Bank/Investment Accounts for EU person leaving UK

[iamgc]

Hi all,

I am new around here! I have a question I have tried to‌ ask in several forums, with no luck.

I am an EU person, UK tax resident‍ and I spent the last 9 years in the UK, hence everything I have is⁠ in GBP UK accounts. It is a sizeable amount, in various current accounts, S&S ISAs,⁤ and saving accounts.

I have returned to the EU (Italy) initially on holiday, but due⁣ to the pandemic it seems likely I will stay indefinitely, although I may leave at⁢ some point when things cool down;
I am unsure if I will go back to︀ the UK or somewhere else due to the fact I will be able to work︁ remotely for my clients from now on.

Generally, I will want to live a more︂ nomadic/global lifestyle going forward.

I would have loved to keep my UK accounts open for︃ simplicity, but that all my current accounts will be closed once I change my address︄ to my temporary home in the EU.

Hence, I am looking for bank accounts in︅ GBP (to avoid fees) that will let me keep my account open anywhere I am,︆ and an investment account I can use with said bank accounts. I have opened a︇ Transferwise account, but I only want to use it for transfers and day-to-day spending, as︈ I do not trust a large amount to be safe in there.

I looked into︉ Barclays', but won't let me open one due to my current location, and same with︊ HSBC ex-pat account.

I would be very grateful if anyone has had the same experience︋ or if they have more information about this sort of situation.

Thanks!

 

[fshore]

So you are currently resident in Italy and worried that the UK banks will close⁤ your accounts?

Barclays, HSBC offshore don't accept Italian residents?

 

[iamgc]

Indeed. I have not changed my old address‍ yet, but as I will (and I do need to) I assume they'll contact me⁠ to close the accounts (thanks Brexit!)

No, the online applications both told me they cannot offer accounts to⁣ Italian residents. Pity as the Barclays one was particularly appealing due to not requiring a⁢ huge sum for opening it, and as I am a current client and I even︀ built their stuff.

As I was going through others like Santander and Citibank I wasn't︁ abruptly stopped as on Barclays and HSBC's application forms; I am not sure if their︂ websites aren't doing real-time validation or if they have no problem with that.

 

[Allisgood]

What if you just leave the U.K. address ?

And if debit cards come every‌ few years you have the new tenants send them to you.

If you have a‍ U.K. passport you can try Conister in IoM. They open for U.K. expats from 5k⁠ (including those resident in the EU).

 

[iamgc]

My doubt about this is how legal/safe it is. So far I've kept it there as‌ the only address I can move it to is the one where I'm living at‍ the moment, which is definitely not gonna be the case in the future (it is⁠ my family's home)

Unfortunately, I don't know the new tenants, but I won't receive a⁤ card in the immediate future - so not too worried about people stealing money from⁣ me in the short term.

Not a UK citizen unfortunately, I should have done that︁ :|

 

[Allisgood]

Technically you could still be resident in the U.K. and only visiting Italy. Have you‌ notified HRMC that you left ? If not yet you can still be technically a‍ legal U.K. resident. Why don’t you open the Barclays or other expat account as a⁠ U.K. resident. Then you let HRMC know that you left and you try to hang⁤ on to the expat account after that.

 

[iamgc]

Not yet - I‍ thought about the possibility of doing this, with the only issue being I would have⁠ trouble proving my address in the UK right now

 

[Rioni]

I left the UK to go back to my EU country 2⁠ years ago and have kept my UK bank accounts, not informing my banks of the⁤ change. With my high street bank I was paperless anyway but due to recent card⁣ expiration I changed my address to a virtual adress I rent from UK Postbox. I⁢ had to print out the change of address form from my bank and post it︀ to them (I sent it to my friend in the UK who then threw it︁ into the post box there just in case) and they changed it without a question.︂ They sent me a new card to the UK Postbox address from where I had︃ it sent by DHL to myself. But this address change process would depend on the︄ bank, mine was TSB.

If your banks had suspicions about you no longer being a︅ resident they'd be informing you of closing the accounts and give you time to transfer︆ your funds out. They'd likely review your account more in-depth by contacting you to ask︇ questions only if you didn't touch it for a full year or 2 (depending on︈ their dormant account policy) or if you made larger transfers abroad or used your card︉ abroad regularly (which you likely don't but if you'd like to use them for your︊ travels, you could simply transfer an amount (potentially under €5k p/m from 1 UK account)︋ to a bank account somewhere else to use for your day to day expenses. Not︌ sure about savings accounts, though, and not advising your country of your UK accounts.

 

[pomegranate]

Hello AllisGood, I have⁤ never heard about Conister - Do you have experience with them? Any feedback?

 

[Allisgood]

Hi pomegranate,
It’s possible to open an account‍ as an expat British passport holder. All remotely due to COVID. Quite a slow process⁠ overall, a few weeks. It’s not an transactional account and only good for the term⁤ deposit you chose.