Offshore account

[flareflyer]

Gents any suggestions for a good offshore account?

[atakacs]

Maybe you should specify your requirements...
Offshore form what jurisdiction?

[flareflyer]

I have swissquote but i would like to have an offshore account not in the European union. Willing to move back to europe i would like to find an account where to transfer provvident and savings. Where i can reinvest, use atm and credit card without having to inform my country tax agencyy.......

[Mr Good Cat]

I have swissquote but i would like to have an offshore account not in the European union. Willing to move back to europe i would like to find an account where to transfer provvident and savings. Where i can reinvest, use atm and credit card without having to inform my country tax agencyy.......

If you're in HSBC just open an account with them in Jersey, Channel Islands... It's easy as you don't need much verification of ID or proof of employment etc as you're already an HSBC client in Dubai/UK. Even easier if you're a Premier member.

Failing that Standard Bank in the Isle of Man are very helpful although they'll require some proof of something from Emirates which is a pain in the backside. Of course I'm sure the Manager of fleet Management Managers, Fleet... could help you out.

[Remains positive]

For anyone in the know.

If you're from the UK, working in the desert is there any advantage of having an offshore account when you are able to send as much money as you like back to the UK without paying any tax?

[Kapitanleutnant]

For the UK/Isle of Man stuff… Be prepared to have to have heaps and mounds of stamps, signatures and even Notory stamps along with just a crazy amount of paperwork to submit to them. Why??? The US government!

I called Lloyds a few months back to inquire/open an account. I could literally not believe what all I had to do just to open the account. The guy I talked to sent me an email with all that I would be required to send him to open the account:

It was a page and a half email of things to do!! I quite literally would not have had the time to do all the chores associated with it between flying, the few days off we get of which some will be on a weekend when HQ is closed for business.

Just my experience with it all… .and I've been subsequently told that it's like this with all over "offshore" accounts due to US regulations.

Kap

[driftdown]

Much of the paperwork that needs to be filled in has questions about possible US taxpayer liability these days.

The tax free world is getting ever smaller and more difficult to comply with. Even working in the ME I am still receiving tax status letters from Santander IOM in which they say they may have to advise HMRC of my details etc.

Having completed the form I am now told they will be advising HMRC, therefore why waste our collective time with paperwork :ugh:

[Southpole]

I guess all this burocracy is just for American citizens then.
What about cayman? I was having a look there for the same reasons (I did not call yet) but looks like it is pretty easy to open an account even online.

[Kapitanleutnant]

Southpole…

You'd think!!! But that would be wrong! I have a friend from the UK and he actually had to go thru the same nonsense with all the stamps and paperwork. Even though he's a UK citizen, putting money in a UK bank but it's an "offshore" account which means the US gets to meddle in it's affairs.

K

[Southpole]

K,

Thanks for the information, I will check this out in the next days with the cayman bank and report here as soon as I have news. I am really curious on this matter..

[Mr Good Cat]

Southpole…

You'd think!!! But that would be wrong! I have a friend from the UK and he actually had to go thru the same nonsense with all the stamps and paperwork. Even though he's a UK citizen, putting money in a UK bank but it's an "offshore" account which means the US gets to meddle in it's affairs.

K

Having had the personal experience of HSBC Premier, I can guarantee that all you have to do is get your passport copy certified by a member of staff at an HSBC branch in Dubai and you are good to go.

No minimum opening balance or any of that crap as you already have a HSBC account onshore.

Easy.

It takes a short while for the team in Jersey to verify who you are and then you get the certification done.

I think a deposit has to be made in the new account within 3 months of opening.

[Kapitanleutnant]

That's good news, Mr good cat!

U was a bit surprised when this guy from the UK told me he had to jump thru all the same hoops.

Kap

[Mr Good Cat]

That's good news, Mr good cat!

U was a bit surprised when this guy from the UK told me he had to jump thru all the same hoops.

Kap

You will also need to print off 3 recent payslips from HRDirect and give these to the passport certifier at the bank who will send it all to Jersey with the application form. Your UAE HSBC bank account statements are already in their system with your proof of address etc.

It's quite a quick process as they seem to want to keep their Premier customers happy.