Pros and Cons of Offshore Accounts

spoonface

hello.

what are the pros and cons of offshore accounts? i'm particularly interested in the benefits, tax-related or otherwise, of parking your money offshore for a UK resident also domiciled in the UK.

thanks.

spoonface.

grumbler

offshore bank accounts

Off Shore Accounts

offshore accounts
.....

Fatboy_NSS

Quite simply, if you are a UK resident for tax purposes then there is no benefit in having an offshore account, as you would be liable for tax in the UK on any interest received in all your accounts wherever they were. The benefit of offshore banking is for UK residents moving abroad, or other residents wishing to have a sterling account, as you wouldn't have to pay UK tax on the interest.

Michel_Z.

Offshore account is only interested when you have revenue worldwide as well (= outside the country where you are a resident)!