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Expert offers offshore financial advice

16 November 2007
People thinking of opening offshore bank accounts need to take a number of things into consideration, according to one expert.

Director of Shelter Offshore Rhiannon Williamson said that people need to work out the kind of "activity and accessibility" they require from their account when choosing between products.

For investors in property abroad who need to pay monthly bills, then an international account may be the most suitable product as it allows for internet banking and standing orders, Ms Williamson explained.

"If on the other hand you are high net worth, you may wish to select a private offshore bank where your personal requirements and needs will be handled by your own personal banker," she commented.

Earlier in the year, Defaqto reported that a growing number of people were choosing to invest in offshore bonds in an effort to plan for their inheritance tax liability.

The company noted that the market experienced growth of 50 per cent in 2006.

Find out more about offshore investments

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