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Offshore Bank Accounts |
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An offshore bank account is an ideal place to help you make the most of your changing circumstances. They are designed to make your financial arrangements simpler and also to assist you in taking advantage of various tax benefits that exist being an Expat in the UK.
Main benefits include:
Higher Interest on savings accounts compared to most UK banks.
Able to covert or hold other currency (£UK, $US, $Aus, $NZ).
Holding assets offshore has major tax planning advantages i.e. Interest on your savings accounts may be paid gross without deduction of tax at source. If you were not born in the UK (non UK domiciled) and you are not tax resident back home then no tax will need to be paid at all if the money is not remitted into the UK.
EG: £5000 invested in UK bank earns say 2% - £100 interest and if you are higher rate taxpayer then 40% tax is payable leaving you with £60. Offshore you may be able to earn 5% - £250 interest with no tax!!
At DMS we understand that people with international lifestyles have individual requirements and as such we have sought to find the best International Banks that we believe suits the diverse needs of our clients. We have selected Standard Bank and Anglo Irish as our providers – all based in the Isle of Man. The services they offer are suitable for people who divide there time between different countries, retire abroad, temporarily move to develop a career or perhaps work in a foreign country while retaining a main residence at home.
The process to set up an account is quite simple
STEP 1: Read the comparisons between each of the banks/accounts
STEP 2: Choose which account best suits your needs
STEP 3: Complete the relevant application forms
Standard Bank
Anglo Irish
STEP 4: Return Applications to DMS
1st Floor, 43 London Wall
London
EC2M 5TF
Please include:
Proof of address, less than 3 months old (original or certified copy of bank statement/utility bill)
Proof of photo ID (copy of passport or driver licence)
Once we receive your application, we will check it and forward it to the relevant bank together with our personal reference to speed things up.
Email one of our consultants with any of your queries/requirements.
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Dynamic Management Solutions Limited is a company registered in England and Wales with company number 3652783
and whose business address and registered office is 8 Quarles Park Road, Chadwell Heath, Essex RM6 4DE
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