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Savings and Investment - Offshore Banking

 

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.