Most high street banks in the UK have offshore subsidiaries that can provide a range of accounts tailored to suit the needs of expatriates, combining competitive rates of interest with the advantage of an offshore base.
They can help with the day-to-day business of ensuring you have sufficient ready cash to meet expenses, as well as long-term strategies for savings, mortgages and investment.
For those prepared to accept the risks involved in investing in equities, many offshore banks also offer access to offshore funds, which can provide exposure to markets, sectors and asset classes which may not be accessible through UK-based funds.
There are also the tax advantages of offshore banking to consider. Interest on bank or building society savings is paid gross rather than net of tax if you are considered no longer resident in the UK. However, remember that you will be subject to local tax legislation.
Offshore banks will be subject to the regulatory systems of the offshore centre in which they are based, so make sure you know exactly what your rights are before you invest. It is usually a good idea to steer clear of any offshore institutions not on the relevant regulator’s website.
Opening an account usually involves filling out a form, which can often be downloaded from the bank’s website. The bank will ask for some kind of identification, such as a photocopy of your passport and a utility bill issued in the past three months.
A spokesman for The Derbyshire, Isle of Man, said; “If you are thinking of opening a new account, get several copies of your passport, properly notarised.
“A notarised copy is one that is signed by a lawyer, embassy, judge or bank manager as being a true copy of the original. UK anti-money laundering rules require all banks and building societies to confirm the identity of applicants, so you will need notarised copy passports and proof of your address.”
By Melanie Wright
Source: Telegraph UK
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