Expat FAQs
Answers to the questions we are most frequently asked.
Why choose Nedbank Private Wealth?
As an expat, it’s likely you will have a more complex financial situation. Our award-winning team take a bespoke approach and will work with you to understand your goals, needs and wishes to make managing your finances a simpler process, wherever you are in the world.
What currencies do you offer?
We offer current and savings accounts in 15 major currencies, including Hong Kong Dollars, Japanese Yen, and United Arab Emirates Dirham and we are able to manage your finances and investments from our international finance centres, to suit your individual circumstances.
Why as an expat do I need a wealth plan?
Having a wealth plan can be even more important as an expat as you will likely have more complex financial needs and assets spread around the world.
Should I cease residence in the country I am leaving?
It is important that you seek professional tax advice for your specific situation.
Where can I get Tax advice on relocation?
We work with Tax specialists as part of our pre-residency planning approach.
Should I rent or buy?
Renting may give the flexibility to experience your new neighbourhood before purchasing. Becoming a resident before buying may mean avoiding an overseas surcharge when you do.
What about my pension?
While you are likely to have an existing pension, it’s worth checking what the potential restrictions are when accessing the funds your new home country.
How can we help you?
Contact us to find out how we can help you to relocate with confidence on +44(0)1624 645000.
What should I do before I move?
Having an expert wealth planner examine your existing financial arrangements may mean you are able to revise decisions ahead of your move, helping to avoid potential issues later.
Should I seek wealth planning advice before I move?
This is important, whether you are a high-net-worth individual looking to make your move to the UK permanent or not. You may be able to take advantage of new investment structures.
Why are residency and domicile status important?
In the UK, the way you are taxed by HM Revenue and Customs (HMRC) is based on your residency and domicile status.
What is the difference between residency and domicile?
Your residency status is simply where you live. Your domicile is generally either where you were born or where you choose to live indefinitely.
Why is the difference between residence and domicile important?
Non-domiciled individual living in the UK you can choose to register non-domiciled status, meaning they are only taxed on income and gains earned in the UK.
Are there notable implications to choosing remittance basis of tax?
Choosing the remittance basis of taxation has wide implications, specifically for your investment strategies and foreign income management.
Foreign exchange?
Our flexible foreign exchange services are ideal for those with a busy international lifestyle.
What currencies are debit cards offered in?
Our Visa Platinum debit cards are issued in sterling, euro and US dollar.
How can I avoid incurring too many costs?
We can work with you to plan your relocation so that there are no surprise costs to you.
Where should I keep my international assets?
For some it may be preferable to have assets centrally managed or located in one place. Your decision should be based on your specific needs.
What happens to my Nedbank Private Wealth bank account if I move abroad?
We support international banking for expatriates. So, you can retain your bank account for use abroad. For details, contact us directly.
What banking services do you offer to expats?
We offer a range of banking services tailored specifically for expatriates, including international accounts, multi-currency, investment opportunities, and bespoke wealth management.
Accounts are opened and managed through our offices in the UK, Isle of Man, or Jersey, jurisdictions known for their robust regulatory frameworks and financial stability. Our experienced teams understand the complexities of international wealth and provide expert support to help you manage your finances with confidence, wherever life takes you.
Do I need professional advice to navigate the complexities of non-domiciled tax?
Yes, seeking professional advice is recommended to get a better understanding of the non-domiciled tax complexities in the UK.
How can I use offshore investments while maintaining non-dom status?
Non-domiciled UK residents can use offshore investments like offshore trusts or funds to maintain non-dom status in the UK. These investments should adhere to HMRC rules, such as the remittance basis. However, we recommend consulting with tax experts for compliant strategies.
What is the difference between UK resident and UK domiciled?
Being a UK resident means you live in the UK and are subject to local tax, while being UK domiciled means you have permanent ties to the UK, such as having a permanent home, family connections, or are potentially intending to stay in the UK indefinitely, but your current home is in a different country. This can affect inheritance tax liabilities.
What is the meaning of non domicile?
Non-domicile status means you’re not taxed on foreign income in the UK if you’re a resident, but your permanent home is abroad.