Recent reports have suggested that interest in offshore bank accounts is ever increasing, and that more expatriates are realising that offshore banking is perhaps the best way of maintaining their finances.
But what exactly is an offshore account? Simple, an offshore account is just a bank that exists in an offshore jurisdiction that is not your home country.
Offshore banking is undoubtedly the best way for an expatriate to manage their finances. When travelling abroad it can be difficult to keep on top of everything, and you may be thinking that with an account back home you don’t need to go through the trouble of opening a new account overseas. It’s wise to realise a bit of extra work at the beginning could make your life as an expatriate a lot easier.
Offshore bank accounts have many long term benefits including:
• Increased convenience and usability- manage your money in different currencies, enjoy 24 hour access to your account, access your account from anywhere in the world
• Financial security- accounts in stable jurisdictions are secure and free from political disruption,
• Financial benefits- benefit from low tax regimes of offshore jurisdictions, gain access to exclusive financial products not available via high street banks
• Personal banking experience- you will be assigned a personal wealth manager who will always be on hand to discuss any questions or ideas you may have
It’s these main benefits that expats find to be the most advantageous, and that set offshore banking apart from the services offered on the high street.
Find out more about expatriate finance options in our Offshore Banking section.