Offshore Bank Account

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Many expatriates arrange their financial affairs around two bank accounts: A local currency bank account to fund their day-to-day living expenses and an offshore bank account in which to receive split salary and accumulate savings. This account can also be used to settle any outstanding home liabilities. It is generally advisable to keep most of your money offshore where it can tax-efficiently build up your wealth.

At the simplest level, you can have a straightforward offshore current bank account with chequebook, credit and debit cards which can be denominated in Euro,GBP or US$. This is then a good place to save your excess income and pay bills which you might still have including mortgages. Various types of account are available to suit your means and needs; these include instant access accounts, fixed term deposit accounts with tiered rates of interest, and fixed and variable rate accounts.

The need for offshore bank accounts is probably the most basic client requirement we fulfill, once open it can be used to feed regular pension or savings vehicles.Due to the transient nature of a career expatriates it is often essential to have one bank account that does not change, regardless of your newest posting. We have strong relationships with most of the major offshore banks, and can aid you in setting up your account in a few weeks.

Banks in offshore centres generally pay deposit interest gross rather than net of tax. And you have access to a greater choice of specialist accounts As with all forms of financial services, it's vital to identify the right provider to guide you through the maze of products and services available on the market. It's as important offshore as it is onshore to place your money with a bank or financial institution that's well known. A familiar European bank, for example, will have its reputation in Europe to protect, and so will extend an extra measure of control over its offshore subsidiaries.

When you are banking offshore, you need to be able to communicate easily with the bank holding your money,If you plan to communicate by telephone, you may need to set up a password. Or you may be content to communicate online by secure email or by letter.


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