We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Offshore savings accounts not protected
RachaelE
Posts: 8 Forumite
Hi all,
For all those who are considering an offshore savings account, to avoid paying UK tax etc, you might want to think twice, as it seems they are not all protected by compensation schemes, fyi. (see a story about it here)
If you are planning on being an expat then you might not have much choice. I read in a Guernsey newspaper that there are some who have been UK tax-payers all their lives, moved abroad when they retired, put their life savings in an offshore account because they can't have a UK one anymore, and lost the lot.
For those of you who have offshore accounts, it might be worth checking how safe your money is, if you haven't already.
For all those who are considering an offshore savings account, to avoid paying UK tax etc, you might want to think twice, as it seems they are not all protected by compensation schemes, fyi. (see a story about it here)
If you are planning on being an expat then you might not have much choice. I read in a Guernsey newspaper that there are some who have been UK tax-payers all their lives, moved abroad when they retired, put their life savings in an offshore account because they can't have a UK one anymore, and lost the lot.
For those of you who have offshore accounts, it might be worth checking how safe your money is, if you haven't already.
0
Comments
-
Probably not news to those offshore savers who have posted on this 21 page thread on the subject......0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards