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Advice on offshore banking

If you’re trying to decide whether ortransact in multiple currencies at reduced
not to open an offshore bank account yourates and an offshore bank account actually
probably have a whole host of questions aboutoffers those living in a politically or
whether or not offshore banking couldeconomically 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 anIf you fall into any one of those categories
offshore bank for advice I suppose butthen you could benefit from an offshore bank
it’s just possible that the adviceaccount. Now the tricky question arises -
they give you will be geared around theirwhich  offshore  bank  account  is  best?
products! Well, we don’t sell
offshore bank accounts and we aren’tWell, the answer to this question will come
an offshore bank so here’s ourdown to multiple factors. Firstly you have
independent advice on offshore banking, weto 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 openoffshore banking and are generally regarded
an offshore bank account - so youas ‘safe’ institutions because
don’t have to worry about whether whatof the amount they have under management and
you’re contemplating doing is legal orthe financial standing of HSBC
not!International‘s  parent  company.
You will most likely have to declare anyBasically you need to ensure than any
money you have in your offshore bank accountprovider you consider has a parent company
and any interest you earn on that money tothat 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 anybankrupt 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 bankregulated 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 anbank  going  bankrupt.
expatriate and are tax resident in a country
with low or no taxation then the rules willMake sure you are entirely comfortable with
differ and you may be able to save tax bythe jurisdiction and the bank before
opening an offshore bank account. If you areexamining the offshore products they have on
in any doubt at all you should seek adviceoffer. Then you can select the account that
based on your own personal circumstances frombest 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 offshoremore features you add on the greater the
banking can truly benefit them are eitherpotential charges! More expensive
living and working overseas, travellingisn’t necessarily better when it comes
abroad regularly or have business dealings into 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 aFinally, don’t be put off asking an
centralized location via which one can manageoffshore bank for advice, just be aware that
international transactions easily, it givesany advice they do give has to be limited to
an account holder instant access to accounttheir own products and if you need
information wherever in the world they happenindependent taxation advice speak to an
to be, an account holder can bank andinternational tax adviser.



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