Offshore Banking Guide | How To Open the Best Account
Offshore banking involves opening a bank account outside the country where a person resides. People open these accounts for many reasons. This includes protecting their assets from lawsuits, creditors and judgments, as well as saving on taxes and expanding their business.
Our aim is to provide you with the best guide to discuss how, where and why to open a foreign bank account. We also discuss laws, definitions and meanings. We’ll review information from basic to advanced in the free online book you’ll see below.
Why use offshore accounts?
Offshore accounts, also known as offshore bank accounts or offshore savings accounts, can make it simpler to manage your financial commitments across multiple countries and regions. They can be useful if you need to make, or receive, regular international payments and transfers.
Most expats have a bank account in their home country and another account in the country they’re living in. Many also consider opening an offshore account, as this can be an effective way to save, invest and manage money while abroad.
Reasons to open an offshore account include:
- you’re already living or working abroad
- you’re planning to move abroad, for work, or to retire for example
- you’re an international assignee and move countries regularly for work
- you make frequent trips between countries for business
- you get paid in a foreign currency, for example, for freelance work
- you own assets abroad such as investments, or property
- you have family members abroad who you support financially, for example, for a child’s school fees
What are the benefits of offshore banking?
Tax
While offshore accounts could provide a tax-efficient way to save and invest, you need to disclose your income to any relevant tax authorities and declare any interest earned on offshore accounts.
Costs
Some offshore accounts may have a monthly fee, or may charge for international transfers. Others don’t. For example, the HSBC Expat Bank Account has no monthly fee and transfers between HSBC accounts are free.
Other fees and charges may apply so you should read through the terms and conditions before opening an offshore account.
Security
Offshore accounts are not protected by the Financial Services Compensation Scheme (FSCS), which protects savings held with authorised UK banks and building societies, up to £85,000 per person.
However, some offshore accounts are covered by other schemes
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