Offshore Banking Makes Sense for Expatriates
December 28th, 2006
Bank of Scotland International has highlighted the benefits of offshore banking for people living overseas.
More and more people choose to relocate each year, with almost 200,000 Britons moving out of the UK in 2005. Traditional locations such as Spain are being joined by the likes of Panama (currently enjoying a huge building boom) as thousands of people around the world seek to retire abroad.
However, many face confusion when dealing with their financial affairs in a foreign country and offshore banking is a good option for many. Despite carrying somewhat negative connotations for many people, this form of banking can bring many benefits.
Firstly, it comes with tax benefits. Interest is paid gross, meaning that the customer can pay tax in their country of residence without being taxed at source. However, you must make sure you are abiding by the tax laws of each country in which you live.
Offshore bank accounts are also designed so that customers can deposit money into other accounts, such as those in their country of residence and those in their native country that can be used to pay any bills they still have there.
Other benefits include commission-free foreign currency exchange, tax-efficient mortgages, teams of financial advisors on hand to help expatriates in money matters, and round-the-clock access.
“If you are planning to leave the UK to live temporarily or permanently overseas, you need the right products and services in place,” said Bank of Scotland International’s managing director, Tony Wilcox.
Story from Retire to the Sun
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