Jersey banks are becoming known as some of the best places to do offshore banking in the world. The benefits offered, ease of access and all around convenience are just a few of the benefits offered by offshore banking in Jersey, and a vast number of expats are starting to take notice. There are hundreds of fund management companies in Jersey itself, even though it is just a small area. This plethora of choice makes Jersey the cream of the crop when it comes to trying to choose the best possible offshore banking provider for your needs.

Safeguarding and Protection of your Assets

One of the reasons that Jersey is regarded as a top spot for banking is due to the safety and protection of your money that it offers. It is much more politically and economically stable than other popular offshore banking spots and follows the strictest regulations and policies. Jersey has played a large role in revoking the presumption that offshore banking was only done as a form of money laundering, or was an operation run by underhanded “suits”.

It is definitely worth noting that financial services and standard offshore banks are the number one source of revenue and income in Jersey and that is why the industry is so closely guarded, monitored and regulated. This can give expats and investors an added measure of confidence that their account will be taken care of properly and that their money is indeed safe and their actions are legal.

Opening an Offshore Bank Account in Jersey is Simple

If you do choose that you want to open an offshore bank account in Jersey then the procedure is actually incredibly simple. It works the same way as it does in most other jurisdictions and follows the same anti-money laundering regulations and protections. The basic requirements to open an offshore bank account in Jersey are to fill out an application form, confirm identity with notarized copies of your identification and provide proof of address.

As long as you are opening an offshore bank account in Jersey for the right reason, the process is effortless and safe. If you want to learn more information, find answers to frequently asked questions and open an offshore bank account then visit HSBC offshore, as HSBC Bank International is based in the Jersey, Channel Islands and the Isle of Man.

Offshore Banking Can Save You Time and Money

Offshore Banking Can Save You Time and Money

Should I Keep My Bank Account Open When Moving Abroad?


This is a question that many expats often contemplate before moving abroad when they have found new employment or are pursuing a new lifestyle. This guide is here to clear up your questions and concerns when it comes to offshore banking in your life. Stop considering the options and stop contemplating the decisions. Get informed and make the right choice, now.

Whether you are heading to a new place to work abroad permanently or only moving away for a few months you are probably curious as to what will happen with your bank account when you move away. You may already know that you can keep your account open, but will it benefit you or be a burden to your finances? What makes the whole topic even more difficult is the fact that there doesn’t seem to be one set answer. Some expats will tell you that you must keep your bank account open while others will try to persuade you to shut it down. Finally, here is a simple and straightforward guide that will answer your questions pertaining to offshore banking and help make your financial situation a little bit clearer.

Keep your Bank Account Open When Working Abroad

If you have any sort of inkling that you may be returning home one day after working abroad then it makes complete sense to keep your account open. Get in contact with your bank before leaving and make sure they know what you are up to and that it is ok to leave your account open. Most banks have no problem with that decision but I am sure there are the odd few that may kick up a fuss from time to time.

Even if you choose to leave the minimum balance in the account and not touch it you can be saved the hassle of having to re-apply and start all over again when you go home. It can be surprisingly difficult to apply for a bank account, especially in the UK, after living abroad for many years. The red tape is pretty substantial as you can run into anti-money laundering regulations and a whole host of bureaucratic paperwork. By holding onto your account you negate all of this trouble, can keep track of your credit rating, hold your presence in your home country, and can benefit even more from an offshore bank account.

If you do have a long term plan to change your residency, then it may be advisable to shut down your bank account completely. Having a bank account open, in somewhere such as the UK, can make the process of changing your domicile a bit more difficult. In some cases you will actually be told to close your account as you need to prove that you have cut ties with your home nation before changing citizenship. However, if that is something you are doing then it is advisable that you seek out professional advice before doing so.

Do I Need an Offshore Bank Account When Working Abroad?

There are a lot of presumptions and untruths when it comes to an offshore bank account in society today. They are not just accounts run by shady offshore businessman or a way for millionaires to launder their money back into the country to evade taxes. In reality a standard offshore bank account is a useful tool for expats that have homes in another country or who travel overseas on a regular basis.

A standard offshore bank account is really just a personal account that is located in a different place than where you live or where you work. It offers incredible flexibility that cannot be found with other accounts and allows you to easily make transactions in a whole host of currencies. An offshore bank account can save you on transaction fees that are normally associated with bank accounts and lets you access and use ATM’s all over the world in local currencies.

What expat wouldn’t love to have an account that saves money on fees and allows easy access to money in local currencies all over the world?

