Placement of funds for Ukrainians abroad: Great Britain

Great Britain today has become one of the main countries to which Ukrainians migrate due to the war.

Such popularity among our citizens is explained by the specificity of the immigration program for Ukrainians, which provides ample opportunities to obtain housing and financial assistance from the British government.

Great Britain, in addition, also has a good investment potential, which encourages our citizens to place their financial assets in local bank accounts for further investment in opening (relocating) businesses in Great Britain, buying real estate here, etc.

Opening a bank account in Great Britain becomes the first stage for further concentration of financial assets there.

The procedure for opening a bank account in Great Britain is impossible without obtaining a biometric residence permit (BRP) – an identification card confirming the right to stay in the country for three years.

Upon arrival in the UK, citizens of Ukraine have no more than 10 days to obtain such a BRP.

A large number of banking institutions offer different types of accounts with different terms and benefits. In order to place funds directly into bank accounts in Great Britain, it is necessary to properly approach the issue of confirming the origin of the funds.

Financial monitoring in Great Britain requires banks to verify the placement of funds in customer accounts equal to and exceeding the sum of £10,000 (about 11,700 euros).

In case of detection of suspicious activities on the account, the bank, which includes carrying out single transactions for an amount exceeding £10,000, including for placing these funds on the account, must notify the relevant authorities about this and provide the necessary information.

In order to confirm the origin of the funds, UK banking institutions may additionally request the following information from the client:

• source of origin of funds. Banks in Great Britain require customers to provide documentary evidence of the legality of the origin of funds, which can be bank statements from other bank accounts, contracts for the sale of property or services, inheritance documents, documents on obtaining loans, tax returns, etc. To submit Ukrainian documents to the bank to confirm the origin of funds, they will need to be properly prepared, namely translated, notarized, and apostilled.
• confirmation of currency declaration when importing it to the territory of Great Britain. According to customs regulations, a person entering the country must fill out a special customs declaration, where the amount of money, the recipient, and its destination are indicated. In case of non-declaration or incorrect declaration of currency, fines may be applied, and additional customs control may also be carried out.
• purposes of financial transactions(placing).

Thus, for the successful placement of funds in a bank account in Great Britain, the client must prepare properly and take care of observing all the nuances.

The lawyers of Prikhodko and Partners JSC can help with this, providing consulting services on the placement of your funds abroad, preparation of documents to confirm the legality of the origin of funds, and physical support in a banking institution.

Conclusion. Great Britain offers a wide range of opportunities for the placement of funds of Ukrainians abroad.

There are various options for those who wish to diversify their financial assets and obtain a stable income in an international context, which also includes the initial stage of placing their own funds in a bank account in the UK.

Contacting a qualified lawyer will help the client go through all the stages from opening an account to placing funds on it.