Paphos Life

My UK account is with Nat West International in Guernsey. As this is a separate entity from NW UK, albeit under the same umbrella, I hope they remain international in their customer base.

PolemIan wrote: ↑Thu Sep 24, 2020 9:46 pm (bonus point for remembering Smile is part of Barclays.
Ian

Smile is part of The cooperative Bank. I just checked on line and there is no mention of any Barclays involvement, although I acknowledge Barclays could possibly be a shareholder.

https://en.wikipedia.org/wiki/The_Co-operative_Bank!

Correct Mike, slight senior moment last night whilst in mid flow.

Ian

Ian , I agree with happy in Cyprus that your comments are an excellent insight into the potential problems of banking in the future. Let’s hope the U.K. and EU. come to an agreement over the banking sector so that this problem may be averted. Being cynical I wonder whether the banks are taking the opportunity to clear out non profitable accounts.

Terry

I read that NSI have said that huge numbers invested more in Prem Bonds in July: I was one. With the UK banks paying virtually 0% interest, why wouldn't I? If I get just one 25 pound win, that would be more than my bank interest in a year! Unfortunately NSI are having to cut their returns because of this influx of additional money. I'm no banker & cannot put the two things together!

mike strand2 wrote: ↑Fri Sep 25, 2020 8:56 pm I read that NSI have said that huge numbers invested more in Prem Bonds in July: I was one. With the UK banks paying virtually 0% interest, why wouldn't I? If I get just one 25 pound win, that would be more than my bank interest in a year! Unfortunately NSI are having to cut their returns because of this influx of additional money. I'm no banker & cannot put the two things together!

We did this recently, we took a big chunk out of the Bank and bought the maximum amount we could, and the first month we won a hundred odd quid, Im sure its fixed to give you a little sweetener,
as previously I had about two hundred quid in premium bonds for over fifty years without winning a bean.

Are people with their permanent address in Cyprus able to buy premium bonds ?

I was really looking for a yes or no answer. However all I get from the link is
"Unfortunately the page you are looking for is not available."

trevnhil wrote: ↑Sat Sep 26, 2020 9:43 am Are people with their permanent address in Cyprus able to buy premium bonds ?

We did when we lived in Cyprus.

This from the website:
I live outside the UK - can I invest with NS&I?
While we have always been a UK based savings provider, backed by HM Treasury, we also have customers who live outside the UK.

If you live outside the UK, or are considering moving overseas, please see below for some general guidance on saving with us. Some of our products cannot be held in certain countries due to local restrictions and some may also be liable for local tax. For detailed information you will need to check the local law or regulations in the country outside the UK you are living in or moving to.

If you move overseas, you will need to let us know so we can update your details.

https://www.nsandi.com/i-live-outside-u ... t-with-nsi

trevnhil wrote: ↑Sat Sep 26, 2020 10:42 am I was really looking for a yes or no answer. However all I get from the link is
"Unfortunately the page you are looking for is not available."

Indeed you can Trev. Initially, you apply by post. Once set up, you can do everything online. Hope this link helps.


https://www.nsandi.com/i-live-outside-u ... t-with-nsi

Oops! Beaten to it by Photolady

trevnhil wrote: ↑Sat Sep 26, 2020 9:43 am Are people with their permanent address in Cyprus able to buy premium bonds ?

We have a home in London. but I think you can still buy premium bonds if you live out side the UK

https://www.nsandi.com/i-live-outside-u ... 20Sterling

Thanks for the positive replies..

I found this informative article about the EU passporting system for banks:

https://www.bba.org.uk/wp-content/uploa ... QB-3-1.pdf

trevnhil wrote: ↑Sat Sep 26, 2020 12:52 pm Thanks for the positive replies..

DO bear in mind that strictly speaking, although winnings from PB's atre tax free in the UK, they are not in CY.

mike strand2 wrote: ↑Fri Oct 02, 2020 12:11 pm

trevnhil wrote: ↑Sat Sep 26, 2020 12:52 pm Thanks for the positive replies..

DO bear in mind that strictly speaking, although winnings from PB's atre tax free in the UK, they are not in CY.

Yes, that is what our accountant told us a couple of years ago when we asked her about Premium Bonds - I decided it wasn't worth having to register to tax for just that reason for the small amount I had intended to invest and in fact cashed in the ones I already had as they had never won me anything.

Not a word to the taxman, but I just had 2 wins this October; £25 & £100. So my plan paid off; leave a min amount in my bank (paying a miserly 0.01% interest) and stuff the rest into Prem Bonds.

We wanted to buy Premium bonds for our grandson online but were blocked. On speaking to their customer services was told you couldn’t purchase Bonds if you lived in Cyprus, but we are able to continue to hold the ones we already had and if we do win it is reinvested in more Bonds. So if you reinvest winnings I assume you escape the tax implications over here? Mind if I scooped the big one I would want to go on a spending spree!!!

Lazydaze52 wrote: ↑Sat Oct 03, 2020 10:59 am We wanted to buy Premium bonds for our grandson online but were blocked. On speaking to their customer services was told you couldn’t purchase Bonds if you lived in Cyprus, but we are able to continue to hold the ones we already had and if we do win it is reinvested in more Bonds. So if you reinvest winnings I assume you escape the tax implications over here? Mind if I scooped the big one I would want to go on a spending spree!!!

According to this page from NSI, there are no restrictions imposed by them. However some countries will not allow the purchase of Prem Bonds as it's seen a gambling!
https://www.nsandi.com/i-live-outside-u ... t-with-nsi

See also post on Cyrus Living from 2014, https://www.nsandi.com/i-live-outside-u ... t-with-nsi

I buy Premium Bonds and have a Cyprus address, it is not a problem. Most recent purchase was only last week as I shuffled money from my UK bank where the interest was worth nothing to Bonds where at least you have a chance on winning as well. Just bear in mind the £50,000.00 limit you can hold.