If chances are that you will be working abroad and getting paid in one currency yet doing transactions in another then an offshore bank account in your name is your best bet. These accounts are no longer seen as immoral or “sleazy” and are simply recognized as a necessity for frequent travelers and expats. The low costs, flexibility and convenience leave for very few reasons for not applying for an offshore bank account when relocating abroad.

Banks are starting to crunch down more than ever on extra fees and add on charges. It is now proven that commercial banks actually make more money from middle of the road citizens than they do from the affluent, due to overdraft charges and so on. You can escape this extra clamp down, which is more important now than ever, with an offshore bank account. We all know you are going to need every dollar you can hold onto when living abroad, and this is an excellent way to do it.

Open an HSBC Offshore Bank Account In Sterling, US dollars or Euros

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Tired of Worrying about Where to Put your Money or What Will Happen to it When Traveling or Working Abroad?

 

Whether you are an experienced traveler with an internationally mobile lifestyle or just getting started on your path to freedom abroad, offshore banking is and will be an integral part of your life. In the simplest of terms, offshore banking is when one invests in banks outside of their own country, and since we are discussing the UK in particular it means investing in banks outside of the UK.

 

Despite government attempts to curb offshore investments in order to deter people from the tax benefits, there are still a vast array of benefits that can arise for offshore banking for UK expats, namely ones that are tax related. For example, offshore banking can give you the ability to bring your money back into your own country or your own possession at any point in which you deem fit.

 

As per eligibility goes, there are not as many restrictions as some UK expats and inpats may first think. In fact, every adult is eligible to have offshore accounts. What matters is your domicile and whether or not you are a citizen of the UK.  If you are a UK citizen then offshore banking is one of the best investments and decisions you can make. If you are not a citizen then you can often save yourself from tax trouble until the time comes where you do not get your monetary benefits from overseas.

 

Main Benefits of Offshore Banking

 

If you invest money in a particular offshore bank you can save yourself from tax limitations until the time comes when you decide to bring your money back into the country. Tax deferral is also offered by many offshore banking accounts. Even offshore bonds help you to save taxes until you no longer draw a benefit out of them. Thus, until the time your status is that of a high tax payer you can save yourself the trouble of getting that extra cash back which in turn will save you a fortune. Although the multiplicity of choices in form of investment such as OEIC’S, offshore unit trusts, personalized  and redemption policies can make the situation a bit confusing.

 

Many banks, insurance companies and other investment agencies are working under parent UK, US and European institutions. An IFA can be of help here. Though it is subjective to the country you go, in case you move abroad you may save yourself from tax issues if you cash in on the money you have invested abroad. Other than tax benefits, offshore banking provides you with an ample choice of funds to diversify your portfolio and you can also receive access to many expert fund managers that are not readily available in the UK.

 

In the case of expatriates and relocating to the UK, it depends on the UK tax regulations and is subjective to the tax treaties of the host country. Thankfully for you, expats generally avoid the problem of being taxed twice due to the treaties that are in place. This is why a number of affluent businessmen and beginner travelers are often advised to seek out the advice of financial advisors that are offered via opening an offshore banking account.

 

 Deciding on Offshore Banking and Choosing a Provider

 

There are about 30 offshore centers and since their regulation, compensation and supervision schemes vary, it’s better to take advice before investing. Offshore financial centers have revised and tightened their regulations and many are on the way of doing so, such as, the Channel Islands. While you do want to look into other options and opportunities out there, the offshore bank accounts offered in Jersey of the Channel Islands is becoming regarded as one of the most beneficial options out there. In fact, HSBC currently offers a number of varied accounts and investment options that are catered to UK Expats, and people looking to make the most out of their income in a legal and legitimate fashion.

 

When looking into opening an offshore bank account, you should make sure that the choice of investment is at par with the risk one takes. As an expatriate one must be aware of all the funding opportunities available. Advice from the financial advisor, as mentioned earlier, is a must .

 

Keep in mind that offshore banking is entirely legal, which actually surprises some people. However, gaining profits from any such assets transferred into the overseas account and failing to introduce this to the local taxation bureau is illegal and considered to be money laundering. Though many try to evade taxes through offshore investments, expats are advised to use offshore banking options legally.

 

Thus, it is profitable to invest offshore rather than evade taxes illegally. Such accounts can easily help you do so in a manner which the law recognizes. You can keep yourself safe, maximize investments and ensure your money is where you need it to be, when you need it to be, no matter where you are in the world.

 
If you are looking for more information in terms of the tax benefits of an offshore bank account or what services you are eligible for then you can take the next step and look into the services HSBC is offering.