Offshore Savings, Investments & Bank Accounts

If you have arrived at this page, it is highly likely that you are an international professional, earning a comfortable income and looking for somewhere to store and grow your hard-earned wealth...

Here we recommend you follow the ABC rule:

If you are from country A and you live in country B, you must bank in country C.

Holding bank accounts offshore can make managing your money and assets, whilst you are overseas, easier to administer and gives you complete geographical flexibility. We can assist you with opening a range of current accounts offshore in any number of different base currencies.

Ideal for transient individuals/expats (e.g international contractors, remote workers, oil & gas, NGO) who would prefer not to use the local banking services in their residing country. What can a ‘Offshore Current Account’ offer you?

What are the benefits of a Offshore Current Account?

1. Peace of mind

The life of an expat can be hectic. Aside from travelling, increased opportunities and social obligations, you may also live and work in a country with laws which may be very new to you and complicated to understand. No one is going to care about your wealth as much as you, and placing it offshore, in a different jurisdiction from where you work, can give you some reassurance that it is safe, secure and easily accessible.

2. Security

With offshore banking, you can better protect your wealth against economic and political unrest. For example, Argentina and Cyprus have taken depositors’ money, and the sale of bank account details to kidnappers is not unknown in other areas of the world.

3. Consolidated reporting

Offshore banking offers a uniquely integrated, open-architecture platform on which you can see your day-to-day banking, investments, pensions and insurance products, all in one place.

4. Estate planning

Estate planning should be an ongoing process, started as early as possible and amended as your situation changes. Ask yourself this question – are you aware of the succession laws of where you live? If the answer is no, you should make finding this out a priority. In the UAE, for example, Sharia Law, the local religious code, can apply to local accounts in the event of death, leaving your family unable to access funds, and faced by the tricky process of regaining access to frozen accounts. Immunise yourself and your loved ones against additional (and unnecessary) inconveniences.

5. Tax efficiency

Banking offshore can be more tax–efficient than banking on-shore, with features such as gross roll-up, which essentially means your wealth is allowed to grow tax free, at source. This could be subject to tax when or if you decide to repatriate, so you need to discuss this with a financial advisor.`

6. Convenience

Although offshore banks are typically in island locations, they are still regarded as ‘convenient’ for the expat – you can stay with the same bank, no matter how many times you move country. Save yourself having to completely restructure your finances every time you start a new adventure.

7. Choice of currencies

Any offshore bank account will provide a wide range of different currencies.

8. Expat expertise with English language / law

Expats can often have complex financial requirements and a regular bank may not be as well equipped to advise you on how best to structure your tax-efficient investments.

9. High levels of privacy protection

Your individual need for asset protection will be completely specific to you. You may live somewhere with a relatively young financial infrastructure (such as Dubai), an unstable banking system (such as Greece), or experiencing political unrest (such as Russia) – in these cases the benefits of holding and growing your wealth elsewhere are clear to see.

10. Outstanding service

In comparison with many domestic and international banks, for all of the reasons above, offshore banks usually offer a superior service.