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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Traditionally viewed as part of tax avoidance schemes, this view is outdated and offshore bank accounts are suitable for people who work abroad or have foreign investments.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.
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.
The HSBC Expat Premier Account is an award-winning bank account available in sterling, dollars or euros. Included with the account is a debit card, a Foreign Exchange app as well as a complimentary travel security service. The account is access via 24/7 phone access, mobile banking app, online or a dedicated Relationship Manager.
Lloyd's Premier International Account is designed for high earning expats who need to manage multiple currencies while living outside of the UK. The accounts are held in offshore accounts in either Gibraltar or the Isle of Mann. With the account there is also a dedicated relationship manager and worldwide travel insurance included. Account holders can also choose the currency of the account from either Sterling, Euro or US Dollars with a Visa debit card in the chosen currency.
Opening an international bank account with Standard Bank is easy and within the reach of anyone wanting to expand their horizons. With a low entry point, the Standard Bank Optimum Account is your door to a world of international banking. Expats need look no further if they want the assurance provided by an established bank able to offer holistic banking solutions.
Please note that we are not recommending any offshore bank accounts nor are we affiliated to any of the offshore bank accounts listed below. We do not receive any payments for sponsorship or advertising for the information provided and all details are maintained on a "best endeavour" basis. We cannot be held responsible for out-of-date information contained on these pages or external websites we link to.
We try to keep this page up to date, however from time to time our information may be out of date. If you spot an error, or have some feedback about the products on this page please email us at advice@expertsforexpats.com.
We've also been instructed to remove one or two major international banks from this list due to over protective brand police. For this we apologise.
Before making any decisions about your finances, you should always seek independent financial advice.