OFFSHORE BANK ACCOUNTS
An offshore bank account can help you to keep your money flexible, regardless of where you are located in the world. Whether you want to hold money in a stable offshore jurisdiction and thereby manage your income (and outgoings) from home or from overseas, or whether you want to purchase a home overseas, an offshore bank account can be highly useful.
Some people may associate offshore bank accounts with tax evasion, but of course all the interest you gather on money/assets held in an offshore account are subject to full tax/income tax. If you do not declare your assets to your local tax bureau (HM Revenue and Customs in the UK), then you are avoiding tax illegally. There are many excellent offers for offshore bank accounts, so use the table below to compare the main features of each one. What currencies can they offer? What are the fees and charges associated with the account? How much interest can you earn on the assets held within the account?
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Compare Offshore Bank Accounts
Before taking out an offshore account make sure you know the facts.
Why do you need a bank account?
Bank accounts are convenient and easy to use. They are a safe place to put your money where you can access it whenever you need. With many accounts you will be given a debit card and cheque book which can make accessing your money even easier. Many accounts also come with online banking so you can make payments and view your transactions 24/7. There are many different types of accounts available.
What is an Offshore Account?
There may be many reasons why you might need an offshore current account. Despite many misconceptions they are mainly designed mainly for UK citizens who live abroad, but if you are travelling or working abroad then you may also consider one of these accounts. They are also useful if you want to purchase property overseas. With an offshore account you can manage your money wherever you are in the world.
Many offshore accounts will most likely have all the same features as ones at home however this does vary depending on the account you choose. It is worth noting that some accounts may charge a fee and have certain requirements such as that you earn a minimum amount. The eligibility requirements can vary.
Finding the right account for you
It pays to shop around and do your research because each bank will have different features, transaction charges, interest rates and added benefits. For example some banks offer free banking for a certain amount of time.
You should find an account that can offer the best interest rates and has a quality online banking service so that you can access your account instantly whenever you need to. Use the table above to compare different accounts to find the right account for you.
How to compare offshore accounts
When you have decided what type of offshore account you require you should look at the various providers in the market so you know you are getting the best account for your needs. When researching offshore accounts you should ask yourself some questions – what currencies do they offer? What are the fees and charges associated with the offshore account? How much interest will I earn? What are the access options available to me? When you know the answer to these questions you will be able to narrow down the various providers to choose an account suitable. Always read the terms and conditions so you are aware of any restrictions. If you are in any doubt then you should always seek independent financial advice.
Offshore Current Accounts Gallery
Barclays Wealth International Current Account Offshore Current AccountBarclays Wealth Relationship Manager Service Offshore Current Account
HSBC Offshore Offshore Current AccountHSBC Offshore Premier Offshore Current Account
Lloyds Premier International Account Offshore Current AccountLloyds TSB International Offshore Current Account
OFFSHORE BANK ACCOUNTS - LATEST NEWS 
Deal with Swiss over Tax on UK Citizens’ Bank Accounts
25 August 2011
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The end of tax-free offshore bank accounts seems to be in sight as the Swiss government have agreed to a deal with the UK over Swiss bank accounts held by UK citizens. The deal, which is expected to increase tax revenue by £3 billion to £6 billion per year, will tax the accounts whilst maintaining the anonymity of the account holders.
BP May Face Seven Year Drilling Ban
15 July 2010
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Oil company BP is facing a prospective seven-year ban on offshore drilling after a faction of US Congress agreed on new measures.
Planning to Work Abroad?
13 July 2010
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According to news reports this week, young graduates are choosing to look abroad for job opportunities than ever. As job offers in the UK seem increasingly scarce, new locations including China are becoming more attractive…
Stocks Decline Led by BP
10 June 2010
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Stocks fell on Thursday led in the main part by oil giant BP Plc after US President Barack Obama strengthened their attacks on the company.
What is an Offshore Bond?
08 June 2010
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Aimed at higher level earners, offshore bonds are becoming increasingly popular according to financial advisers. Used as a wrapper around investments, the tax benefits of offshore bonds are especially popular with people whose tax relief is being limited.
