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Offshore Savings Accounts for Expats
Is there any point in opening an offshore savings account? This seems to be a big question for many people leaving the UK. Post emigration many expats continue to use the British banking system, in part due to familiarity and recourse for any discrepancies or queries that may occur with their bank account. However, this decision has to offset with the substantial benefits that can be realised once you lose your tax residency status in the UK from even the simplest form of offshore savings account.
You can also save offshore for your pension – and you can do so through a more conventional offshore pension plan such as QROPS. The offshore savings and investment paradigm has dramatically changed in recent years. Its no longer seen as slightly dodgy to have offshore accounts in fact expats who don’t are seen as behind the times.
July 2nd, 2009 at 9:08 am
This is something I’ll have to look in to. I was always under the impression that you have to have a ‘certain level’ of residency/ contact points in a country that you wish to have an account.