How to open a bank account in England to a non-resident?
Over the past few years, the opening of a foreign account in the Bank of England to a non-resident has grown into an impossible mission, despite the fact that the flow of volunteers does not decrease. The reason for the complication of opening a bank account in England is not just the deterioration of the macroeconomic situation between the UK and the countries of Eastern Europe, but also the real desire of the United Kingdom to get rid of customers in the high-risk segment.
It is no secret to anyone that a huge number of high-income people from Eastern Europe moved to a temporary or permanent residence in the UK, while taking with them their entire family. Children study in English universities, and parents successfully conduct business in Russia or another CIS country, while these people do not want to keep their money in the place where they are doing business, but in their new home in the UK.
Such a desire is only logical, since London is a great place to settle in and protect your assets. But under the onslaught of the government in the face of David Cameron, British banks have been denied opening new bank accounts for third-country nationals for several years in a row, while it is not that easy for old customers to keep their British accounts.
In order for a non-resident to keep his bank account in the UK, he must follow the strict rules of the bank, which are aimed at total verification and understanding of the client’s activities. Banks are required to provide the maximum amount of related information on all banking transaction to non-resident clients in order to make sure that transactions are carried out within the framework of legal activity and cannot compromise a bank. Also, all existing customer assets must be tested for origin.
Unfortunately, English banking has turned into an endless bureaucracy, and the real opportunity for a non-resident bank account in England has virtually evaporated.
Ways to open a bank account in England to a non-resident
One of the options for opening a bank account in England to a non-resident is to purchase a state passport that was previously part of the British colonies, for example, to buy a European passport in Cyprus, or one of the Caribbean passports.
These passports are modern mechanisms for protecting assets and expanding world borders for their owners. But you also need to understand that the second passport is not a panacea for all problems.
Alternatively, you can consider opening an account with a bank of foreign origin, but with a branch in the UK, for example Luxembourg-based. This option is very attractive, since the Luxembourg banking system is no less attractive to English.
We offer the possibility of opening a personal and corporate account in the London branch of the Bank, which is a member of the Liechtenstein Bankers Association (Liebtenstein Bankers Association (LBA), as well as a member of the LBA Investor Guarantee Deposit and Protection Fund. The Bank has an international license and offers its services to clients from of peace in Liechtenstein and in the UK
The bank builds not just a bank-client relationship, but strives for maximum interaction in all potential areas for cooperation. So the bank can help its clients in such areas as investment, wealth management, taxation, pensions, insurance, trusts, funds, financing, loans, real estate, charity, inheritance planning, third-party asset analysis, creation of funds, asset protection and legal advice .
In fact, this is a bank that can be your right hand in managing your wealth. The minimum deposit for opening an account is 100 thousand GBP.
Bank account of England to a non-resident on the platform of Royal Bank of Canada
It is possible to open an account to a non-resident in the UK at a bank of Canadian origin Royal Bank of Canada. This financial institution was created in Canada in the late 19th century, and in 1900 opened its banking platform in England.
The Royal Bank of Canada platform in the UK is similar to Credit Suisse, UBS, Barklays and other well-known platforms in the world. We invite you to open a corporate account to a non-resident in London, Jersey or Guernsey on the platform of Royal Bank of Canada.
This platform is universal, large companies can do corporate transactions, and business owners keep their assets. Royal Bank of Canada, like all large banks, also offers Investment Banking, Trusts (Gersey), Asset Management and Wealth Management platforms.
The minimum turnover of the company amounts to 100 million or more. Another option for opening a corporate account in Royal Bank of Canada is if the ultimate beneficiary or the business owners of smaller non-trading or holding companies will hold assets on the bank’s platform. Due to the fact that the Royal Bank of Canada platform is a platform of a non-commercial bank, the activity of corporate accounts is limited to several payments per month.