Use an offshore account for currency bank accounts
5. Open an account in your resident country, (but not Greece at this time!)
6. Remember to declare your bank interest on your resident tax return.... IT is watching you!
7. Free Review on Tax on Saving Account Options for Expats living and working abroad http://www.proactpartnership.com/free-review-ask-expat-experts
8. Free Review for Business Contractors relocating overseas or Working offshore http://www.proactpartnership.com/free-review-ask-expat-experts
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Thank You, Sam Orgill
ProACT Partnership - Tax Saving Experts
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