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Discussion Starter · #1 ·
Hi,

I posted this in the UAE forum - but it may be more appropriate in this one.

We're moving to the UAE from the UK in a month or so.

One thing that's bothering me slightly is --- do we tell our banks of our move, or keep everything as is? We have one or two (small) debts that come out of our current accounts monthly - we'll have enough money left in there to keep these repayments up for 7/8 months at least......(with the idea of clearing them off within "a few months" of being in the UAE, all being well of course).

Can anyone offer any advice? Do we officially inform them? Or do we just change our addresses online and leave it at that, and as long as we have enough money, and keep up the repayments everything will be fine?

Cheers,

hw2013
 

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Hi,
There is no need to inform your UK bank of your move to the UAE - it is none of their business.
You will need to have some sort of UK address registered with them, if you want them to send you new debit cards but these days statements can be accessed online.
Longer term - and especially when you come back to the UK it may cause you problems with credit checks if you did not retain an official UK address whilst you were out of the country - or if you did not appear on electoral rolls whilst you were away.
Cheers
Steve
 

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Discussion Starter · #3 ·
Hi,
There is no need to inform your UK bank of your move to the UAE - it is none of their business.
You will need to have some sort of UK address registered with them, if you want them to send you new debit cards but these days statements can be accessed online.
Longer term - and especially when you come back to the UK it may cause you problems with credit checks if you did not retain an official UK address whilst you were out of the country - or if you did not appear on electoral rolls whilst you were away.
Cheers
Steve
Thanks for your helpful advice, Steve. Appreciated.

I think we've just got visions of the bank not seeing regular payments (i.e. our monthly wages) going into the accounts which we thought could cause alarm bells (account closure? freezing of accounts? questions of our whereabouts etc). Probably just an unwarranted worry of ours.

But we'll make sure we give them a valid UK home address and mobile/landline number to contact us on.

Cheers,

hw2013
 

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Because of FATCA (Foreign Account Tax Compliance Act), banks now require you to notify them if you move abroad.
 

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Discussion Starter · #5 ·
Because of FATCA (Foreign Account Tax Compliance Act), banks now require you to notify them if you move abroad.
Hmm. OK. So this is for UK citizens moving abroad (and not just for US citizens).

I knew it might not be as straight forward as it could be........

Cheers,

hw2013
 

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There is now a UK version of FATCA, and UK has treaty concluded with Crown dependencies (Jersey etc) and Overseas territories (e.g. Gibraltar, Falklands etc). While there is no reporting duty for an account holding less than certain amount, most banks will want to be told when you are moving abroad.
 

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Discussion Starter · #7 ·
There is now a UK version of FATCA, and UK has treaty concluded with Crown dependencies (Jersey etc) and Overseas territories (e.g. Gibraltar, Falklands etc). While there is no reporting duty for an account holding less than certain amount, most banks will want to be told when you are moving abroad.
OK - thanks for the heads up. When you say: "there is no reporting duty for an account holding less than certain amount" -- what is that amount?

Do the UK banks make it publically and abundantly clear that their customers have to tell them when they relocate abroad? I bet, the majority of people who do relocate, are not even aware of this.

Cheers,

hw2013
 

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Hi,
I still am of the personal opinion that it is none of their business - especially if you are not going to live in one of the Crown dependencies mentioned in the "UK FATCA" document.
Cheers
Steve
 

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I've just been asked by my bank to declare that I am UK tax resident and nowhere else. I haven't moved abroad and am still in UK.
 

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I think it's $50,000 but don't know about UK agreement with crown dependencies and overseas territories.
 
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