Offshore Bank Accounts

[wobblybob]

I hope to be moving out to Phils within the next 6 months, once my property has sold, I would like to know more about offshore accounts which you consider the safest from prying eyes, interests paid etc, although it would seem everywhere is a little risky as I read today UK customs and excise have bribbed an insider at a lichtenstien bank to give them details of bank accounts held by british nationals,

[fred]

If you are a non UK resident the customs and excise would have no reason to investigate your off shore acc.. Right?
You can enjoy your tax free interest.
As far as banks go I can personally recommend this bank that promise to guarantee 100% of your capital..They also offer the best interest rates around for sterling.

• 100% capital security
• Available over 12, 18 or 24 months
• Interest is calculated daily and paid annually on the anniversary of investment, and, where applicable at final maturity
• Access to 20% of your capital per annum without penalty
• All interest is paid gross*
• Available in GBP£, US$ & Euro €
• Minimum opening balance requirement 5,000 in £, US$ & Euro €
• Interest rate fixed for the term of your account
• All savings are fully guaranteed by our parent company

[KeithD]

Just don't put your money in Lichenstein.....our government has just paid for the info (around £500,000) of an informant. So extortion is fine if the tax office is involved then!!

[baboyako]

the only western banks with operations in the phils are citibank and hsbc (?)

both will be able to offer offshore facilities, but you will need to stump up 5k, and provide good reason for having one (i.e. plans to move to the fils). (all they do is phone you and ask why you need an offshore account)
https://www.offshore.hsbc.com/
http://www.citibank.com/citigold/eur...rseycenter.htm

however, your information is shared with the UK tax authorities, so if you have capital gains tax due or whatever its not the best idea to hide it there..

its easier to get a swiss account ( postfinance is a bit like national savings), but again you need to demonstrate links to switzerland. you might say that you holiday there or something. you don't need an opening deposit so it only costs you a notorised passport copy to open (60quid or so).
Another one is http://www.swissquote.ch, which is really a share dealing company, but also has banking facilities. again, costs you nothing to open.

once you become domiciled in the fils, the UK does become offshore - so you should be able to tell your bank not to charge tax on your interest. and of course the fees for transferring money and using your ATM card are likely to be lower. So oddly enough - keeping your money in a UK is likely to be the best option. (just make sure you stick to the rules regarding number of days spent in the UK each year).

[fred]

Baboy..
Im pretty sure that interest earned or any other profit making exercise in the UK is taxable no matter where you are resident..At least thats what my accountant told me before we left..
Thats why an offshore acc was important for us.

From memory (not very good) Anglo Irish needed our passports to be checked for true likeness by our local police station and they also required our address abroad.

however, your information is shared with the UK tax authorities, so if you have capital gains tax due or whatever its not the best idea to hide it there..

If the money is from a private house sale then obviously there are no capital gains..Otherwise you are probably right in regards a Swiss acc.

[baboyako]

http://www.hmrc.gov.uk/forms/r105.pdf

[RHB]

If you live in the phils, (as you brits say), many banks here ask few questions report nothing to any government since they are in essence private banks, the issue then is finding a full service safe bank. Stay away from Landbank, or PNB if you want to hide money, they have government ties and may report to the home countries. I can reccomend for high interest rates and no hassle account opening Bank of Commerce.

The issue then is how do you get the money in without a paper trail. That I can tell you but not here. Or be clever on your own.

[fred]

The issue then is how do you get the money in without a paper trail.

I use balikbayan boxes.

[fred]

Thanks Baboy.. I didnt know that.
One thing we did notice when looking around for offshore accs were the better interest rates..

[fred]

One big advantage that we have found in using offshore accounts is the fact that the banks are more geared to dealing with customers abroad.
We have had no access to our UK accounts online since they brought in these new security measures and the card readers etc.
They will not send the machines to an address abroad etc..
Keep this in mind as its no fun being here and not being able to get at your cash.

[baboyako]

there are obviously lots of factors to weigh up when picking accounts. usually high fees come along with higher rates. not always the case, so worth checking all the comparison sites and newspapers...