- 01-05-2012, 19:18 #1
Current recommendations for offshore bank account?
I'm escaping UK/EU and heading off to work overseas. Probably won't be coming back anytime soon....
I want to open an offshore account asap in order to receive salary. I want to have clear space between the bank and UK HMRC, so don't feel inclined to use the "international" branch of my existing UK bank (Lloyds). In previous expat lives I used to use Cater Allen, but they morphed into Abbey, and then into Santander - with corresponding drops in quality and value. I have a couple of existing accounts onshore in Russia, but they are about as secure as CMD's re-election prospects...
I'm not rich and will be paying off mortgages with the income - so would prefer an account which doesn't require a massive balance in order to avoid account charges.
Will be receiving in Euros and converting to Sterling, but might want to eventually open separate USD/ Euro/ GBP accounts - hence bonus if someone does a three-for-one account charges offer...
p.s. Might also be interested in an offshore company package, if anyone knows of a good one-stop shop.
- 02-05-2012, 07:24 #2
I use LLoyds and I do not think that there are any issues regarding HMRC etc. - there is no obligation to declare in the same way that the Yanks have to suffer and, being offshore, the Revenue cannot poke their noses into anything. They have proven to be excellent in every way so far.
HSBC expat is worth looking at, they provide a comprehensive service.
Citi offer multi-currency accounts and you can chop and change between them if you want to, effectively, speculate on currency movements.
If you still want guaranteed separation from the UK look at these peopl Offshore online bank and broker - International Stock Trading and Investing - Internaxx
Based in Luxembourg but part of the Canadian TD group
- 02-05-2012, 08:36 #3
- Join Date
- Nov 2010
I use Barclays based in the IOM, you need to deposit 30K with them to open the acc, I think most offshores want a few grand up front. If the acc is below 20K they charge a fiver a month for the privillage of keeping your money. telephone service is good as is transfering funds.
- 02-05-2012, 08:59 #4
- Join Date
- Apr 2006
- South Africa
HMRC now have information exchange protocols with most of the traditional offshore centers as used by UK ex-pats. This mainly effects you when you return to live in UK in so much that funds held offshore would need to be declared in the normal way.
I have used Barclays IoM for about 6 years now, you do need to maintain minimum balances but the internet banking is excellent. Transactions logged before 11am UK time are usually in my SA (Absa) account next day. And you can now transfer up to GBP50,000 per day if required via internet.
If you are looking for a really offshore destination perhaps you may wish to consider Mauritius, very well regulated and financially stable. Number of good banks, one I use is Afrasia, free accounts in multi currencies and very good short to medium term deposit rates. Only drawback is that credit card is linked to your deposit for credit limit so more of a debit card really. They can do global transactions and have a good internet set up.
Good luck.Dry books of tactics are beneath the notice of a man of genius, and it is a known fact that every British officer is inspired with a perfect knowledge of his duty, the moment he gets his commission; and if it were not, it would be sufficiently acquired in conversaziones at the main-guard or the grand sutler's.
Advice to Officer's of the British Army, published 1782
- 02-05-2012, 09:43 #5
I have no intention of deliberate tax evasion or similar, but I may end up with a split tax year, and i also need to uses the account(s) to move my elderly pensioner dad's funds out of Spanish banks(!) and help a Russian mum-in-law move house. From bitter experience, the last thing i need is the bank handing over my statements to some gimp in HMRC who then commits me to the time and expense of proving that i haven't been running a drugs operation or something.
Perhaps i'll start with LLoyds/Barclays, then try and find something completely out of the UK/EU loop.
- 03-05-2012, 17:27 #6
Help for Heroes
- Join Date
- Apr 2008
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