UK non Domicilied and offshore personnal bank account - Remittance

[Juoffshore]

Hello,

One of my client is 'UK non domiciled', he lives in the UK and he has choosen to be taxed only on his UK income and gains and ONLY foreign income and gains his bring back to the UK. ( Remittance basis)

His statut allows him to invest in offshore company or work abroard without paying taxes in the UK. ( only if the money are not remitted into the UK)

Now he needs to take out dividend from an offshore company and as he does not want to pay any taxes on it, he mustn't bring back the money in the UK. He needs to open a personnal account somewhere else.

Have you got any idea to where he can open a personnal business account ? The amount that he will receive will be around 150K euros.
Do you think he can put 150 K euros on a EMI ? ( N26 for example ? )
I've talked to revolut and he can not open a revolut account , as revolut hold the money in the Uk.

Any suggestions will be more than welcome !

 

[Milky Moon]

n26 is a bank, so funds are ensured, other banking options are bunq.com and hsbc.fr.

a trip by eurostar to brussels will give him ING, KBC and Belfius, and a trip to Aachen will offer the possibility to open an account a Deutsche Bank.

So options galore, provided he can comply with AML/KYC procedures and show the source of funds.

 

[Martin Everson]

Your client can just open an account anywhere outside the UK as an RND but preferably not an EMI. If you plan on using an EMI then check very carefully where the EMI is based as most may have addresses in Europe but are actually licensed and registered in the UK. You want to avoid any situs of assets in the UK that could be considered a remittance by HMRC. Furthermore buying investments in UK with cash held abroad is also considered a remittance if the situs of the investment is in UK. So this includes buying UK bonds, ETF's, property etc from offshore.

Just select any non-UK bank that has good e-banking and EU deposit protection. Many UK banks have bank branches in Guernsey, Jersey and other crown dependencies that are used by RND's. I would only bank with a bank that is familiar with RND status like HSBC. The reason is you need to set up multiple accounts such as capital account, income account etc...VERY important as an RND. The subject is complex and if he ever plans on remitting to UK some of the money abroad he wants to ensure he is not mixing income and capital in the same account and creating dirty capital as he cannot easily remit in the future. HSBC, Barclays branches in crown dependencies abroad will know all this and can advise him properly.

 

[Juoffshore]

@Martin Everson @Milky Moon thanks for your replies! very usefull !