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An offshore bank account is a valid method that consumers use to achieve their financial goals, particularly British expatriates who want to take advantage of favorable foreign tax regulations.
What you should know:
Those who are involved in media and marketing, manufacturing and shipping, and international import/export businesses have saved a substantial amount by using offshore bank accounts. In many cases, they have also shared some of those savings with their clients.
Offshore financial institutions and banks based in what are known as “tax havens” are competing for your funds, and the services they provide generally fall into the “excellent” category while the products they have to offer are custom-made to suit the individual.
Along with that, confidentiality laws are strictly enforced, international markets are readily accessible, and some people prefer to conduct their offshore banking with more than one currency. The security of depositors’ funds is considered to be excellent because offshore banks have a significant niche market and they are less heavily leveraged as well.
Getting the right advice:
Note that an independent financial adviser (IFA) can provide the information you need in regard to the various kinds of offshore financial products and services that are currently available. Generally speaking, the possibility of reducing tax liability is essential here, and an IFA will be able to assist you in minimizing your capital gains and income tax.
Choosing the right jurisdiction:
Because there are a number of jurisdictions across the globe for conducting offshore banking, it is essential for you and your IFA to find one that is well-suited to your financial needs. First and foremost, as a British expat, you will be looking for a place where you can manage your funds safely and legally, and benefit from favorable tax restrictions at the same time. Many offshore jurisdictions are small islands and other sites in need of a steady revenue stream. In some cases, they are closely related, either politically or physically, to a country that is much larger and significantly more powerful as well. However, the Islands of the Seychelles are an exception to this general trend. Finding the right jurisdiction for setting up your offshore bank accounts is a decision that should be made very carefully, and you don’t have to pick one that is close to your home. In addition, both the services offshore banks offer and their quality vary widely. There are three offshore locations that surround the United Kingdom, the Isle of Man, Guernsey and Jersey. The high-quality service they supply is well-known, and depositors and investors alike hold them in high esteem. Based on your requirements, the choices available on the European mainland include Andorra, Luxembourg, Gibraltar, Switzerland and Lichtenstein. In the Caribbean, you can choose from the British Virgin Islands, the Caymans, the Bahamas, and several others. Along with being tax-friendly, every jurisdiction also has its own legal system. Consequently, based on the setup your IFA recommends and your particular circumstances, there is bound to be a jurisdiction that is just right for you.
Whichoffshore provide professional expatriate information on many financial topics in order to help British expatriate make the most of their offshore savings and investments. For more information about offshore banking please visit – http://www.whichoffshore.com/