Choosing your account location
Choosing where to base your account is an important consideration as this may influence the amount of tax you pay as well as the financial compensation scheme that you may be covered by. Depending on where you open your account, your funds will be deposited with either Barclays Bank PLC or Barclays Private Clients Limited. Please see further information below on these organisations. You should also consider your preferences for a face-to-face banking relationship or a telephone service.
Barclays International does not give tax advice, but it is available through our preferred tax advisors at Ernst and Young. Please call our account opening specialists if you require a referral +44 (0)1624 684 316†.
- If you live in Jersey, Guernsey, Isle of Man or Gibraltar, or you are moving there
- If you are a non-domiciled resident of the United Kingdom
- If you are an expatriate of the United Kingdom (living abroad)
- If you are living or working outside your home country, e.g. you are a French national living in Dubai
- If you are depositing your funds outside your country of residence, e.g. you are a Kenyan resident depositing funds offshore
- If you live in Spain or Portugal
- Barclays Private Clients Limited - Isle of Man and Jersey accounts
- Barclays Bank PLC - London and Gibraltar accounts
If you are a permanent resident of, or are moving to, Jersey, Guernsey, Isle of Man or Gibraltar, we will automatically open your account in your local island branch. (For Guernsey residents, your account will be opened in Jersey, but you will be able to bank at your local Guernsey branch.)
2. If you are a non-domiciled resident of the United Kingdom
3. If you are an expatriate of the United Kingdom (living abroad)
You may choose to open an account in an offshore location, e.g. Isle of Man, or onshore in London. You should seek independent tax advice to determine if there are tax advantages for you to bank offshore.
If you live in or regularly visit London you may prefer to open an account in our Knightsbridge branch and benefit face-to-face from the services of our experienced team of international bankers. We recommend you take independent tax advice to make sure this is the right decision for you.
Alternatively, we may be able to offer you a relationship manager in Knightsbridge even if you hold your account offshore.
4. If you are living or working outside of your home country, e.g. you are a French national living in Dubai
5. If you are depositing your funds outside your home country, e.g. you are a Kenyan resident depositing funds offshore
You may choose to open an account in Isle of Man or London. You should seek independent tax advice to determine if there are advantages of banking or investing in either location. You might also consider the differences between the jurisdictions and financial compensation schemes described below.
In Isle of Man or London your account can be serviced by personal bankers or relationship managers via the telephone. Or, if you regularly visit London, you may choose to open your account there to benefit from a face-to-face service from our established London team.
If you reside in Spain or Portugal and you regularly visit Gibraltar, it may be convenient to open an account in Gibraltar with Barclays Bank PLC so that you may benefit from face-to-face services.
If your account is based in the Isle of Man or Jersey, your funds are deposited with Barclays Private Clients International Limited (BPCI Limited). This organisation is part of the Barclays Group. Both islands share the special status of British Crown Dependencies, and are ideally placed for offshore banking. Although not part of the UK or the European Union, they are closely aligned with both and benefit from free trade and free flow of capital with EU member states. Because they have their own government and legal systems, they decide their own fiscal and economic policies. In such an economic environment, tax benefits for non-residents are particularly good and the islands have an excellent reputation for their financial services.
Isle of Man Compensation Scheme
Deposits made with an Isle of Man office of Barclays Private Clients International Limited are covered by the Isle of Man's Depositors' Compensation Scheme (DCS) detailed in the Depositors’ Compensation Regulations 2010.
Each depositor's sterling deposits, or the sterling equivalent of foreign currency deposits, are protected up to a maximum of £50,000 of new deposits per individual depositor per deposit taker. This means that a maximum of £50,000 compensation is payable per individual. Loans you have with the same deposit taker in Isle of Man may be netted off against any deposits.
The Isle of Man's DCS covers depositors irrespective of which country they live in or are incorporated in.
Jersey Compensation Scheme
Deposits made with a Jersey office of Barclays Private Clients International Limited are covered by the States of Jersey Depositors' Compensation Scheme, which provides individual depositors with protection for up to £50,000 of savings in the event that a Jersey bank should fail.
From 6th November 2009 the scheme provides protection of up to £50,000 per person, per Jersey banking group, for local and international depositors, in line with international standards and the maximum liability of the DCS will be capped at £100 million in any 5 year period, in line with the Guernsey scheme. Deposits in foreign currencies will be protected.
If you live in the European Union
The European Union Savings Directive has been implemented to ensure that cross-border savings income is taxed effectively. In line with our responsibilities, we will share information about you and your savings income with the relevant tax authorities; this is also known as Information Exchange. We will provide further information in the application process as necessary.
If your account is based in London or Gibraltar, your funds are deposited with Barclays Bank PLC. Barclays Bank PLC is registered in England and is authorised and regulated by the Financial Services Authority.
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 0207 741 4100 or 0800 678 1100.
The products and services described on this page are provided by the following companies, which are part of Barclays: Barclays Bank PLC in England and Wales and Barclays Private Clients International Limited in the Isle of Man, Jersey and Guernsey. For further information on these companies and Barclays, please read the Important Information.