English Bank Account

Forums Living In Crete Your Money, Forex, Banking English Bank Account

Your Money, Forex, Banking

This topic contains 44 replies, has 16 voices, and was last updated by  Gem 2nd August 2012 at 2:19 pm.

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  • #34386

    barbary_coaster
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        The reason we keep our account tied to a UK address is that UK banks will not allow you to open savings accounts/ISA’s on UK terms if you are not UK resident.

        I think thats the one big reason to keep a UK address.

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        #34406

        greeksun
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            We have a Greek bank account and also kept our original Lloyds TSB Account when we moved to Greece 4 years ago – no problems with either. Received new Debit Cards from UK within 10 days, and also appear to receive every Bank Statement posted to us. Agree it is difficult to open a new savings account with an address in Greece, but feel it more honest and open to say "yes, we live in Greece permanently" and take it from there.

            #34426

            Sue Ashton
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                3D3E2D3D3E2D26003C303E2C2B3A2D5F0 wrote: The reason we keep our account tied to a UK address is that UK banks will not allow you to open savings accounts/ISA’s on UK terms if you are not UK resident

                Surely you shouldn’t have an ISA if you are not a UK resident.  Don’t you have to sign a form each year declaring you are a UK resident?  We certainly had to when we had ISAs.

                #34446

                Peebee
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                    Really, I didn’t know that

                    #34464

                    latsida
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                        now I see , some people keep a UK address to still be able to take advantage of the ISA allowance and better savings rates to which they are not really entitled

                        #34481

                        barbary_coaster
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                            Talking to friends, there seems to be a lot of Brits who have UK savings accounts, but they genuinely do not realise that they should not have them.

                            #34497

                            Sue Ashton
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                                7F7C6F7F7C6F64427E727C6E69786F1D0 wrote: Talking to friends, there seems to be a lot of Brits who have UK savings accounts, but they genuinely do not realise that they should not have them. 

                                And you believe them?  There are a lot of people who seem to think it’s ok to lie to a bank or to the taxman.  Personally, I could not sign a document every year saying I’m resident if I’m not. 

                                #34512

                                barbary_coaster
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                                    6442526876445F435859370 wrote:

                                    Talking to friends, there seems to be a lot of Brits who have UK savings accounts, but they genuinely do not realise that they should not have them. 

                                    And you believe them?  There are a lot of people who seem to think it’s ok to lie to a bank or to the taxman.  Personally, I could not sign a document every year saying I’m resident if I’m not.  

                                    Yes I believe them…..and no, they don’t get any documents to sign each year, to "lie" as you put it, which is why they were not aware of the fact until we were chatting about it. 

                                    Presumably you have changed/will change your UK driving licence for a Greek one, under the same principal?

                                    #34525

                                    Sue Ashton
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                                        I don’t drive.  Also, I was under the impression that you had to confirm your residency to get tax free interest on an ISA.  Things must have changed in the last 4 years.

                                        #34538

                                        x5kmt
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                                            And if you still own a property in UK, spend part of the year living in it and are taxed in UK ……  are you telling lies?

                                            If the new taxation laws re Greek residence of over 183 days come into play there may be some who wish they still had a bolt hole to return to.

                                            Kathleen

                                            #34550

                                            Sue Ashton
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                                                3D702E2831450 wrote: And if you still own a property in UK, spend part of the year living in it and are taxed in UK ……are you telling lies?

                                                As I am not living in the UK for however many days the taxman specifies, even though I am paying tax and still own property, I don’t consider myself resident there and could not say I was just to get a bank account.  If I said I was resident then, yes, I would be lying, according to my definition of a lie.  I cannot speak for anyone else.

