Savings account - NON UK resident

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  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    I really cannot get my head around why people think offshore investment is a good thing.

    tax being the main reason.

    Offshore interest rates are not that brilliant considering tax has to be paid in your own country (in my case France).

    Thats not investing. That is saving. Also, you are only looking at unwrapped offshore holdings there and not wrapped holdings such as an offshore investment bond. However, it is possible to put institutianal savings accounts into an offshore investment bond.

    There is the benefit of gross roll up, deferment and segmentation. However, for short term money the benefits are not great and can be actually significantly more expensive.

    For unwrapped money on deposit then there is often no real benefit as tax has to be paid straight away but for some there may still be benefits.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
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    CaymanExPat wrote: »
    I am a UK national and a non resident - living and earning a tax free income in the Cayman Islands. I would love to take advantage of some of these high interest, fixed rate savings accounts however I cannot find any which non-residents can apply for. Can anyone please help?

    I'm sure that there are lots of offshore banks where you live:rolleyes::rolleyes::rolleyes:

    There are lots of accounts available in Jersey & IOM. Moneysupermarket has some details.
    http://www.moneysupermarket.com/savings/OSResults.asp

    With you living outside the EU, your interest will be tax-free. However, you will be liable be for tax on the interest in the Cayman Islands (which I think is non-existent).

    All the offshore banks have stringent requirements to verify your ID to prevent money laundering.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • Gounie
    Gounie Posts: 1 Newbie
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    I live in Egypt where we get really high interest rates on Egyptian Pound accounts but the exchange rate is based on the dollar so has dropped. I am returning to the UK for a week and am thinking of moving some money from Anglo Irish in Isle of Man out to Egypt and exchanging it into EGP and putting it in the National Bank of Oman where the interest rate is currently 7%. Current interest rate at Anglo Irish is now only 2.75%. The exchange rate for the Egyptian Pound was around GBP1 = EGP11 but now only GBP1 = EGP9.

    No idea whether National Bank of Oman is safe? I have banked with them for six years. Can anyone tell me whether it is a good idea to move some money or should I keep it in the Isle of Man?

    Thanks in advance.
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