| If you’re trying to decide whether or
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| | offshore bank account actually offers
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| not to open an offshore bank account you
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| | those living in a politically or
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| probably have a whole host of questions
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| | economically unstable country the chance
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| about whether or not offshore banking
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| | to protect their financial assets from
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| could actually benefit you.
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| | uncertainty.
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| Independent advice on offshore banking is
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| | If you fall into any one of those
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| seemingly hard to come by - you could ask
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| | categories then you could benefit from an
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| an offshore bank for advice I suppose but
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| | offshore bank account. Now the tricky
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| it’s just possible that the advice they
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| | question arises - which offshore bank
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| give you will be geared around their
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| | account is best?
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| products! Well, we don’t sell offshore
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| | Well, the answer to this question will
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| bank accounts and we aren’t an offshore
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| | come down to multiple factors. Firstly
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| bank so here’s our independent advice
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| | you have to think about the provider and
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| on offshore banking, we hope it helps
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| | the jurisdiction you favour. Some of the
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| you.
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| | well established banking providers like
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| First things first anyone is allowed to
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| | HSBC offer offshore banking and are
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| open an offshore bank account - so you
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| | generally regarded as ‘safe’
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| don’t have to worry about whether what
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| | institutions because of the amount they
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| you’re contemplating doing is legal or
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| | have under management and the financial
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| not!
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| | standing of HSBC International‘s parent
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| You will most likely have to declare any
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| | company.
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| money you have in your offshore bank
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| | Basically you need to ensure than any
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| account and any interest you earn on that
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| | provider you consider has a parent
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| money to your domestic taxation authority
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| | company that is well respected and has
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| though, especially if you’re resident
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| | sufficient funds that it isn’t likely
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| in any of the EU countries or the US for
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| | to go bankrupt on you! Furthermore when
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| example. So dont think that opening an
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| | considering a jurisdiction check out how
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| offshore bank account is a way to avoid
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| | well regulated offshore banks are in that
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| taxation!
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| | jurisdiction and whether or not an
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| If you’re living abroad as an
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| | account holder actually has any
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| expatriate and are tax resident in a
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| | protection against a bank going bankrupt.
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| country with low or no taxation then the
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| |
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| rules will differ and you may be able to
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| | Make sure you are entirely comfortable
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| save tax by opening an offshore bank
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| | with the jurisdiction and the bank before
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| account. If you are in any doubt at all
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| | examining the offshore products they have
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| you should seek advice based on your own
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| | on offer. Then you can select the account
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| personal circumstances from a tax
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| | that best suits your needs by first
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| adviser.
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| | determining which aspects and features of
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| The majority of people who find that
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| | an offshore bank account you need.
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| offshore banking can truly benefit them
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| | Remember that the more features you add
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| are either living and working overseas,
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| | on the greater the potential charges!
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| travelling abroad regularly or have
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| | More expensive isn’t necessarily better
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| business dealings in more than one
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| | when it comes to an offshore bank
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| country.
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| | account! Be realistic about your own
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| An offshore bank account can help these
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| | banking needs and then pick the account
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| groups of people because it offers a
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| | that fulfils your criteria.
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| centralized location via which one can
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| | Finally, don’t be put off asking an
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| manage international transactions easily,
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| | offshore bank for advice, just be aware
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| it gives an account holder instant access
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| | that any advice they do give has to be
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| to account information wherever in the
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| | limited to their own products and if you
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| world they happen to be, an account
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| | need independent taxation advice speak to
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| holder can bank and transact in multiple
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| | an international tax adviser.
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| currencies at reduced rates and an
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