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What Should You Consider When Opening an Off-Shore Account?

Despite often attracting “bad press”, establishing an off-shore bank account can provide you with the effective means to manage your assets particularly when you live, work or buy property abroad or routinely transfer money between international accounts or currencies. Turner Little outline the key considerations when opening an off-shore bank account.

Check your suitability

Before you do anything else, determine whether you are an appropriate candidate for off-shore banking. These financial facilities are not suitable for everyone, but they can prove very effective for some. You may benefit from an off-shore account, for instance, if you are an expat who has built up significant savings and investments. By opening an off-shore bank account, you can manage these assets efficiently while working in a foreign nation.

Choose your region careful

The key to off-shore banking is selecting the right region. Ensure you choose a stable region which has a history for providing first-rate financial services, so you can rest assured your assets will be managed appropriately. Look at the region’s regulatory system. By placing your funds in an off-shore region with strong financial regulation, you can ensure your capital is afforded robust legal protections.

Consider access to your funds

Do not open an off-shore bank account, without first determining how easily the account allows you access to your funds. This will ensure that you are able to manage your finances according to your circumstances. It is advisable to opt for off-shore account providers which supply comprehensive online banking services, as well as an around-the-clock telephones service which caters to international customers, so you can access your funds at your own convenience.

Think about language

Regional news outlet The National notes that language should also be key area of consideration when choosing an off-shore bank account. For instance, if your mother tongue is English, it would make sense to opt for a jurisdiction where this language is widely spoken. This is important in order to be able to communicate quickly and easily with those managing your assets, providing you with the ability to control your funds at your leisure.

Benefit from exchange rates

When selecting an off-shore bank account, it may be in your best interests to consider how you can benefit from currency exchange rates. Some providers offer accounts in more than one currency. Look for multi-currency arrangements so you do not miss out on exchange rates. For instance if you are paid in US dollars, by utilising this strategy you could deposit your funds into a British pound-based account and execute a currency exchange when the rate is in your favour.

Turner Little

We would suggest that you conduct extensive research before opening an off-shore bank account. Consider exchange rates, fund access facilities and regional regulation, to ensure you select the financial product most suited to your requirements. As registered bank intermediaries, Turner Little can provide advice on off-shore banking matters.

Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.

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.