An offshore bank account, to put it simply, is an account held in a jurisdiction, a country, crown dependency or island, other than the your home country. There are many advantages to be had from an offshore account, it is easy to find many high interest offshore banking opportunities. Here are five of the main benefits of offshore bank accounts.
1. Tax Benefits
One of the reputations that offshore banks has is that they are tax havens, this is true. Offshore accounts have either a low tax rate and in some places no tax at all. There are big tax savings to be had with these banks, but you must remember that you still have to pay tax on the interest earned from offshore savings. What is good is that it is unlikely that an account holder is very unlikely to have to pay tax in both the UK and the jurisdiction of the offshore bank.
2. The convenience
If you are looking for a convenient way to bank then you need to find an offshore bank that you can easily access. You need to be able to access your money 24/7, day and night, whenever you like regardless of where you are in the world. The best thing about these banks is that they offer most of the services high street banks do; internet banking, telephone banking, mobile apps and also a postal service.
3. Great interest rates
If you are looking to find a good rate of interest then it is advisable to open a long-term account. For example one of the best bonds out there is a three-year fixed deposit bond.
4. Easier transfers
With an offshore bank account you can make transfers more easily and in more than one currency. Due to the fact that you have can have an account in multiple countries transfers are become very simple and you rarely lose money on exchange rates. With your online banking you can transfer money abroad online, you simply have to select which of your countries you want to use and then transfer. Shop around to find a bank that has everything you require.
5. Fantastic advice
With your offshore account you will also get access to some truly superb international banking expertise. If you are doing business around the globe, you will benefit from the knowledge and experience that the experts employed by offshore banks have to offer. These experts know exactly how the banking world works in a number of different jurisdictions.