Offshore savings Updated:
If you've decided to take the plunge and start a new life abroad, there's one key thing you need to do – make sure your finances are in order. Funding a career change in a whole new country can be costly so having suitable offshore savings arrangements is vital, helping keep you on track no matter how far from good old Blighty you've ended up.
Even though you'll want to open a current account in your adopted country to fund your day-to-day life, chances are you'll still want to maintain a link back home. Offshore accounts are the only option for expats wanting to bank with well-known UK institutions – you can't use a mainland account without a UK address – and there are a number of additional benefits too.
For starters, they can be held in a number of different currencies to help make transfers between accounts quick and simple, and they could well be more secure than in the economies where you currently reside – particularly when you consider the depositor compensation scheme of UK, Isle of Man and Channel Island institutions. You'll often get interest paid gross as well, and while you'll usually still need to pay tax of some kind, it could end up being more cost-effective than if you were to bank elsewhere.
It's important to remember that the benefits and conditions of any offshore product will depend entirely on the account itself, your new place of residence and your individual circumstances, with the likes of tax rules differing according to country. Luckily, offshore accounts will be managed by specialists in international banking so you can be confident in getting the help you need, so make sure to do sufficient research and seek expert advice and you can be savings savvy wherever you are.
Find the best offshore savings accounts that are based outside of the UK
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