FAQ's about offshore private banking

If lately you have found yourself pondering Offshore Private Banking and the prospect of keeping your money outside the UK then you may have a few questions about how it all works. We have all the answers so that you can make a more informed decision. Let's get started:

  • What exactly is Offshore Banking?

Offshore banking is when someone puts their money in a bank outside their country of residence. The bank is usually based in a low tax jurisdiction that avails of these low taxes to gain a financial advantage.

  • Is it difficult to get at your money if it is an offshore account?

There was a time when this was the case and depositors had to physically travel to the bank in order to carry out transactions. However with the advent of ATM's and online and telephone banking this is no longer an issue. You can now set up and manage a savings or current account from the comfort of your own home thanks to the wonders of technology.

  • Where can I keep my money offshore?

There are many financial safe havens where offshore accounts are available. The most deposits are based in Switzerland and the Cayman islands while Jersey and the Isle of Man are other options when setting up an account.

  • Why would I set up an Offshore Private Banking Account?

If you live outside your country of residence it can be beneficial to set up an offshore account. If you make a lot of international payments it can also be helpful as you can have an account in a specific currency. There is also the possibility that you just no longer trust the banks in the UK anymore and you wish to keep your money as secure as possible.

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