Notifying your bank
If you wish to leave some or all of your UK bank or building society accounts open, you can complete form R105 and contact your institution to ensure that it is still happy to hold your savings even though you will no longer be a UK resident.
Furthermore, it is worth asking your bank or building society if it will be willing to pay your interest gross.
Considering your pension
There are many options available to UK citizens looking to reside in the Cayman Islands. For example, the Cayman-UK double tax treaty makes it possible for expats to receive their UK pension gross. Furthermore, expat financial advisors in Grand Cayman may be able to help you take advantage of the increased flexibility that has been available to UK pensions holders since 2015.
Blacktower, for all your financial advice in the Cayman Islands
The Cayman Islands is rightly considered to be among the world’s most favourable financial jurisdictions and with the right advice UK residents can thrive here.
Here at Blacktower we work to ensure that our clients receive the financial products and services that best advance their financial objectives and circumstances.
For more information from our expat financial advisors in Grand Cayman, get in touch with us today.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
The UK has had an unprecedented period of low interest rates; 2009 saw the base rate drop to 0.5 and then last August down to 0.25. That’s eight years of extremely low interest rates. Whilst this has been great for borrowers and helps to keep the business economy afloat, it has been disastrous for those people in or approaching retirement. Annuity rates have been terrible for pension income returns and the bank rates for the people who have savings have been providing very poor returns.
How / why did you get into your line of work in the financial services sector?