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Offshore Savings

Offshore Savings ImageOffshore savings are nothing new, they have been around since the 1960s, and are named because they were established originally in the island tax havens of the Caribbean and the English Channel. Investing your money in an account other that your country of residence is what is meant by offshore saving and the benefit is that this generally means that the savings will be subject to lower taxes.

To take advantage from saving offshore the individual must either have residence offshore, or, for a resident in a high-tax area, there must be an offshore structure which distances offshore gains from the onshore tax net.

Types of Offshore Savings Accounts:

Deferred Interest Accounts – These accounts only accrue interest when you close your account, some providers also allow you to defer all of the interest. This is particularly useful as it allows planning of your tax liability over the year.

Euro Accounts – These accounts are particularly useful if you are traveling between, or planning on spending time in a European country as they allow you to make transactions in Euros.

Checklist for Offshore Savings Accounts:

•    Do they have a minimum and maximum balance?
With certain savings accounts you have to provide a minimum balance that you must invest to open the account. Alliance and Leicester’s Offshore Call Account has a minimum opening balance of £10 and a maximum balance of £1 million.

•    Do they have a limit on the number of withdrawals you can make?
Some accounts may only permit a certain number of withdrawals over a fixed amount of time, if this is exceeded then interest on your savings can be lost. It is also worth researching if you have to give notice that you are planning to make a withdrawal from your account.



Guernsey – full of (Far) Eastern promise
Friday, 24 April 2009 11:32

There are indications of growing ties between the Island and the world’s most rapidly growing financial superpower

by Peter Niven, Chief Executive of Guernsey Finance, the promotional agency for the Island’s finance industry

What has Guernsey been doing to promote its financial services offering in China and how successful has it been so far?

Read more...
 
Guide to Offshore Savings PDF Print E-mail
Wednesday, 06 June 2007 22:53

Offshore investments can seem to be too complicated a financial option, they are rarely associated with ease or convenience and this puts many people off. Yet offshore savings can be a simple way to increase your financial returns and reduce your tax burden.

Read more...
 


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