Offshore Banking

A

Alex

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i was just wondering... is it possible to walk into a natwest branch, say in wales, and open up a current account? i am an irish resident. i was told i can by a friend but am not sure whether he is correct or not? also, is it legal to do such a thing?

Alex.
 
Offshore accounts are completely legitimate as long as they are declared and are not opened using false information (e.g. bogus non resident addresses etc.).
 
There is a question about whether NatWest will want your business - I've heard that it's quite difficult to open an account in the UK.
 
On the contrary, most banks will be happy to accept your business. They simply require proof of identity (passport/drivers licence) and proof of address (utility bill, etc) in order to open the account. I had need of a sterling account and just popped up to Newry where the Ulster Bank were more than willing to open an account for me. Be prepared for the usual pain in the ass questions about job, salary, outgoings and so on if you want a current account with cheque guarantee card and/or Switch card but otherwise its no problem.

You are required to notify the Revenue of any bank accounts opened outside the country. A simple letter will do or you can include details with your tax return. Doesn't seem to be a common practice though - I rang the Revenue several times and they were quite at a loss as to what the correct procedure was or if there`was a standard form for such notifications!
 
According to the notes on [broken link removed] one should return a [broken link removed] to declare such an account:
NOTE - If in the year 2004 you:

  • opened a foreign bank account
  • acquired a material interest in Offshore Funds in a member State of the EU, EEA, or the OECD with which Ireland has a double taxation agreement and / or
  • invested in a Foreign Life Policy issued from a member State of the EU, EEA, or the OECD with which Ireland has a double taxation agreement
a return of income on Form 11 should be made, as you are a chargeable person and subject to self-assessment.
Click to expand...
 
Yes, but the confusing bit is when the account is a non interest earning current account. That seemed to stump the Revenue people I spoke to. I eventually wrote to them along the lines of:

Dear Inspector,

I wish to declare the following bank account, (bank branch, number etc) opened on Date x.
This is a non interest earning current account mainly used for the following purpose (details...)
I am informed by Ms X of your office that no further returns are required.

Observer

They seemed happy with that. Never heard from then again anyway.................
 
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