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Even though Russia looks to be losing the war with Ukraine, they remain an unknown threat to the stability of Eastern Europe and the Scandinavian countries that border Russia. As Putin remains unpredictable with what he might try next, it is wise for people whose country of residence borders Russia to consider options open to
The economic and political uncertainty not just facing the UK, but the rest of the world, means a shift to offshore banking for a UK resident can provide significant benefits and potential mitigation of risk. An offshore (or foreign) bank account is simply a bank account you have outside of your country of residence. There
Individuals and companies across the world have been caught up in the investigation into suspected tax evasion and money laundering involving Euro Pacific Bank, Puerto Rico. After the conclusion of an investigation by Joint Chiefs of Global Tax Enforcements, the bank was deregistered by the Puerto Rican authorities in June 2022. For those individuals based
As the pound falls to an all-time low against the American dollar, many people aren’t aware that offshore bank accounts can potentially mitigate against financial exposure through volatile exchange rates. There are several countries where British nationals can open bank accounts that offer the ability to hold multi-currencies. This provides flexibility – and peace of
Political stability often gets overlooked when it comes to managing wealth offshore. The Russian invasion of Ukraine has brought this to light. It has shaken the world, the stock market and sparked concern surrounding personal and business wealth which has, for some, already been affected by rising costs as a result of the pandemic. “Historically,
Whatever your financial goals, adding an offshore bank account into the mix can help your funds go further, subject to your chosen jurisdiction. So, what exactly is an offshore (or overseas) bank account? Simply, it is a bank account outside of your country of residence. Depending on your circumstances, it’s a practical and secure way
Offshore banking is a popular way of protecting, diversifying and maximising assets. In fact, people around the globe don’t just bank offshore for their personal assets. Businesses big and small are also opening offshore accounts to take advantage of favourable benefits, like lowering their tax liability and strengthening their anonymity. It’s no secret that today’s
Tax havens are defined as small, well-governed jurisdictions that impose low or zero tax rates on foreign investors. By doing so, they attract a considerable amount of individuals (and businesses) from high-tax countries who want to reduce their tax liability. Despite the bad press that tax havens get, it is possible – and very common
As the name suggests, tax havens are locations that offer foreign individuals and businesses little or no tax liability. A list of some of the most popular tax haven countries includes the Bahamas, Belize, Hong Kong, Panama and the British Virgin Islands. These countries tend to have lower rates of tax than that of the
It is without a doubt that banking offshore can be beneficial for certain individuals. It can provide access to foreign currencies or financial products not available in the UK, along with more privacy and the potential to be more tax efficient. But managing an offshore account can also be complicated, with varying factors determining which
