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[size=55:wzymimhp]Opp 29 September 2010

Overseas residents prefer to bank at home

Two thirds of British expats believe that UK banks are better than those available in their country of residence and that sterling will prove a better bet than the Euro, according to a major new survey out this week from Lloyds TSB Bank.

Four times as many responders believing that sterling is stronger for their savings than the euro and many UK overseas residents maintain ties with their homeland. 79% hold their money in sterling and over half still holding a UK current account.

Two thirds of expats believe that British banks are better than those available in their country of residence (62%). Furthermore when asked which services they still used a British provider for, 83% of the responses were financial services related including banking products, pensions and insurance. Very few respondents felt that they needed a British provider for other services for example legal (five per cent) or healthcare (five per cent) according to a new survey[1] commissioned by Lloyds TSB International. Additionally despite almost 90% of respondents having been abroad for over five years, over half (55%) still maintain a UK current account and 80% still holding money in sterling.

Jakob Pfaudler, Managing Director of Lloyds TSB International, said: “It’s good to see confidence in the British banking system is returning. Britain's economy is showing continued signs of progress, with consumer confidence returning and businesses beginning to invest again. At the same time, the British banking system has returned to profitability, which will enable it to support and underpin the economic recovery.’’

The survey of British expats, living in France, Hong Kong, Spain, South Africa, UAE and USA, also shows that confidence in sterling is high in comparison with other currencies, with four times (44% versus 11%) as many respondents believing that sterling is stronger than the euro for their savings. Only three per cent of those now living abroad cite weakness in sterling as a factor most likely to contribute to having to return home early.

Jakob Pfaudler continued, “It is also reassuring to see that so many British expats are confident in the future of sterling which, after depreciating over the past few years, has stabilised as the economic recovery has taken hold and measures to improve the public finances have been laid out. In part their behaviour has been a reflection on what has occurred in the wider financial markets with the flight from more indebted economies.’’

I no longer have property in the uk, i live permanently in bulgaria. its important to draw the distinction of those no longer connected to the uk as its different, or iis it.

So does this mean that the inheritance laws in the UK will be honoured in Bulgaria ?

Daisy wrote:

So does this mean that the inheritance laws in the UK will be honoured in Bulgaria ?

Not all of them. Just this part which are about the death, Wills made in the UK, the inheriters and what had been the will of the death man, if the man passed away in England. To be precise, the Bulgarian authorities honour the Acts and documents which are issued in the UK in a result of the death.

Bulgaria Property Law

[url:3b5hjpz0]http:
//www.
BulgariaPropertyLaw.
com[/url:3b5hjpz0]

starlite wrote:

I no longer have property in the uk, i live permanently in bulgaria. its important to draw the distinction of those no longer connected to the uk as its different, or iis it.

As I explained above if you have an English citizenship and you live in Germany, your will is valid. It will be valid if you live in Bulgaria and you make the will in Bulgaria. It will be valid not only for your property in Bulgaria, but also if you include properties in the UK, nevertheless you never go back to UK. I hope this helps.

Bulgaria Property Law

[url:1c1cxq16]http:
//www.
BulgariaPropertyLaw.
com[/url:1c1cxq16]

starlite wrote:

dont fully understand the buisness account that you have to open when you set up your company, ours was shut down by our poa, so it was used soley for the purchase of our house. as we dont trade, dont need one.
the money we tranferred over and invested in a 3 year term was in my partners account. thats when we found out about fil. and there is no way round it. ask 3 lawyers get 3 different answers, so i asked the eu and its scary. keep it in the uk.

I thought you needed the business account to purchace the land,as an ex pat you can own the house,but the business has to own the land,although the business account does not trade as such,the tax returns still have to be done each year,is this correct

mickhev wrote:

starlite wrote:

dont fully understand the buisness account that you have to open when you set up your company, ours was shut down by our poa, so it was used soley for the purchase of our house. as we dont trade, dont need one.
the money we tranferred over and invested in a 3 year term was in my partners account. thats when we found out about fil. and there is no way round it. ask 3 lawyers get 3 different answers, so i asked the eu and its scary. keep it in the uk.

I thought you needed the business account to purchace the land,as an ex pat you can own the house,but the business has to own the land,although the business account does not trade as such,the tax returns still have to be done each year,is this correct

Hi Mick,

The tax returns are connected with the company, not with company's bank accounts. Your campany may have no bank accounts. If you sell hot-dogs on the street, you don't need each hot-dog buyer to go firts to the bank to pay for the hot-dog to your company account, isn't it? But each year you have tax return for the hot-dogs you sold last year.

