What are the benefits?
If you live and work overseas, offshore banking could have tax benefits, i.e. interest on offshore accounts and investments is paid without the deduction of tax. Added benefits include high levels of confidentiality, security and convenience, as well as global access.
Can I use the Internet to view my offshore accounts and investments online?
Absolutely. All major banks have an Internet Banking service which gives you direct control over your money, from anywhere in the world, anytime. All you need to do is register for the Internet Banking Service with the selected bank.
Is it convenient to use offshore banks?
Yes. With the Internet, e-mail, fax and telephone banking and the use of ATMs, your money is just as accessible as it is from your local bank account. You can easily and quickly transfer your money around the world by electronic transfer and can effectively bank wherever you are.
I want to keep my affairs confidential for reasons other than tax minimisation. Is confidentiality and privacy guaranteed?
The offshore jurisdictions offer confidentiality but they cannot offer absolute secrecy. All financial institutions have a legal obligation to report suspicions of serious criminal conduct. Foreign authorities can seek information, through the legal system, where there are well-founded suspicions of serious crime. Otherwise, all personal data is subject to the protection of modern data protection legislation, and there are civil and criminal penalties for breach of confidentiality and unauthorised disclosure.
Can I get a debit or credit card with an offshore account?
In most cases, yes. Many offshore banks offer a full service sterling credit card facility and they provide an internationally accepted debit card with the Offshore Bank Account.
What is the minimum deposit required to open an offshore account?
It all depends on which account you choose, however usually, the minimum balance required is £5,000, US$5,000 or €5,000.
In which currencies can I open an offshore account?
Usually, savings accounts are available in all major currencies, including Sterling, US dollars and Euros.
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