Offshore Banking for Global Workers

With record numbers of people coming and going from the United Kingdom it seems the world is the hypothetical oyster for those looking to live and work abroad. With around 400,000 people leaving Britain annually the trend of working overseas looks set to continue, especially considering the number of organisations with offices located across the globe. As it goes, the most popular destinations for British citizens leaving their native land are Australia, New Zealand, Spain, France and the USA.

Whether you’re just at the stage of thinking about working abroad or your start date in a new country has been confirmed, you may want to consider opening an offshore bank account. There will be plenty to do when moving to another country and opening a bank account when you arrive at your new destination may seem like an added chore. Therefore, an offshore account could be opened before you make the move, allowing you to tick one more thing off your to-do list.

Offshore accounts are generally based in the Channel Islands (Jersey, Guernsey, Herm, Sark and Alderney) and the Isle of Man. These offshore banking locations are widely renowned as being effectively regulated, well-established and politically stable financial centres, giving you complete peace of mind about where you‘re placing your pounds.

Accounts based offshore offer a variety of different banking options that you could benefit from when working abroad. A common option with such accounts is multi-currency, which enables you to deposit money in sterling, Euros or dollars, and withdraw cash in any country. So whether you are working in Britain, the EU or the United States you’ll be able to organise your finances without any trouble.

Furthermore, twenty-four hour telephone and online banking also mean you can always access your accounts without having to consider time zones.

There are many other benefits to offshore banking, chiefly the attraction of the tax rules that govern offshore accounts. Interest accrued on money held in an offshore account is paid gross without income tax being deducted. This basically means your level of interest will be higher and the more pounds, Euros or dollars you can keep in the bank, the better. In addition, you must remember that if you’re liable to pay tax elsewhere it is your responsibility to declare the interest to the relevant authorities.

Offshore banking offers an array of different accounts to suit various needs and requirements. An interest paying current account for example, will work in a similar way to current accounts in other countries. The facility of a cashcard and /or chequebook is possible and notice is not required to withdraw funds.

Therefore, the popularity of offshore banking means that finance is a key sector in the Isle of Man and Channel Islands, so you can be sure you are in safe and knowledgeable hands. Now all you need to do is think about moving!

Isla Campbell writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.