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WHY FREELANCERS SHOULD CONSIDER BANKING OFFSHORE

The coronavirus pandemic has changed the work landscape, and the perception of remote work. Having a choice of work environment and location has now become a key factor for those in search of a better work-life balance. Companies across the globe are also more likely now, than ever before, to access freelancers both for cost efficiency and to supplement critical skill sets.

But as a freelancer, if your clients are global, are your finances too? With the seamless world we live in, there’s been no better time than today to ensure your finances are protected, no matter where you work.

“As a freelancer with clients across the world, offshore accounts are the perfect choice, as these often allow for multi-currency banking, making them ideal for receiving different currencies into the same account. An advantage of this is being able to hold onto your funds until exchange rates become favourable, minimising the risk of currency fluctuations,” says Granville Turner, Director at Company Formation Specialists, Turner Little.

“One of the primary misconceptions surrounding offshore banking is that it’s only accessible for the super-rich, but the reality is, anybody can experience the benefits of an offshore account. Unlike many UK-based accounts, offshore accounts can often offer high-interest returns on your deposits, allowing you to obtain more value for your money. It’s also important to remember, it’s perfectly legal.  Depending on the bank you choose, offshore banks can act as a private banking facility, where lending and credit facilities can be more flexible and tailored specifically to your needs,” he adds.

With a number of factors to carefully consider as a freelancer, we recommend seeking professional help from reputable experts. 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.