# Savings



## stevieboy1980 (Sep 9, 2008)

Hi,

What do people (namely from the UK) do with savings?
Do you transfer it all into your UK bank account?
Leave it in UAE account?
Transfer to a offshore account?

Interested in seeing what is the best option, and if into a offshore account is the money accessible when moving back to the UK etc?


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## Glasceb (Jul 15, 2008)

stevieboy1980 said:


> Hi,
> 
> What do people (namely from the UK) do with savings?
> Do you transfer it all into your UK bank account?
> ...


After I found out that by law your employer must tell the bank if they're making you redundant, I'm transfering all savings to the UK and keeping the minimum here to live on. Don't want my money frozen if anything happens.


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## stevieboy1980 (Sep 9, 2008)

To what though? a normal UK bank account or a offshore etc?


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## Glasceb (Jul 15, 2008)

stevieboy1980 said:


> To what though? a normal UK bank account or a offshore etc?


Transfer to my UK bank current account then move to a savings account with the same bank. All done through internet banking.


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## Maz25 (Jul 6, 2008)

I don't have a dime in savings here - all my savings are sitting in my current account in the UK!!! Too lazy to even bother to log on to Internet banking to transfer it to my UK savings account! This place doesn't feel me with a lot of confidence when it comes to MY money - too many unwritten rules allowing all and sundry to lay claim to YOUR cash!!!


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## stevieboy1980 (Sep 9, 2008)

I also want it all in the UK.... just wondering with taxes etc etc


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## ghandi2485 (Nov 18, 2008)

Maz - Whats the difficulty? "too many unwritten rules allowing all and sundry to lay claim to YOUR cash!!! " ?? It is your cash so whats the unwritten rule - you can do with it as you please including sending it to the UK......?

As for tax - If you are part of the non-tax scheme that Elphaba has pointed out several times (p85, not in UK for more than 89 days in 1 year including average over 4 years) then there are no taxes unless im missing something?


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## stevieboy1980 (Sep 9, 2008)

What about if its 3 years for example?


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## Elphaba (Jan 24, 2008)

STOP! 

Being non-resident does not exempt you from tax on UK savings or on monies remitted to the UK. There are allowances, but best send new monies offshore.

Stevie - please do something about the monies you have in your UK current account. You won't get much interest in any Sterling account, but it has got to be better than a current account.

To avoid any liability to UK tax on interest (anyone completed HMRC R85 on their UK savings accounts? ) you should keep monies offshore. You can have accounts in the Channel Islands or Isle of Man with excellent investor protection, but still benefit from offshore account status. Stevie - you have my work email - drop me a line and I can help out here.

-


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## stevieboy1980 (Sep 9, 2008)

will do...


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## vanbeek (Mar 22, 2010)

I am not from the UK (but the Netherlands) and not living in UAE (but in Thailand), but a few aspects to take into account are the same:

- More and more European countries punish their residents heavily if they keep savings hidden abroad/off-shore, so when you move back you probably need to declare it.

- When you declare your savings that are abroad when you move back or before that, you will never know how you will be taxed on it at that moment. Governments will need money and this type of taxes only affect a few and are thus easy to implement or increase.

- If as a non-resident in the UK you still would need to pay taxes on interest and capital gains (is that the case?), there is a reason to keep your savings off-shore of course depending on how much these taxes are. In the Netherlands you do not have them, so there it is different.

- Interest on a savings account are increadible low these days. Be happy if you get more than 2% (unless you are in an Icelandic or similar bank somewhere). But be aware that there are rather straightforward stock trend investing alternatives that you can use yourself via your regular bank/broker to invest your savings in index funds and mutual funds when the markets go up for a long time. You sell your funds and move the savings back to a savings account when stock markets go down.

I think you worked too hard for your savings to leave them just at a 2% interest rate in a savings back account all the time.


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