International Banking explained
Living, working or retiring in another country can be rewarding, but also comes with its own challenges. International banking can help you manage your finances in multiple countries and currencies.
Is international banking for you?
Lloyds Bank international banking solutions are designed for people who need to deal with the complexity of international life including:
Who is it for?
- 'Expats' moving abroad for work or retirement.
- People moving to the UK for a short or medium length of time, whether it’s for work or to invest in the UK.
- Investors who need to manage assets in multiple currencies and across several countries.
Who is it NOT for?
- Your wealth is concentrated in a single country.
- You don't make frequent or large foreign exchange transfers.
- You don't meet our eligibility criteria, or you're living in a country where international regulations prevent us from offering our services.
We also offer solutions for customers with other requirements:
- If you live in the UK and don't have international banking requirements, have a look at www.lloydsbank.com
- If you're an Isle of Man or Channel Islands resident, visit our www.lloydsbank.com/islands/personal.html site to see what banking services we can offer you.
- We also offer a range of international business and commercial banking solutions on our www.lloydsbank.com/islands/commercial.html
Tax and legislation
Our international banking services are provided by Lloyds Bank Corporate Markets plc.
Since our accounts are domiciled outside the UK, our services are sometimes referred to as 'offshore'. An offshore bank is simply a bank based in a jurisdiction outside your country of residence.
It's perfectly legal to have an account in a different jurisdiction but there are tax implications you should be aware of:
- It is your responsibility to seek independent tax advice and ensure that any tax liability in relation to funds deposited is accounted for by you or the appropriate tax authorities.
- Depending on the country(ies) where you are resident for tax purposes (note a US citizen is treated as US tax resident) we may be required to advise the tax authorities in the jurisdiction where the account is held (Isle of Man, Jersey or Guernsey) of any assets and interest or other income earned with us. This local tax authority will then inform your country of tax residence.
- If you live outside the EU Member states we pay interest gross of tax, which means we do not deduct any tax from the interest paid to you. You'll need to declare your earnings in the appropriate way.
We don't offer international tax advice directly, but our Premier and Private Banking customers can be referred to tax specialist Ernst & Young for an initial appointment with no obligation. If you decide to take up their service you will also benefit from a preferential rate.