Mediaboss Marketing

ST PETER PORT, Guernsey, April 23, 2012 /PRNewswire/ --

Research shows time and time again that for the vast majority of expatriates, organising their offshore savings is often left on the "to do" list until after the move aboard, at which point inertia and amnesia taker over. Meanwhile, savings are left languishing in low return accounts, often with unnecessary tax being deducted, so eroding their value still further.

Yet for many, finance is actually at the heart of the reason for moving abroad. For some, going abroad is driven by the aim of saving more and within a shorter timeframe. For those retiring, enjoying a better lifestyle with lower living costs is the aim, so protecting the value of savings is vitally important.

Savings can take many forms, from simple offshore deposit accounts to more complex equity based funds and plans. At the core of everybody's portfolio, however big or small, should be a simple deposit account for rainy days and emergencies. What many do not realise is that once they live abroad, the vast majority of us can open our own offshore savings account with as little as 10,000.

What is an offshore account?

An offshore account is simply a savings account like any other, but it will be located offshore, out of the country where you are living. Offshore accounts located in specifically designated overseas territories have a key advantage in that they are able to offer interest on savings which is paid before tax has been deducted. The Channel Islands and Isle of Man are highly regarded, well regulated jurisdictions which specialise in offering offshore accounts to UK citizens who have left the UK to live or retire abroad and they offer many such accounts from high street bank and building society names.

If you are working or retired and you have left the UK permanently and are no longer tax resident there, here are five reasons why you might want one of these accounts:

Wherever you are living, looking after your savings should be one of your top priorities. Skipton International Limited offers a range of easy access, notice and limited issue fixed rate bond accounts. Skipton International Ltd is part of Skipton Building Society, the fourth largest in the UK with nearly 14 billion of assets.

Editor's notes:

1. AER stands for Annual Equivalent Rate and illustrates what the rate would be if interest was paid and added each year.

Read more:
Offshore Savings Accounts - Should you Open One?