Hi all, I wondered if anyone had any experience in this- I am a British citizen, living in Argentina with my Arg husband and we now have 2 children here- they will get their British passports next year when we go back to visit, but am looking into setting up a Junior ISA for them, but looks like they should be UK residents in order to set up - does anyone have any experience in doing this? Did you just set up for your child/children regardless? We are probably not moving back to the UK but wanted to have an ISA account for them so grandparents/ UK family can send money to their account for birthdays etc. Currently thinking I may just apply online and give my parents address, but not sure how strictly this may be monitored? Obviously do not want to forfeit any money in their accounts if they realise they are not UK residents!! Any advice gladly received! Thank you!
Junior ISA for child living in Argentina?
- Thread starter tori29
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elhombresinnombre
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As you rightly point out, that a child is not living in the UK is a dealbreaker for the Junior ISA. Opening any sort of account with false information carries risks - even more so now everybody seems concerned about money-laundering (I know... I know...) So your plan would depend to some extent on how risk-adverse you are.
Instead of a Junior ISA into which the grandparents would also be able to contribute, have you considered asking the Grandparents to legitimately open a Grandparents child account into which you also could contribute? No tax is payable there either and as far as I know it's the relationship to the child, not the residency of the child which matters. I believe Junior ISAs offer slightly better interest rates which given fifty years of growth could make all the difference - but neither Grandparent Savings nor Junior ISAs will continue beyond childhood years and saving interest rates are so pathetically low in the UK, whichever way you go, the hardest part will be finding something that pays more than current UK inflation. If you haven't done so already, google grandparents saving for grandchild for everything you need to know.
Instead of a Junior ISA into which the grandparents would also be able to contribute, have you considered asking the Grandparents to legitimately open a Grandparents child account into which you also could contribute? No tax is payable there either and as far as I know it's the relationship to the child, not the residency of the child which matters. I believe Junior ISAs offer slightly better interest rates which given fifty years of growth could make all the difference - but neither Grandparent Savings nor Junior ISAs will continue beyond childhood years and saving interest rates are so pathetically low in the UK, whichever way you go, the hardest part will be finding something that pays more than current UK inflation. If you haven't done so already, google grandparents saving for grandchild for everything you need to know.
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