OFFSHORE BANKING

All expatriates, without exception, should consider opening a bank account in an offshore jurisdiction. Why?

  • Generally deposit rates are higher
  • No tax deductions on interest at source
  • Security and Confidentiality. (Depending on where you are an expatriate, a local bank account can be “frozen” if you are involved in certain incidents, a traffic accident for example if someone is injured).

No longer reserved for the rich with something to hide, offshore banks are now main stream, with many providing debit cards, online banking etc enabling day to day management of your finances.

Sometimes even using your existing bank providing they have an offshore facility, can be beneficial. Following recent events involving banks and the worldwide financial crisis it is vital to conduct research before firstly choosing a bank and secondly, the jurisdiction.

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