Question
I am an expat but have been gifted some money and as a NON-Resident and NON-UK taxpayers, wonder where I could invest in pounds in the UK, probably in fixed interest for the next 3 years?
Thank you for your wonderful serviceAnswer
Banks and building societies have really tightened their belts in recent years to the point I don't know of any that allow non UK residents to open accounts, aside from a handful of 'international' accounts that pay little or no interest.
However, there are offshore savings accounts (that accept Sterling despoits) offering reasonable fixed rates - Moneyfacts has a list here.
For example, at the time of writing Permanent Bank International (Isle of Man) is paying 2.15% fixed for 3 years and Nationwide International (Isle of Man) 1.8% over the same period. Both are covered by the Isle of Man Depositor's Protection Scheme (up to £50,000 per person per institution).
By comparison, 'best buy' 3 year fixed rates in UK accounts are currently around 2.5% - so the offshore accounts are not as competitive. Nevertheless it might still be a worthwhile option in your position.
I am an expat but have been gifted some money and as a NON-Resident and NON-UK taxpayers, wonder where I could invest in pounds in the UK, probably in fixed interest for the next 3 years?
Thank you for your wonderful serviceAnswer
Banks and building societies have really tightened their belts in recent years to the point I don't know of any that allow non UK residents to open accounts, aside from a handful of 'international' accounts that pay little or no interest.
However, there are offshore savings accounts (that accept Sterling despoits) offering reasonable fixed rates - Moneyfacts has a list here.
For example, at the time of writing Permanent Bank International (Isle of Man) is paying 2.15% fixed for 3 years and Nationwide International (Isle of Man) 1.8% over the same period. Both are covered by the Isle of Man Depositor's Protection Scheme (up to £50,000 per person per institution).
By comparison, 'best buy' 3 year fixed rates in UK accounts are currently around 2.5% - so the offshore accounts are not as competitive. Nevertheless it might still be a worthwhile option in your position.
Read this Q and A at http://www.candidmoney.com/askjustin/822/good-cash-rates-for-expat
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