With the recession that is currently affecting the UK and spread across Europe and the rest of the world, many expats are starting to rethink how they manage their savings. With countries reporting problems with banks and other financial institutions, one option that more and more are considering is opening an offshore account to protect their investments and watch their savings grow instead of shrink.
The term best offshore savings accounts for expats is becoming increasingly popular in search engines as this is an area that many savers will have never ventured into before.
There are expats spread across the globe, and the norm has usually been to open a savings account in the country you are living in, but with the current crises people are finding it increasingly difficult to access their funds.
This is one of the most popular reasons for people to investigate the possibility of opening an offshore account. Another is the rising taxes payable on savings in a foreign country, which can quickly eat into your savings as when a country is in trouble, the taxes are invariably the first things to rise.
For this reason, it is often advised that you talk over the options with a financial advisor as some offshore accounts seem to be more trouble than they are worth, but the fact is that they can easily be found online and their T’s & C’s are transparent. There is a lot of misconceptions regarding offshore savings accounts, but the information is available readily online to put your mind at rest about where you money will be.
We hear a lot in the press about offshore accounts, and how some unscrupulous account holders use them for fraudulent activity such as money laundering and so forth, and the sad fact is that these reports often make people overlook all the good points that come with having an offshore account. Even better news is that an expat can open an offshore account through the international arm of many of the leading high street banks in the UK.
These kinds of offshore savings accounts are usually free of charge, offer a credit or debit card for instant access to your funds, competitive rates of interest and a choice of currencies so you can hold the account in the currency of the country you are living in. These accounts are not regulated in the same way as your ordinary bank savings accounts, allowing the interest rates to be much more attractive.
These kinds of account are incredibly simple to set up, and having an offshore savings accounts with a name that you know and trust goes a long way to making an ex-pat happier about opening an offshore account. At the end of the day, if you move abroad for whatever reason, you want to make sure that your savings are safe, earning interest and are easy to access, and an offshore savings account ticks all these boxes, and more.