Offshore banking is probably the single most commonly used expat financial planning tool.
The core banking needs of expats can be summarised into surprisingly few categories.
As well as being able to check your balances and historic transactions online, pick an offshore bank that offers the facility of transfering money to any account in the world!
Position, position, position.........
We would always recommend that you choose a bank based in an international financial centre in a group 1 OECD country or territory. Don't compromise the security of your spare cash.
EU Savings Tax Directive
As an expat living outside of the EU, you should not be affected by this legislation. But if you are still using an EU address as your contact address with your bank, you could still get caught out by this.
One of the best kept secrets is that the EU Savings Tax Directive does not apply to companies, providing a useful financial planning tool. The investment platforms offered by insurance based international financial institutions are specifically exempt from the EU savings tax directive as they are not classified as bank holdings.
How much is enough
Many expats keep relatively small balances of cash in their bank accounts. Some banks have rather strict and unpleasant policies when it comes to minimum balances so make sure you pick one that is appropriate to your circumstances.
Take it easy
You can open some offshore bank accounts from the comfort of your own home! Some professional expat financial services companies can arrange introductions to offshore banks and those with qualified accountants, lawyers and notary publics on their staff can certify the supporting paperwork that accompanies your bank account application.
The right choice
There is probably as much to consider in selecting an offshore bank as there is in selecting your investment plan.
For more information please contact us.