Offshore Savings Accounts

Once upon a time there was something almost mystical about an offshore savings account. Out of the reach of the tax man and, sadly, out of the reach of most investors; it promised so much more than the high street! These days, there’s no mystery. An online offshore savings account is available to every investor; offers fantastic value for any investment, and is so simple to arrange, you too can be an offshore investor in moments!

So what exactly are the advantages of an online offshore bank account? Wherever they’re based: it could be the Channel Islands, Ireland, the Isle of Man, or further afield; the chief advantage of an offshore savings account is tax exemption. Unlike mainland British banks, interest accrues on the total gross value of your offshore savings, not net. That means that by the time you come to declare it on your tax return you’ll likely have made a small killing, just by virtue of the time discrepancy between declaration and payment – in which time your overall gross savings will have risen again.

At the time of writing the tax laws governing overseas investments are still entirely in our favour. But these things can change and Her Majesty’s Revenue and Customs (HMRC) aren’t short of ways of exacting their price in lost taxes. If you’re ever in any doubt, your online account manager can advise you. Besides, providing you declare it, there’s no risk in it!

Even apart from the significant tax exemption, offshore bank accounts offer legendarily improved rates of interest. There’s no mystery to it. Lower overheads and potentially reduced levels of government interference in their affairs allow offshore, online banks to operate cheaply and pass the benefits of their reduced costs straight on to their customers. It’s the ultimate no-lose scenario.

Not only that, offshore savings accounts enable you to operate more flexibly when dealing with multiple currencies. That makes them perfect for itinerant workers dealing in various currencies; ideal for overseas property investors, and, for us all – an attractive, high yield alternative to the normal banking investment opportunities.

And even on top of all these benefits there are still more reasons why online offshore banking is the best for net savvy e-savings specialists! In fact, if you were to open up an online offshore account, deal in multiple currencies, make the most of the tax benefits and the higher rates of interest, you’d still be under utilising the inherent potential in your account. Investment schemes and trust services are available to offshore customers, and are designed to enhance your existing savings potential without risk. Your offshore banking liaison will be only too glad to tell you how much you could make…

Just because it’s offshore, there’s no reason why you won’t still get the same unprecedented levels of access to your money. Take it out, move it around, do whatever you need to do with it. Offshore doesn’t mean out of reach. Convenience is a hallmark of online banking, and you can tailor your offshore account to meet your needs, whether you want to be able to get at your money quickly, or you want to forego immediate withdrawals for a higher rate of interest. Either way, offshore banking is in touch with your needs and, thanks to the internet, it’s closer to home than ever before.