Bulgaria Property Law
[url:1cd0zj7r]http:
//www.
BulgariaPropertyLaw.
com[/url:1cd0zj7r]

afraid my experience here has not been sucessful, we have wills, but the alliance bank told us there would be no access to each others accounts. the alliance lawyers told us to draw a statement of intent with a notary, but they refused as it was against the law. for personal reasons my money will be returned to the uk, where i know its safe.

I agree with you Starlite. I am going to keep money in a UK bank account even though the interest hardly exists. This will be for my family because I don't trust any advice on Wills in Bulgaria. I am surprised at some of the comments from the lawyer. I understood that a UK Will does not hold up in Bulgaria. Eventually, my property and some savings in my Bulgarian bank, will go to my partner who is the manager of the Company although I don't know how he would be able to access my bank accounts. Any advice on this from the lawyer please? I understand there is no longterm POA in Bulgaria.

Better to be safe than sorry, you hear of so many horror stories in Bulgaria you just don't ever know what to do

Absolutely true and this is the one area which I am particularly concerned about. My accountant said that any Will here will be over-ridden by the Bulgarian inheritance law although how they would know of a foreigner's family in UK I have no idea. Having said that, my Lawyer said I should make a Will to make sure my partner (not married but longterm) can access the bank accounts. Conflicting advice and I am not going to spend money on a Will if it turns out to be useless and give my partner problems. Of course, I don't think I will drop dead in the foreseeable future and he may die before me (I am sole owner of the Company) but you never know!
I guess the answer to this one is to give him a savings account but it still leaves my account at risk. Who would get the money - the bank?
These questions may sound naive but although I am very happy here, this is a problem question. I printed out the official Bulgarian site about inheritance and it is very, very complicated and I was none the wiser but just more worried.
What do others think particularly our Lawyer friend?

The saga continues. Always the same conflicting answers.
We have bought a property with our money which the country we bought in are happy to take. So why are we not allowed to leave our estate and monies to whom we wish. It should be simple, a Will made in Bulgaria and, a duplicate one in the UK with both lawyers having a copy of each. Job done !!!
Why is it made so complicated ? As i said the same here in Turkey and also Spain. It can take ages to sort out aswell.

Hi Itchy feet. The law about Wills was just the same in Greece and when I made my UK Will the solicitor said it would only apply to any property/money in the UK and not in another country. It was also the same in Spain. My thoughts are that its because the foreign country can probably get hold of some of the estate on the grounds of invalidity.
In my mind a person's wishes in a Will should be valid wherever the Will is made provided it is a Legal Will and notarised or signed by reputable people in the UK.
I live permanently in Bulgaria and have residency and bank accounts so I cannot understand why it is all so comlicated to get my wishes followed if this is really the case.
From Bulgarianlawyer's post it sounds as though a UK Will would be honoured in Bulgaria. From all I have heard and read this is not the case but maybe I misunderstood his post.

Morbid subject but it comes to us all.

What is the situation in BG. We have a Will lodged at the Bank in the UK but that is for our personal possessions in the UK.

Here in BG I have heard it is a different ball game. As the property is owned by my company, or should I say joint company. Should I write a Will here to 1) Leave the company in my wifes/ my name hence the house ais safe in the hands of who is left behind. Then 2)In the event that we are both gone then leave all our BG possessions to who is next in line.

Does anyone know the correct line of approach on this please. E. G Notary special form etc.

Tony

PS>
if this has been discussed before please point me in the right place. Been looking for an hour and no luck.

Hi Tony its been moved here

Have a look at this below it might help

Heritage In Law

The heritage is discovered in the moment of death in the last residence of the dead - article1 from the Law on heritage (LH). It is inherited either through law or through testament. Can not inherit only this one who is not begot at heritage discovering and who is born incapable. Till proving the opposite who is born alive is concerned viable. Can not inherit as undeserving those who intentionally has killed or has tried to kill the legator, his spouse or child as well as the accessory in these and other crimes.

Inherit in equal shares the childrens of the dead (and the adopted by him), and if there are no children or other lower standing - parents or one of them who is alive, as well as brothers and sisters. The spouse inherits share equal to the share of each child.

The heritage is received by the state when there are no persons that may inherit or all inheritors refuse the heritage or loose the right to accept it.

Heritage From Testament

A heritage may be done by each person that has completed 18 years and that is not put under full juridical disability because of imbecility and is capable to act reasonable. From testament may inherit physical and juridical persons. The legator may order with his all belongings in the favor of his inheritors in law, in favor of the sate and of public organizations.

There are two types of testaments according their form:

* Notarial testament- done by each notary nevertheless location of belongings and residence of legator, inheritor or deviser but in front of two witnesses. The testament is registered in a special act book.
* Self-written testament - should be written fully self-handed and manuscript by the legator in free style but obligatory with date and sign.