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What is offshore banking?

Offshore banks are simply banks that are in a different country from that in which you reside, and therefore may be subject to different banking laws.

An offshore bank account is therefore a bank account opened by someone who is a non-resident of the country in which the bank account is held.

Is offshore banking illegal?

No, it is not. Whilst offshore banking is sometimes associated, often by the media, with illegal or immoral activity, offshore banking is not illegal. In reality there are far more numerous legitimate reasons for going offshore than there are illegal ones.

Is offshore banking only available for large corporations or wealthy individuals?

Offshore banking is available for both corporations and individuals. The process of opening an offshore bank account can be relatively straight forward, depending on the jurisdiction you choose. Offshore bank accounts are not specifically for those you are ultra-wealthy, essentially anyone is able to open an account offshore, providing you satisfy the banks criteria for doing so.

However, it is important to seek independent financial advice when  it comes to making decisions about your finances as well as to ensure you select the right jurisdiction and bank account for your specific needs.

How do I open an offshore account?

The first thing you need to do is decide what jurisdiction your offshore account is going to be based in and ensure you check the requirements of the bank you intend to open an account with. Consult with a professional. Although the process can often be done online, it’s important to ensure you are able to meet their required criteria.

What are the advantages of having an offshore bank account?

Banking with confidence and having more security is a significant factor for people choosing to bank offshore. It can offer greater protection against possible future threats to your assets which might arise as a consequence of divorce, dissatisfied creditors and other legal actions. This makes offshore banking part of a secure solution for managing your money well. However, it is worth noting that the security of your savings will depend on the regulations of the jurisdiction where your bank is based.

At Turner Little, we offer privacy-assured banking to suit your bespoke needs. Whether you’re an individual or a business, our services include arranging bank accounts and credit cards with both UK and offshore institutions. Get in touch with us today and see how we can help you prepare for your future.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.