HSBC closing
off-shore Jersey
accounts
19 March 2015
HSBC has announced it will be closing all Jersey-based accounts belonging to customers who do not live on the island itself.
The closures come following a series of high profile cases in which banks came under fire over allegations that off-shore or foreign accounts have been used to avoid or evade tax. HSBC has launched this so-called ‘remediation exercise’ in order to disassociate itself from such allegations by further complying with a series of global anti-fraud and transparency rules currently in place.
According to the BBC, the closures will affect all those living in the UK who have an off-shore bank account with HSBC based in Jersey and all HSBC customers on Jersey must provide their local branch with proof of their Jersey address in order to keep their accounts.
Should you have any worries about opening a UK-regulated bank account ahead of your visa application then contact a Smith Stone Walters adviser today.
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