The grass could be even greener for expats with offshore savings accounts

15 February 2008 / by Joy Tibbs
The New Year offered a helpful nudge to many people who had been thinking of moving abroad to start a new life. The majority were looking for big changes in living conditions as they left the UK for greener pastures, according to Alliance and Leicester International Limited.

It found that around 20 per cent claimed rising crime levels as a reason for jumping ship, while 55 per cent were looking to make changes to their lifestyle and 51 per cent were determined to improve their standard of living. Other important factors influencing people to make the big move include weather and taxes.

However, not enough of these lifestyle migrants are taking the time to consider their financial options, according to managing director, Simon Hull, who claims that approximately 70 per cent are missing out on the benefits of having an for offshore savings account.

He says: "With more and more people seeking a fresh start abroad, ensuring your finances are best placed to make the most of your new life should be a key factor when it comes to planning your move – whether you’re relocating for work, retiring or looking to create a new life for you and your family."

Government figures are expected to show that 250,000 people moved away from the UK in 2007, an increase of 21 per cent compared with 2006 figures. Despite this, just 30 per cent have made use of an offshore savings account.

"Offshore consumers should take advantage of internet banking and the benefits available from an Offshore Savings Account," says Mr Hull. "As well as offering very competitive rates, speedy transfers and 24-hour access to your finances wherever you are, the offshore banking and savings market now offers many of the online facilities available from onshore counterparts, which means that you and your finances can reap the benefits of making a fresh start together.”

A number of companies provide offshore accounts, including Alliance and Leicester, HSBC, Natwest, ING and Lloyds TSB. The perks include higher rates of interest and 24-hour online access to funds.

© Fair Investment Company Ltd