Uk Bank Accounts Useless For Brits In Thailand

[distortedlink]

Here is something that I think is beneficial for any Brits thinking of moving to Thailand or any other country outside the EEC.

I am English and have had a UK bank account with one of the major British banks for over 30 years. Been resident in Thailand for 4 years.

Recently came into some money from an inheritance that I decided to invest with my bank in London.

Began by making enquiries regarding bank accounts and income tax with my bank in England. Many of the so called bank advisors that I phoned did not have a clue what they were talking about. I acquired some of the information by e mail, some from the internet and a little from the advisors on the phone, collated the data in my mind and pieced it all together. So far my phone bill is up to 4297 baht. My bank very rarely responds to emails and letter enquiries.

THE BANK:

After intensive enquires, it transpired that my bank will not let me open any high interest bonds, investment accounts or savings accounts because I am not resident in the UK. They will let me have Mickey Mouse no interest accounts and I can open other accounts that pay little or no interest.

I checked out International & off shore accounts run by my British bank. Out of desperation was willing to pay a £10 monthly bank fee. Was informed that these too can only be opened from the UK and same rules apply, must be a UK resident. Also, to add insult to injury, my bank refuses to accept form r105 (not to not pay tax on interest for non residents). They will take 20% tax from interest paid, they do not take into account tax allowances, because they will not accept forms for tax allowances & rebates from non UK residents.

THE INLAND REVENUE (UK)

I phoned the Inland Revenue in England and told them that my Bank will not accept form r105 for tax exception on interest. The tax office informed me that at the end of each tax year I have to complete form r43 to claim back over paid tax. The employee also told me that it is some banks policy not to accept certain forms, this has nothing to do with government rules or the tax office. The Inland Revenue also does not accept form r105 direct.

So that's it, I'm stuffed. The only use for my bank in London is that I have an account for any incomes to be paid into.

ADVICE:

My advice to any Brits thinking of moving to Thailand for a long term, is to get all your banking and tax business in order from the UK prior to coming over to Thailand. Don't always believe the advisors, check out the best methods of investing your money.

Make any errors or listen to bad advice: IT WILL COST YOU DEAR

Edited April 13, 2007 by distortedlink

[slackula]

Open a LloydsTSB offshore account in the Channel Islands, xfer all your money there and then kiss goodbye to Blighty once and for all. Tell the taxman to KYA for good measure.

[samtam]

distortedlink - you don't state which UK bank you use. I have accounts at Citibank & HSBC and both pay interest. However recently I have not been eligible for two products because they have new compliance rules that do not treat Thailand as a "permitted country". The HSBC product - an Online Saver was available to me, but is no longer, as I'm non-resident. But as slackula suggested - Jersey is a good option and tax free for non-residents of UK.

[distortedlink]

distortedlink - you don't state which UK bank you use. I have accounts at Citibank & HSBC and both pay interest. However recently I have not been eligible for two products because they have new compliance rules that do not treat Thailand as a "permitted country". The HSBC product - an Online Saver was available to me, but is no longer, as I'm non-resident. But as slackula suggested - Jersey is a good option and tax free for non-residents of UK.

I bank with Barclays PLC.

slackula`s suggestion to try Lloyds TSB is looking good. If this works out, I owe you one.

Edited April 13, 2007 by distortedlink