What happens to my ISA if I move abroad?
What happens to my ISA if I move abroad?
Moving abroad can be a big step, but it could have implications for your finances, especially your ISA. Here’s what you need to know about managing your ISA if you’re planning to move outside the UK.
Subscribing to your ISA
- UK Tax Residency: To continue contributing to your ISA, you must remain a UK tax resident. If you move outside the UK, it's crucial to inform us about changes in your tax residency status promptly. We are here to assist with any updates or concerns regarding your ISA.
- Statutory Residence Test: Uncertain about your residency status? The UK Government's Statutory Residence Test can provide clarity.
- Address Changes: Should you change your address upon moving, we may need to pause further contributions to your ISA until we can verify your new residency status.
Keeping your Danske ISA open
- Outside the European Union: Moving outside the EU generally allows you to keep your existing Cash ISA open, continuing to earn interest without tax deductions.
- Within the European Union: If you relocate within the EU, we'll need to evaluate whether you can keep your ISA open or whether it would be in your benefit to transfer it to another provider.
Returning to the UK
If you’re a non-UK resident returning to the UK, and you hold a Danske Cash ISA, you’ll need to sign a new ISA Agreement to re-start subscribing to your ISA.
We're here to help
At Danske Bank, we’re committed to supporting you. Whether your residency status changes, or you remain a UK tax resident while living abroad, keeping us informed will help us manage your ISA.
More information on our Danske Cash ISA account:
Danske Cash ISA
