I am moving to the UK as a non-UK domicile. I am a US citizen. I was told by my new company's tax department that i would need to open a bank account with an "off shore" bank on the French Channel islands (Guernsey, Jersey) for tax benefits. Can someone re-explain this to me?
If you want to claim “remittance basis” (no taxation on foreign income), you need a bank account outside UK, and if you are not allowed to bring that money into UK. I suspect that means you would be living on your existing savings.