Offshore
Banking - Savings and Investment
About Offshore Banking
The
first thing to know about offshore banking is that it is an entirely
legal thing if done properly and it one of the most sensible things
you can do with your money.
Why
Have an Offshore Bank Account?
Most offshore bank accounts are set up when people emigrate to another
country, and transfer their bank account from one bank to another,
usually a bank associated with the original company for ease of
administration. The reason for transferring from an account in your
native country to one where you now reside is mostly down to practicality.
But there are a number of tax advantages to moving to an offshore
bank.
Offshore
banks do not at present charge tax to their customers, although
this might be about to change. Despite the tax benefits of having
an offshore account, it is estimated that only one in three British
expatriates take advantage of this, and instead choose to keep all
or most of their funds in a regular United Kingdom account.
Is
it Easy to get an Offshore Account?
Offshore banks will have guidelines specifically designed for expats.
Many are sister-companies or affiliations of UK banks, so it is
worth asking your bank manager for advice if you are planning to
move abroad.
To
set up an offshore bank account you need to confirm your tax status.
If you are not certain of this you can seek assistance from a tax
specialist who will be able to advise you. Another solution is to
go directly to the Inland Revenue. Once you have informed the Inland
Revenue of your plans, you should also advise the financial authorities
in the country you are moving to. You may want to seek financial
advice from an independent
financial adviser, either one in your new county of residence
or one based in the United Kingdom. If you are relocating with work,
your employer should be able to assist or point you in the right
direction.
List
of Offshore Banks
OCIS
provide general financial information, we urge you to consult an
Independent
Financial Adviser ( IFA )
before making any important decisions about your finances. |
