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Money matters

Building Society Accounts

No, really... it does!
But does it matter more in Malta than at home?

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Building Society Accounts

Postby Just69 » Thu 6 Oct 2011 08:17 GMT

Could someone please shed some light on the following question that I have -as I am rather confused and have read many articles which seem to have conflicting information.

If i am no longer a uk resident (the house has been sold and I have no address in the uk) and the money from the house sale is deposited into a uk building society before I move - will I no longer be able to keep any building society/bank accounts in the uk - or will I be forced to close them as I have no address here when I finally leave to go to Malta?

What happens if I open a 5 year fixed account with a building society in the uk - prior to leaving - will i be forced to close this account - and how do i get on for paying tax? Can i declare in the UK or malta? I thought if I stayed within the European zone that I would be ok to continue banking and saving in the uk! Is this not the case? Or would I have to think about opening an offshore account with HSBC?

How do other british expats get on- do you still have uk bank/building society accounts that you can manage online?

http://www.publications.parliament.uk/p ... 44w239.htm
This article appears to say that I will have problems trying to invest in the UK if I do not have a permanent address there!


Any information would be gratefully accepted.


Many thanks
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Postby gozomark » Thu 6 Oct 2011 08:25 GMT

It depends on the bank - some allow you to maintain existing accounts when you move overseas, some don't. Its almost impossible to open a bank account (or get a credit card) in the UK, so its worth checking before you leave the UK.

tax - if your bank will pay you gross interest (they don't have to), then you don't have to declare it in the UK. You declare it in Malta IF you bring the interest into Malta. If your banks pays you net and you haven't used up your UK personal allowances, you can fill in a tax return and claim it back (I believe you can still do that)


I still two UK bank accounts and both banks were happy for me to have statements posted overseas. Another bank forced me to close my account.
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Postby gozomark » Thu 6 Oct 2011 08:28 GMT

You can open £ accounts both offshore and in Malta - if you do so in Malta, you should talk to your Malta accountant first to make sure you don't end up with large tax bills which you could do if the money you bring in is considered income and no capital.
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