Offshore investors urged to seek advice

14 November 2007
People considering moving their finance offshore ought to seek adequate advice before doing so, it has been claimed.

Rhiannon Williamson, director of Shelter Offshore, said that such investors need to understand that while going offshore is not illegal, evading taxes is.

Additionally, people should be aware that offshore finances are not always suitable for everyone, Ms Williamson suggested, highlighting the need for advice.

"No one should take any action when it comes to the offshoring of their money without first seeking professional advice," she remarked. recently reported that savings rates available in offshore accounts were competitive in October.

Rachel Thrussel, head of savings at the firm, said that there were some "great" offshore savings deals available on the market, but investors should research the sector before making their decision.

It is important for people to understand the tax implications of such accounts and their protection rights, she added.

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