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Guide to Offshore Savings

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Guide Contents

What are offshore accounts?
The different types of offshore accounts
Day to day banking with offshore accounts
Saving with offshore accounts
Shopping around for an offshore account
Frequently asked questions about offshore accounts

What are offshore accounts?

The term ‘offshore banking’ simply refers to banking outside of the UK. In the past, offshore banking has often been considered to be an underground form of banking associated with criminal activity, this is purely a myth.

Offshore banking is a legal way to bank your money and pay little or no tax whilst the funds remain in the account. For UK investors some of the most favourable offshore places to bank are Channel Islands, Luxembourg, Isle of Man, and as far away as Bermuda.

Offshore accounts may have fees attached. It is definitely worth checking these out.

Just as high street banks and building societies offer a variety of financial solutions so do offshore banks; from cheque and savings accounts to overdraft facilities. The main motivation behind all these accounts is definitely the benefit of paying little or no tax on the funds along with the total confidentiality they offer from the tax man and other creditors.

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