Best Offshore Bank Accounts

Which are the best offshore bank accounts?

Offshore bank accounts are bank accounts which are, unsurprisingly, located offshore. Typically these locations will also be supposed tax havens, such as the Isle of Mann, Gibraltar or Jersey. The purpose of offshore bank accounts is to provide a location for people to receive money in multiple currencies outside of their country of residence or domicile.

Traditionally viewed as part of tax avoidance schemes, this view is outdated and offshore bank accounts are suitable for people who work abroad or have foreign investments. Tax may still be owed on income, however, it is important to understand the rules surrounding tax in your country of residence. For example, for people domiciled in the UK tax will be owed on world wide income, regardless of whether the bank account is offshore or not.

Which are the best offshore bank accounts for expats?

Most high street banks provide offshore bank services, however the type of acccount offered can vary significantly. We have highlighted what we consider to be the best offshore expat bank accounts for expats below as a guide for the offshore bank accounts you may wish to consider if you need to open an offshore bank account as an expat. The offshore bank accounts are listed in alphabetical order to ensure neutrality.