With taxes increasing in most countries, many people are considering the benefits of moving abroad and investing offshore. So, what is offshore? What are the benefits?
Offshore international banking facilities typically include a range of benefits for expatriates: multi-currency services, international access and transfers, privacy, and, not least of all, big tax advantages.
For expatriates, offshore bank accounts offer a private and convenient way of depositing money in a tax-efficient manner. Thanks to the scale of the international banking market, you are more likely to receive a high rate on fixed deposits offshore than at a local bank. These benefits aside, most people who choose to place their assets offshore do so for the convenience of having access to an international multi-currency account with a Visa debit card and Internet banking.
As an expat, you have access to a wide variety of investment vehicles and other financial products that might not be available in your home country.
In addition, you can gain more privacy and greater control over your wealth, which can be especially beneficial when it comes to inheritance planning, using products like trusts or Private Investment Companies (PICs) to ensure your money is distributed according to your preferences and needs.
Banking offshore provides financial advantages to the depositor as the system allows you to open bank accounts outside your country of residence. For the expatriate, this means an opportunity to concentrate your savings in a low tax jurisdiction that gives you security as well.
But finding the right bank can be difficult, and opening up a new account is often a hassle.
Moneo Consultants will identify the right option for you and steer you through the application process.
Our approach is to assist you in identifying your banking needs and selecting the right products and services under the most appropriate plans available. We are able to provide products that include, for example, currency accounts in Sterling, US dollars, and Euros as well as mortgages in all major currencies.
Moneo Consultants has relationships with many of the world’s leading international banking institutions, but we are not tied to any. Our recommendations are always impartial and based on how well they correspond to our clients’ needs.
Our in-depth knowledge of offshore banking will help you realize an optimal solution for your banking needs, taking all your financial objectives into account. »