So, currently I technically have a UK residence, but come next year (around January) I’ve decided to stay outside of Britain and move on a permanent basis. As I’ll be working abroad without a UK residence, (although I’ll obviously be welcome to live with my parents or nan) does anyone know any banks that could service me? I will need investment products and a current account with a debit card (and credit if possible) as Chinese cards don’t have as wide acceptance in the UK.
Does anyone know if I’m okay to keep my UK accounts open and maybe just change it so letters get sent to a PO box instead? Or is there any bank that could service me?
You’ll almost certainly be in violation of all UK bank T&Cs by continuing to operate an account by not being located in the country. Offshore accounts exist but I don’t really know much about them, other than they tend to by held be rich people and/or people who reside in Crown dependencies.
Credit is definitely not going to happen - they’d have no realistic way to pursue you for the debt.
If your intention is to reside out of the UK permanently, you’ll obviously become an expatriate and legally, you’ll have to inform HMRC, the NHS, DVLA etc, as you’ll technically no longer be entitled to use certain services I assume (happy to be corrected). Whilst it’s always tempting to want to retain that link after you’ve left, you should really let go. My own parents left the UK in the eighties and never returned (both now deceased).
I’d have to read more to see if it’s UK tax residence or UK residence based. Obviously I can cheese the “UK is my residence” for a while longer
This is an option but I’d need a stopgap to save £50,000. Would take me about 3y minimum
They already have absolutely no way to pursue me for debt, I could stop paying my SFE loans tomorrow and they’d have to eat shit
HSBC in China is currently available only to Premier customers, which is a pickle. HSBC Expat is also potentially an option but £50k minimum.
Do HSBC UK allow people abroad to retain an account (PRC resident) is potentially a question I could ask
This isn’t a thing. My doctor told me that in reality no one cares about me moving abroad in the NHS context, because he’s there to treat me and nothing else. I am on their list as “No Fixed Abode”. DVLA I should probably inform but I’m thinking of not bothering as I don’t want to test again.
HMRC doesn’t need telling, as I won’t be a tax resident (seemingly) and they won’t want taxes from me as I won’t have a job in the UK
I would need to tell Student Finance, albeit they’d have 0 ability to do anything if I stopped paying.
I need to. China has capital controls and I can only remit 3 years of salary working there (maximum). Result is I need money out of China.
China (the big part). I have been looking to see if HSBC HK or Standard Chartered HK could offer me an account, but I’d need to go there to try open it.
Despite what your Doctor may have told you, they know full well that the the moment you leave the UK permanently, you’re no longer entitled to NHS care except on an emergency basis like anyone else in the world visiting the UK. The NHS has an almost impossible task as it is recovering money from visitors outside of the UK leeching off the British taxpayer getting treatment they’re not entitled to.
Your UK drivers photocard license is only valid for ten years from date of issue and you then have to pay for a renewal because your photo needs updating. That’s why older folk with a paper license often refuse to swap to a photocard licence. That works until they get done for a driving offence and it’s then discovered that they haven’t lived at the address printed on the license for the last 30 years and then they wonder why they get more points a a fine.
Perhaps it’s time to take a crash course in Mandarin and become a Chinese citizen.
Bit of a mad comparison. Student finance is not really credit - there is no obligation to pay back unless and until certain criteria are met, and there’s even a baked in point at which the balance will be completely forgiven.
Student Finance England can’t choose who they will and won’t lend to either, unlike the banks you’re deceiving.
What bank am I deceiving? I still have a UK residence. I have no tax obligations in China or even a Chinese tax number, all my ties are still in the UK. Seems reasonable that I’m considered a UK resident still.
Can’t while in Mainland China, unfortunately
Lloyds, RBS both have international accounts but I don’t think they’re applicable to people living in PRC. It’s more like EU countries and some other places.
Not possible, at most I can get permanent residence but that is a minimum of 5 years out assuming I marry today.
Right now I do live at that address in the UK when I’m in the UK and I don’t see that changing (ever)
This is true, but I reject the notion about leeching. To begin with I don’t think GPs routinely ask about payment, as treatment is the priority. If I’m in the UK I’m living there. It’s not like I couldn’t move back tomorrow if I wanted to. For example, if tomorrow my Chinese doctor told me I had cancer or another serious illness but told me it could be beat, I would be back in England the day after tomorrow (assuming there’s no specialists in Shanghai that I believe could do it).
This is true. I think it’ll be HSBC HK for me until I save enough money to open channel islands (and Wise, because they operate in both countries). Maybe I can look at Charles Schwab Intl for investments.
You can keep most of the legacy bank accounts and Nationwide, so long as you don’t move to the EU. Fintech banks will generally close your account if you change the address, legacy generally won’t. You don’t need a premier or offshore account with them as such, though those offer more expat friendly facilities.
You can swap your UK driving licence for a Hong Kong one, but possibly not for a Chinese one.
You will get struck off your GPs list in due course, but can do a temporary resident registration at your parents address if you need to, probably. Your Global Health Card will not work after a while (few months?).
Lived for five years in France and moving to Australia not too long from now, hence the information.
If you’ve worked for three consecutive years before you leave the UK, you can make voluntary national insurance contributions, which will get you the entitlement to the UK state pension. It’s not that expensive if you’re overseas.
UK residence essentially expires if you’re not in the UK six months out of twelve. It is worth telling HMRC that you’ve left so they can tax (or not) your accounts as a non UK tax resident.
I don’t think keeping my parents address on a bank account is deceiving a bank, to be honest. I don’t owe them money or anything.
Slightly annoying. I could do with opening an N26 account or something, they don’t require tax residency for a number of jurisdictions.
I just need some way to start private investments so I have something to retire on.
Unfortunately in the mainland you can’t, but luckily I don’t need a car here.
My GHIC still works, but to be honest I’ve never needed it. I have international health insurance. I’m aware I should have returned it, but I wasn’t aware I needed to at the time I left.
I can, I haven’t. Once I start working I will use part of my first few salaries to buy back the years I’ve missed.
It’s a little bit more complicated that that, but HMRC doesn’t want any taxes from me right now anyways. My dad gives me money to study and I have no income. I will clarify my position later with them once I get a job
It’s okay, the Hong Kong one has lower requirements (and you can just pay a fee to maintain Premier if you’re under the 50k requirement)
It won’t work after a while as they do occasional soft searches on you and you won’t be on the electoral register.
Investments wise, when you’re next in the UK, open a dealing account with AJ Bell. They operate internationally so, for example, I’ll be able to keep my UK SIPP when we move to Australia. The international outfits are generally very overpriced. T212 is another option and they operate in a lot of different jurisdictions.