High net worth individuals (HNWI) and business owners are continually seeking strategies to optimise and protect their financial portfolios in the most tax efficient way possible. One such strategy is offshore banking, which can offer a range of benefits that surpass those provided by traditional onshore high street banks. But what are those benefits?
Following October’s unforgettable (for all the wrong reasons) autumn budget announcement, it is quite easy to see why a projected 9,500 millionaires are due to leave the UK this year alone, with around 500,000 set to depart by 2028(1). Even prior to Rachael Reeves announcing the abolition of the non-domiciled tax regime, which is due
You’re probably aware that Credit Suisse is facing a banking crisis right now, and the ripples are being felt across the world, with other banks under scrutiny. However, it doesn’t mean that you should avoid banking offshore as there are still several benefits on offer. While the Credit Suisse scandal has cast a shadow over
If you are considering ways to limit or reduce the amount of personal tax you are currently paying, then on your list of possibilities should be a move to Portugal. Portugal offers several tax benefits to non-Portuguese residents which the country has named the Non-Habitual Resident (NHR) regime. The NHR regime allows for reduced rates
What is an offshore bank account? An offshore bank account is an account held in a country or jurisdiction outside of the country you reside in. It can normally be opened in the name of an individual, corporation or trust and is often used as a tool to help protect wealth. Offshore bank accounts offer
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,
