Barclays banking for expats living abroad
For anyone leaving the UK to live abroad, the importance of adequate financial planning cannot be overstressed. Failing to prepare for your expat status could end up being an administrative headache at best. At worst, it could prove an extremely costly mistake.
At Barclays, we offer a comprehensive range of products and services designed specifically for UK nationals leaving the UK and moving abroad.
With accounts in most currencies, the option of offshore banking, a host of flexible features and our International Telephone and Online Banking Service, you'll have everything you need to manage your money and make the most of your wealth.
We also offer the benefit of our knowledge and experience. For example, did you know that in general you cannot continue to pay into an ISA if you're not resident in the UK1? Or that income and gains from what was within your ISA may be subject to tax in the jurisdiction to which you are moving? On the other hand, you may be able to take advantage of other ways of saving whilst you live abroad.
At Barclays, you'll start benefiting from our high levels of service well before leaving the UK. We'll take an in-depth look at your existing financial position and set you up with an international bank account to help simplify your new life abroad.
It may be that there are tax issues that you need to consider: we can introduce you to our preferred tax adviser, the global financial services firm, Ernst & Young.
Why not invite us to contact you today? Simply click on the link below to leave your contact details.
How international banking works
International banking simply means being able to bank and transfer money across borders simply and cost-effectively. It's not necessarily the same thing as offshore banking: you can hold a Barclays international bank account at our London, UK branch, for example. It just means that the account is set up to make it attractive to those who travel extensively or who live and work abroad or have retired overseas.
Benefits of offshore banking
By keeping your money in a Barclays offshore account in the Channel Islands or the Isle of Man, you may benefit in the following ways:
- Potential tax planning opportunities. Normally, your interest will be paid gross of tax (subject where appropriate to the European Union Savings Directive), so your savings will grow more quickly. However, you may be required to pay tax in the country where you are resident or elsewhere depending on your individual circumstances
- Safety. You'll minimise any risk to your savings and investments by holding them in a stable political and economic environment
- Flexibility. Accounts in a wide range of currencies allow you to manage your financial affairs in the currencies of your choice. It's also easy to make international money transfers around the world.
Expat banking options
Barclays offers a number of bank account options for UK citizens living overseas:
- A fee-free personal, tailored solution designed to help affluent clients maximise their wealth. A dedicated Relationship Manager will take the time to get to know you, in order to understand your circumstances and help you achieve your financial aspirations. To qualify you must deposit and maintain a balance of £50,000 or more (or currency equivalent) in cash or investments with us; or, if you have come to live in or are moving to the UK, deposit an annual individual gross income of £150,000 or more (or currency equivalent) into Barclays international bank accounts.
- Our entry-level service for people living abroad is iBank.It offers day to day banking facilities and a savings account plus access to a range of financial products and services, available for just £10 (US$16.50 or €14.50) a month. See our tariff for details of the iBank fee in other currencies.
Barclays can offer you an international mortgage as well as specialised and invaluable mortgage advice.
- Our overseas mortgages are available for property in the Caribbean, Dubai, France, Italy, Portugal, Spain and South Africa
- A full range of mortgages are available in a choice of currencies2
- Our mortgage experts aim to make it as easy as possible to buy overseas property
- Tax issues can arise in relation to the holding of properties and we can introduce you to our preferred tax adviser, Ernst & Young, a leading financial services practice, who can provide you with guidance.
1 You will still be entitled to contribute to ISA funds if you are moving abroad to work in a UK embassy or for the Crown.
2 Subject to availability.
You have sole responsibility for the management of your tax and legal affairs, including making any applicable filings and payments and complying with any applicable laws and regulations. We have not provided and will not provide you with tax or legal advice and recommend that you obtain your own independent tax and legal advice tailored to your individual circumstances.
† Lines are open 24 hours a day, 7 days a week except on the 25 December when the lines are closed. Call charges may vary. Please check with your local telecoms provider. Calls may be recorded for training and security purposes.
The products and services described on this page are provided by the following companies, which are part of Barclays: Barclays Bank PLC in London and Barclays Private Clients International Limited in the Isle of Man, Jersey and Guernsey. For further Information on these companies and Barclays please read the Important Information.
Products and services on this site may not be available in certain jurisdictions. In particular, these products and services are not being offered in Japan or the United States or to US residents. For full details of exclusions and disclaimers please see the Important Information before proceeding. Each Barclays company reserves the right to make a final determination on whether or not you are eligible for any particular product or service.