Offshore banking is the ideal way for an expatriate to manage his money.
There are numerous benefits that are associated with offshore banking, especially for expats. One of the main reasons many expatriates choose to bank offshore is the lessening of tax liabilities. As an expat you may become a non-resident of your native country, in which case if you manage all your finances in an offshore account you may be able to legitimately avoid paying taxes in your native country, instead paying, often favourable rates of, tax in your offshore jurisdiction.
Offshore banking also brings with it greater levels of convenience for the international expat. For instance, with an offshore account most of the time you will have the option of managing your money in different currencies. As an expat you may receive pay in one currency, have to pay bills in another while also needing to know how this will translate into the currency of your true home. Taking into consideration the needs of an international customer, most offshore banks also offer 24 hour access and assistance. You will usually be able to bank and complete transactions in a number of different currencies, and have full access no matter where in the world you may be.
Within an offshore jurisdiction you may also find that you have more options with regards to possible investments and financial products. The financial institutions in offshore jurisdictions are more tuned to the mind of the expatriate investor, and as such they will offer products that reflect the international attitude, often suggesting products you will simply not find in a high street bank. These financial products and investment options will be able to help you continue to develop, and protect, your wealth.
Speak to an IFA for more information.