Changes Coming to Banking Regulations in the UK
An important change was announced regarding the list of countries where supporting assignees in opening bank accounts is allowed while still in the home country and prior to arrival in the UK.
Previously, global bank HSBC had been able to open accounts for residents of 27 EU countries while they were still in their home country. Due to changes in cross-border regulations and recent developments regarding Brexit, the number of eligible EU countries has been reduced to 12 with immediate effect.
Please see the revised list of 12 EU countries below, provided by NEI’s London-based service partner Icon Relocation, where HSBC can support assignees with a UK account before arrival in the UK. There is no change with supported international countries outside the EU.
Note: this chart relates to the country of residence, not the nationality.
According to Icon Relocation, assignees living in the approved countries can provide proof of their overseas address. HSBC and Barclays Bank will continue to support other assignees once they have arrived in the UK without the need for proof of a permanent UK address.
Reminder of Documents Required
- Proof of identity document, e.g., passport.
- Address verification document for one’s residential address in the UK or overseas. HSBC can accept a letter from one’s employer that must be from a member of the HR team, issued on UK company letterhead, and include employment dates. The letter must also include a UK address if known or an overseas address if the UK address is unknown or not yet confirmed.
- Salary verification may be required.
- Verbal disclosure of Tax Identification Number.
NEI and our global service partners will continue to provide clients with updated information on this topic and others as they arise and to manage relocating employee expectations accordingly.
If you would like to discuss this visa and immigration situation further, please reach out to your NEI representative or Mollie Ivancic, NEI’s VP, International Services.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
Changes Coming to Banking Regulations in the UK
An important change was announced regarding the list of countries where supporting assignees in opening bank accounts is allowed while still in the home country and prior to arrival in the UK.
Previously, global bank HSBC had been able to open accounts for residents of 27 EU countries while they were still in their home country. Due to changes in cross-border regulations and recent developments regarding Brexit, the number of eligible EU countries has been reduced to 12 with immediate effect.
Please see the revised list of 12 EU countries below, provided by NEI’s London-based service partner Icon Relocation, where HSBC can support assignees with a UK account before arrival in the UK. There is no change with supported international countries outside the EU.
Note: this chart relates to the country of residence, not the nationality.
According to Icon Relocation, assignees living in the approved countries can provide proof of their overseas address. HSBC and Barclays Bank will continue to support other assignees once they have arrived in the UK without the need for proof of a permanent UK address.
Reminder of Documents Required
- Proof of identity document, e.g., passport.
- Address verification document for one’s residential address in the UK or overseas. HSBC can accept a letter from one’s employer that must be from a member of the HR team, issued on UK company letterhead, and include employment dates. The letter must also include a UK address if known or an overseas address if the UK address is unknown or not yet confirmed.
- Salary verification may be required.
- Verbal disclosure of Tax Identification Number.
NEI and our global service partners will continue to provide clients with updated information on this topic and others as they arise and to manage relocating employee expectations accordingly.
If you would like to discuss this visa and immigration situation further, please reach out to your NEI representative or Mollie Ivancic, NEI’s VP, International Services.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
