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Thinking of moving to sunnier climes or overseas for work?
Offshore accounts can be a must-have for anyone who lives, works or buys property abroad and routinely transfers money between international accounts or currencies at a moment's notice.
You don't have to be rich, they don't mean you are dodging tax but you can hold money in a variety of currencies.
Opening an offshore account is likely to be at the bottom of most people's to-do list when they relocate overseas.
Instead, many hobble along by keeping up an old account in the UK and opening a local account in their new home country.They then move money between the two, often racking up plenty of fees.
Although this is one of your banking possibilities, currency exchange charges and general lack of accessibility tend to grate after a while - as well as clocking up on costs.This does not mean you should abandon local accounts - you may wish to keep your UK-based current account open for visits home and a possible eventual return.You will probably also need to set up a new local account for your everyday business.
However, by planning you will be able to find a good balance between all your accounts - as well as take advantage of tax and currency exchange savings.
Choosing the best offshore account for you.Offshore current accounts vary quite dramatically so it will pay to scout around and find the best one for your client's specific needs.
Article supplied by Company Express (UK) Ltd