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Advice on inheritance and where to put it

by Nebula 10 February 2010 |

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I am about to receive 160,000 in inheritance. I am a UK citizen although currently don't reside in the UK. My question is: Where should i put the money? I realise that i can't restrict deposits to different institutions in the UK as i am not currently resident there, so not able to open saving accounts. Don't want to put all that money in one account, so what are my options? Does anyone have any advice?
Thank you a lot

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manzanilla posted
Tell us a bit about your circumstances. Where are you living at the moment? How old are you? Do you have any dependents? Any other savings? Do you own a house? Do you have good pension provision? Are you in a good job and planning to stay where you are? Are you likeley to move in the next few years but don't know where? How likely are you to return to the uk in 5 years? 10? ever?
Posted on 10 February 2010 | Love 0 loves Report
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Nebula posted
We live in Paris at the moment. We have bought our flat so have no mortgage. We have two young children. I have an isa with 10,000k . Very limited pension. Working as a teacher at the moment. My husband was made redundant and is looking for work at the moment, so we could move if need be anywhere for work. Does this help. Thank ;you
Posted on 10 February 2010 | Love 0 loves Report
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Nebula posted
Oh i am 40 years old with a 5 year old and 2 year old.
Posted on 10 February 2010 | Love 0 loves Report
804

MikeGG1 posted
I would keep 6 months net income easily accessible, which would mean in France, at the moment, for you.
The remainder would seem to need to povide you and your family with income and capital growth.
I would suggest a package of good quality equities with high dividend yields for 60% of your inheritance. Companies such as BP, Vodafone, utility companies and similar in France and/or wherever you may end up. A few from each of several countries might be a good idea for you.
Cash deposits in Sterling could be opened offshore in Isle of Man, where the protection scheme is similar to UK at £50,000 per person per institution or in Holland (Ing) where the protection level is €100,000.
Mike
Posted on 11 February 2010 | Love 0 loves Report
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Nebula posted
Thank you
Does the offshore account in Isle of Man, notice that Nationwide have one there cover my money if i put it is joint account with my husband there. i.E put 80,000 there?
Posted on 11 February 2010 | Love 0 loves Report
804

MikeGG1 posted
It is £50,000 per person, per institution, so, yes,
Mike
Posted on 11 February 2010 | Love 0 loves Report
410

manzanilla posted
If you own a flat in Paris and have a job there, then how likely are you to move abroad? If you expect to stay in France or other EU countries, then I think you should convert most of the money into euros and look for euro-land investments.
Do not run unneccessary currency risk. If your future expenditure will be in euros, then your income needs to be in euros.
And sorry, but this site isn't the best place to get advice on euro-land bank accounts or equities
manzanilla
Posted on 11 February 2010 | Love 0 loves Report
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Nebula posted
If i put money into offshore account, is it easy to bring back onshore if we move back to UK, or are there tax implications?
Posted on 14 February 2010 | Love 0 loves Report

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