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