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How to save for non-resident grandchildren

How to save for non-resident grandchildren
February 5, 2014
How to save for non-resident grandchildren

Patrick Connolly, a certified financial planner with Chase de Vere, says: "The banks don't seem to make saving on behalf of non-residents easy. While they might use excuses not to accept non-residents there is no legal impediment to opening a savings account for grandchildren who live abroad. Some banks are simply being obstructive because it's probably non-profitable business for them."

Emigration from the UK has been steadily declining since its peak of 427,000 in 2008 and reached 320,000 in the year ending June 2013, according to the latest figures from the Office for National Statistics. Emigration is now at its lowest levels since 2001. Fewer people are emigrating for work-related reasons, which have fallen since the year ending June 2012 by 11,000 to 188,000 in the year ending June 2013.

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