Offshore Bank Accounts
What is offshore banking?
It is simply banking in a jurisdiction other than the one in which you
live.
What are the benefits?
If you live and work overseas, offshore banking could have tax benefits, i.e. interest
on offshore accounts and investments is paid without the deduction of tax. Added
benefits include high levels of confidentiality, security and convenience, as well
as global access.
Can I use the Internet to view my offshore accounts and investments online?
Absolutely. All major banks have an Internet Banking service which gives
you direct control over your money, from anywhere in the world, anytime. All you
need to do is register for the Internet Banking Service with the selected bank.
Is it convenient to use offshore banks?
Yes. With the Internet, e-mail, fax and telephone banking and the use of ATMs, your
money is just as accessible as it is from your local bank account. You can easily
and quickly transfer your money around the world by electronic transfer and can
effectively bank wherever you are.
I want to keep my affairs confidential for reasons other than tax minimisation.
Is confidentiality and privacy guaranteed?
The offshore jurisdictions offer confidentiality but they cannot offer absolute
secrecy. All financial institutions have a legal obligation to report suspicions
of serious criminal conduct. Foreign authorities can seek information, through the
legal system, where there are well-founded suspicions of serious crime. Otherwise,
all personal data is subject to the protection of modern data protection legislation,
and there are civil and criminal penalties for breach of confidentiality and unauthorised
disclosure.
Can I get a debit or credit card with an offshore account?
In most cases, yes. Many offshore banks offer a full service sterling credit card
facility and they provide an internationally accepted debit card with the Offshore
Bank Account.
What is the minimum deposit required to open an offshore account?
It all depends on which account you choose, however usually, the minimum balance
required is £5,000, US$5,000 or €5,000.
In which currencies can I open an offshore account?
Usually, savings accounts are available in all major currencies, including
Sterling, US dollars and Euros.
Some of the Banks that deVere & Partners work with are as follows:
Standard Bank
(http://www.sboff.com/)
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Standard Bank was formed in 1862.
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Currently has $71 billion in assets
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Employs 37000 staff
- Representation in over 40 countries including the following major cities:
London, Hong Kong, New York, Miami, Taiwan, Singapore, Sao Paulo, Buenos Aires,
Dubai, Istanbul, Moscow.
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Has been offshore for 10 years
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Employs over 350 staff between Jersey, the Isle of Man and Mauritius.
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Positioned within the top ten offshore financial institutions by size and diversity
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Have grown by acquisition as well as organic growth.
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We operate in the premier Offshore Jurisdictions of Jersey the Isle of man and Mauritius
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Part of a highly regarded international financial services group
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Realistic Minimum Balance requirements £3,000 or $5,000
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Aim to develop long-term relationships
- Sophisticated worldwide communications, including Internet Banking and international
Visa debit card
International in persepctive personal in approach.
Barclays Bank (http://www.internationalbanking.barclays.com/)
Anyone who plans to live overseas, travels extensively or wishes to look outside
of their 'home' country for banking or investment opportunities should consider
the potential benefits of International Banking.
Why Barclays?
With Barclays you will enjoy the comfort and security of a relationship with one
of the world's leading international banks, with a reputation built on over 300
years of first class service.
Services Available
Barclays provide a tailored range of multi-currency products and services to both
individuals and businesses with cross border and offshore needs.
Their services are available through Barclays Private Clients International in the
Isle of Man, Jersey and Guernsey and through Barclays Bank PLC in London (Knightsbridge).
Challenge us to save yourselves time and money
Please contact us for further information.
Important Note:
The information in this site is based on information from the bank's understanding
of current law and practice at the time of going to press. Future changes in legislation,
tax levels and practice could affect the information in this site.
We recommend that you read in full the Important Notes section for each bank chosen.
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