Re: Offshore accounts
 

Brownstar, which Bank do you use for a sterling account in Canada. I've never been able to find one.

Thanks for your help,

Phil

Re: Offshore accounts
 

Probably the best bet for a return on your money at the moment is the bluest of blue chip dividend paying stocks; the tax rate on dividends in Canada is very favourable also. I also appreciate that the stock market is not for everyone.

Re: Offshore accounts
 

Why go offshore? I cannot see the advantage these days. You still have to declare interest for tax purposes in Canada and the UK.

New immigrants to Canada can also establish a 5 year immigrant trust in which they can invest their money in Canada for up to 5 years tax-free:

http://www.foxexchange.com/public/fo...rust102006.PDF

Re: Offshore accounts
 

In the earlier answer to this, higher interest rates were given as a reason.;)

Check post number 6

Re: Offshore accounts
 

Certain accounts can be opened by non-residents. I opened one while back there on holiday. It does not pay much interest and is a basic savings account.

Re: Offshore accounts
 

I have never found this to be the case. ICICI Bank UK offer 4.35% in the UK on a fixed deposit and I would doubt that anyone can beat this at the moment. I have also found that fees are often high with an offshore account. But, I am open to being proved wrong.

Try this site, it is good for comparing accounts:

www.fool.co.uk

It is called "fool" because, in the Middle Ages, the court jester was the only person who was allowed to tell the truth (to the king).

Re: Offshore accounts
 

That's impressive.

I was getting interest rates way in excess of all accounts I saw from Cahoot. I think it was around the 6.00% in the last few years. It's fallen to about 0.5% now unless you have loadsamoney. So when I saw between 2 & 3 % on the offshore sites for a grand or 5 it seemed pretty good.

Since my first post on this thread I came to the same conclusion about the fees for the amounts I'd be concerned with. :(

Re: Offshore accounts
 

I've yet to find any and I'd be grateful if you could point me there.

Re: Offshore accounts
 

Try these people:

www.internaxx.lu

It is essentially an online trading account but allows you to hold cash/equities in multiple currencies. The interest rates are the pits but exchange rates are good and you can convert online.

Re: Offshore accounts
 

Halifax have accounts for non-residents. Here is their site, give me some time and I will try to find the exact info. I will send you a PM.

http://www.halifax.co.uk/home/home.asp

Re: Offshore accounts
 

As far as I know, there are two. Try:

http://www.hsbc.ca/1/2/en/home/home

or....

http://www.icicibank.ca/default.htm

Re: Offshore accounts
 

Useful info. Cheers.

Re: Offshore accounts
 

Thanks John. Actually I remember now that I came across the HSBC account but didn't like their 2.50 pounds per transaction fee. It must be me but I couldn't find sterling accounts on the ICICI website. I'll give them a call.

Re: Offshore accounts
 

I checked this out with Bradford and Bingley and was assurred that the account is covered by the government guarantee. I have it in writing.

Re: Offshore accounts
 

Which government?