What are Offshore Savings Accounts?
Offshore savings accounts are savings accounts which are run from the Channel Islands or the Isle of Man. Many of these are operated by subsidiaries of the major banks. There are different types of offshore accounts which satisfy different needs. • Euro accounts let you make transactions in euros and can be useful if you are planning on moving to a European country or if you get paid in euros. US Dollar accounts are also available. • Deferred interest accounts allow you to plan interest income around your tax liabilities. Most pay interest only when you close your account, but some providers allow you to defer all or part of your interest without the need to close the account. This means you can plan your tax liability in the year as it suits you, eg when other income dips. • Many institutions provide expatriate accounts which are especially designed for those residing in a country other than that of their legal residence • It may be possible to operate these accounts via a branch, tel
