Offshore Banking
#1
Just Joined
Thread Starter
Joined: Aug 2011
Location: Doha
Posts: 9
Offshore Banking
Banking Advice
I want to start saving money for a raining day and was thinking about the following:
Save into a local Qatar bank account.
Then once I have saved up the required deposit, open and transfer to an offshore bank account in say "Jersey" - ie deposit required Barclays GBP 5K or HSBC GBP 25K.
Any other suggestions or locations for most tax efficient savings?
Then continue to save into this account.
I have a property in Dubai which I eventually intend to sell and keep the money offshore. Hence hopefully avoiding any UK capital gains Taxes, if this is possible.
I will be returning to the UK sometime in the future.
Any recommendations or advice appreciated.
I want to start saving money for a raining day and was thinking about the following:
Save into a local Qatar bank account.
Then once I have saved up the required deposit, open and transfer to an offshore bank account in say "Jersey" - ie deposit required Barclays GBP 5K or HSBC GBP 25K.
Any other suggestions or locations for most tax efficient savings?
Then continue to save into this account.
I have a property in Dubai which I eventually intend to sell and keep the money offshore. Hence hopefully avoiding any UK capital gains Taxes, if this is possible.
I will be returning to the UK sometime in the future.
Any recommendations or advice appreciated.
#2
Re: Offshore Banking
Your laibility to CGT depends on your residency status and how long you remain out of the UK in total. not where you are keeping the money.
#3
Just Joined
Joined: Oct 2012
Location: Riyadh
Posts: 12
Re: Offshore Banking
Lloyds TSB Offshore minimum balance required within 3 months of opening to avoid charges is just £2,500
#4
Re: Offshore Banking
Plenty of good Offshore banks these days, even some of the UAE banks are opening separate branches in the Channel Islands. They are a good way to keep money away from UAE law (the dreaded freezing of accounts is a well known reality for all sorts of things) but they do tend to have higher minimums and often high charges for use too.
Keeping some money aside for emergencies is always good, as a benchmark I'd say 3-6 months of income but everyone has their own ideas.
The wife is in banking, I can ask her what their offshore offering is like. I broker an offshore bank myself but it's not very good as anything other than a place to store money safely. If you need to use it regularly the charges do tend to get a bit silly.
N.
Keeping some money aside for emergencies is always good, as a benchmark I'd say 3-6 months of income but everyone has their own ideas.
The wife is in banking, I can ask her what their offshore offering is like. I broker an offshore bank myself but it's not very good as anything other than a place to store money safely. If you need to use it regularly the charges do tend to get a bit silly.
N.
#5
Re: Offshore Banking
Plenty of good Offshore banks these days, even some of the UAE banks are opening separate branches in the Channel Islands. They are a good way to keep money away from UAE law (the dreaded freezing of accounts is a well known reality for all sorts of things) but they do tend to have higher minimums and often high charges for use too.
Keeping some money aside for emergencies is always good, as a benchmark I'd say 3-6 months of income but everyone has their own ideas.
The wife is in banking, I can ask her what their offshore offering is like. I broker an offshore bank myself but it's not very good as anything other than a place to store money safely. If you need to use it regularly the charges do tend to get a bit silly.
Meow's quite right about Capital Gains Tax - I believe the rule of thumb is now five years offshore to gain exemption but don't quote me on that.
N.
Keeping some money aside for emergencies is always good, as a benchmark I'd say 3-6 months of income but everyone has their own ideas.
The wife is in banking, I can ask her what their offshore offering is like. I broker an offshore bank myself but it's not very good as anything other than a place to store money safely. If you need to use it regularly the charges do tend to get a bit silly.
Meow's quite right about Capital Gains Tax - I believe the rule of thumb is now five years offshore to gain exemption but don't quote me on that.
N.
#7
Re: Offshore Banking
I am looking for a place that can give me a reasonable amount of interest on a lump sum - the interest rates in UK are going down every month so I expect the offshore accounts won't be any better - am I right?
#8
Re: Offshore Banking
N.
#9
Re: Offshore Banking
As to what you should invest in, well that depends in numerous factors such as your views, appetite for risk, timeframe, tax situation etc.
#11
Re: Offshore Banking
Cash is an asset class, albeit one with neglible returns and everyone should have enough cash to fall back on in case of the proverbial rainy day, especially with the lack of security of working in the ME. Once an emergency/rainy day fund has been set up, then it is appropriate to consider 'real' investments.
#12
Re: Offshore Banking
Cash is an asset class, albeit one with neglible returns and everyone should have enough cash to fall back on in case of the proverbial rainy day, especially with the lack of security of working in the ME. Once an emergency/rainy day fund has been set up, then it is appropriate to consider 'real' investments.