Offshore banking is often associated with negative connotations in regard to tax evasion and criminal activity, but this couldn’t be further than the truth. Despite what you may hear, offshore banking is completely legal. Put simply, they’re bank accounts held in a country other than the one you permanently reside in.
So why do you need one? James Turner, Director at York-based Turner Little, takes us through the benefits of banking offshore.
They’re not just for the ultra-wealthy
A common misconception is that offshore banks are just for ultra-high net worth individuals, who want to hide their money. Anyone can benefit from using an offshore bank account, depending on what their needs are. At Turner Little, we work with our clients to specifically identify their needs, and tailor our solutions based on our extensive experience and understanding of the banking industry.
Offshore banks are often considered to be politically and economically stable, with any associated risk considerably reduced. Using an offshore bank, based in a highly regulated, transparent jurisdiction that offers individuals an element of protection with a deposit compensation scheme, enables you to feel safe in the understanding that your wealth will be protected from the risks of capital accessibility restrictions, control and potential currency devaluation.
They provide flexibility and control
Banking offshore is completely flexible, often offering the same high level of service you would expect with traditional, onshore banking. It has always been a successful way of ensuring you maintain control over your long-term finances, which ultimately means you have greater freedom without depending on any one country. This convenience and flexibility is especially relevant for those who travel regularly, or have international assets.
You’ll always have easy access
Offshore banks have evolved over the last decade, and offer 24/7 online banking. This means that no matter where you are, you’ll always have easy access to your funds. Depending on which bank you choose, you’ll also have access to accounts in multiple currencies, allowing you to manage accounts and automate payments whenever you need.
You’ll be able to build on your investment portfolio
Many countries offer tax incentives for foreign investments and provide you with a wide choice of both funds and investments. There is no shortage of opportunities that are fiscally sound, designed to promote a healthy investment environment and, most importantly, legal.
However, it is important to note that Turner Little do not provide tax, legal or accounting advice. Should you need this, please contact your own independent financial adviser.
Turner Little specialises in creating bespoke solutions for individuals and businesses of all sizes. The knowledge and expertise of their specialists will be able to assist with any enquires, no matter how complex.