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THE BENEFITS OF OFFSHORE BANKING FOR EXPATS

Expats: those who live and work all over the world in different countries from the one they call home. Not only is there the challenge of becoming accustomed to different cultures and food, but it also comes with the challenge of managing money in a different country, with a different currency alongside its own rules and regulations.

“Most international banks offer expat offshore accounts within a centralised, economically stable location that is designed specifically for expats. These aim to give expats a range of solutions to help them manage and stay in control of their finances,” says James Turner, Director at Company Formation Specialists, Turner Little.

“Expat offshore banking is a solution offered by international banks to expats in foreign jurisdictions and helps them retain one central account for the duration they work abroad. It’s important to remember though, if you have left the UK to work abroad, you are provisionally considered a non-resident from the day you leave,” he adds.

“Some offshore regions are known for minimal taxation rates, making them attractive options for global expats. International bank account owners are able to transfer funds between countries and currencies smoother. Another benefit to banking offshore as an expat is there is a higher chance of being able to find financial services which are attuned to the internationally-minded, including a range of currency facilities – allowing you to save, and borrow, in other currencies,” says James.

At Turner Little, we can arrange a bespoke, offshore bank account that works for you and your needs, regardless of your country of residence. Get in touch with us to start a conversation today.

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.