Bowman Offshore Bank Transfers Everything you need to know about offshore savings

Bowman Offshore Bank Transfers on everything you need to
know about offshore savings accounts
Offshore savings accounts allow you to save in different currencies. And, contrary to popular belief, you don’t have to
be hugely wealthy to take advantage of them.
Offshore savings accounts may have a high profile thanks to scandals involving famous names using them to avoid
paying tax – but the reality is that account holders do still need to pay tax. In truth, there’s little point opening an
offshore account in the hope of dodging tax because you are generally liable for tax on the interest you earn in the
same way you would be in the UK.
However, there are a number of other benefits to holding an offshore savings account. Read on to find out if this could
be the right savings account for you.
What is an offshore savings account?
Offshore accounts are savings accounts located outside the holder’s country of residence, in this case the UK.
They can be used to stash euros and dollars (as well as other currencies), which can be handy if your salary is not paid
in sterling. Most accounts can be opened by anyone over the age of 18, although some are only available to those
living outside the UK.
While it is often necessary to invest at least £5,000 or £10,000 to open an offshore savings account, others require a
minimum deposit of just £1.
Offered by many high street banks and building societies as well as private banks, most of the offshore accounts
available to UK savers are based in the Channel Islands or the Isle of Man (which have separate tax jurisdictions) and,
as such, can be operated by post, phone or online.
Is an offshore account for me?
Offshore accounts are not for everyone, but they are useful if you work or live abroad, regularly travel overseas or
hope to retire to another country.