                                                #34562

                                                Peebee
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                                                    Sue
                                                    I still have my ISA(s) in the UK which is quite legal as long as I don’t increase my holdings whilst I am living abroad, I have never needed to sign a declaration every year, in fact never been asked to do so.
                                                    I only spend a few days a year in the UK, most of that is staying with my sister whose address I have given for bank / savings accounts etc:
                                                    I do not earn any money here, and the only income I have is interest on my savings accounts, which I pay tax on in the UK if it exceeds my personal allowance.
                                                    I complete an online tax return for the UK, as well as one here in Greece.
                                                    For what reason should I not have a UK savings account if I am paying tax to the thieving UK government on the interest, I paid National Insurance to them for nearly 40 years and am getting nothing in return.

                                                    #34573

                                                    Sue Ashton
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                                                        0130253B3324233F22510 wrote: For what reason should I not have a UK savings account 

                                                        I don’t believe I said you or anyone else should not have a savings account – I would not presume to tell anyone what do anyway!  The point I was making was in reply to someone referring to opening bank accounts and ISAs. You definitely need to declare you are resident for that, I think.  I agree with you about the thieving government though!

                                                        ps The Halifax made us sign a declaration on residency for our ISAs every year when we lived in the UK, but as I said, this may have changed since then.

                                                        #34584

                                                        Topdriller
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                                                            Something to consider: when you die the old Inland Revenue will be the first in line to claim you’re a UK resident i.e. they want 40% of anything over the Inheritance Tax threshold.

                                                            Sadly, we won’t be around to see the verification that most of us once again are UK residents.

                                                            8-)

                                                            Jon

                                                            #34595

                                                            Sue Ashton
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                                                                Just have to spend it all then!!!

                                                                #34606

                                                                daveellen
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                                                                    Sue is right, you can keep your existing ISAs as long as you don’t put any more money into them whilst you live abroad. The problem of course is that they nearly all effectively run for a year after which their "bonus" runs out and the return is miserable. Then the search for another one begins, unless you’re living abroad when you "can’t" open a new one as ISAs are only available to UK residents and you must declare that in the application.
                                                                    Other bank savings options and of course current accounts are similarly restricted i.e. UK resident only. NS&I bonds are available tho’ including the RPI +0.5% one currently on sale.
                                                                    x5kmt – what are the new rules coming into force regarding residence in Greece for over 183 days?
                                                                    I agree tho’ that the restrictions on ex-pats investing in the UK are punitive and stupid. If a person pays tax in the UK, why not let them earn interest there? Given that most of us have been soaked for income tax and NI plus all the rest in the UK for many, many years, it does seem inequitable.

                                                                    #34617

                                                                    Sue Ashton
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                                                                        The banks are not going to change their rules if it means them paying more interest!

                                                                        #34627

                                                                        x5kmt
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                                                                            293E28232A252F4B0 wrote:
                                                                            x5kmt – what are the new rules coming into force regarding residence in Greece for over 183 days?

                                                                            http://www.kperrou-ontax.com/1/post/2011/4/greece-adopts-183-day-rule-to-define-tax-residence.html

                                                                            This may not mean that all of your income may be taxed in Greece, however, if you are in receipt of a ‘Government Pension’ (Civil service, Teaching for example) this will continue to be taxed in UK, but the rest of your income will be taxed by the Greek authorities.

                                                                            Kathleen

                                                                            #34635

                                                                            Peebee
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                                                                                Well I am actually breaking the rules with my ISA, as the interest paid on it goes back into the account therefore increasing my holding.
                                                                                I have also opened a new savings account using my sister’s (and mine) address.
                                                                                The company makes money on my savings, I earn interest, and the government makes money through tax paid on the interest, it’s a win win win situation so I can’t see the problem.
                                                                                All things considered, do I really care if it is illegal – nope!!!

                                                                                #34643

                                                                                sapphire260
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                                                                                    Thank you all very much for your replies, very interesting topics, including the ISA (which I had forgotten about).

                                                                                    I think I will probably keep a UK address as this seems to be a sensible thing to do.

                                                                                    Thanks again

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