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