Offshore banking can benefit you if you travel a lot, or are working or living abroad.
Many expats have an offshore bank account to manage their finances, but it’s not right for everyone, and a lot of people wrongly assume that offshore banking means you do no have to pay any tax. What usually happens is that any returns on investments in offshore banks are paid gross (before tax) but you then have to declare this income to the inland revenue and pay the appropriate tax yourself.
Advantages of offshore banking can include:
- Managing your own taxation
- Investments, savings, mortgages and day-to-day banking
- Potentially higher interest rates
- Transferring money internationally
- Accessing your money from anywhere in the world
Now that you know what offshore banking is, if you think it's right for you then see the table below to compare some of the different offshore banking products available from leading providers and apply online:
