Offshore Banking Solutions For Expats

Offshore Banking Solutions For Expats

If you are living and working abroad, your priorities will centre around ensuring the security of your income and assets, efficient structuring of your finances / wealth and also ensuring maximum tax efficiency. An offshore bank will be a logical choice for you given that it has the in-house expertise to deal with a wide variety of international financial and other issues. Here are a few ways in which an offshore bank account can help you with your living / working experience abroad:

Moving / immigration planning – It is not uncommon to find offshore banks that help their clients with a variety of services including immigration consulting. These services could include:

▪ Employment and other visa applications

▪ Change of status applications (e.g. from visitor visa to employment visa)

▪ Investment visa applications

▪ Visas for dependants, spouse and children

▪ Helping with document gathering and pre-processing, obtaining required translations and authentications and co-ordinating the processing of visas and applications

Expat Banking – An expat banking service will provide a central location for your money while you move around the world. You also get a variety of multi-currency savings and current accounts, multi currency time deposit account, debit and credit cards, deposits along with a wide choice of international investment products and a variety of channels (including online / mobile / phone banking) through which you can access your money and manage your banking assets.

Income Protection – If you are engaged in the provision of professional services you can consider the setting up of an offshore personal service company or employment company, as it may be known. This company can then contract to supply your services outside the country in which you are normally resident and the fees earned can accumulate offshore, free from taxation. Payments to you can then be structured in such a way to minimise income tax. Such a structure can also help you get asset protection against potential liabilities.

Healthcare Insurance – Medical issues can arise unexpectedly and you may not have access to the class of medical resources and support you may be accustomed to, in the country you may be residing / working. Your offshore bank can also help you identify and choose the right healthcare policy that suits your lifestyle along with fast and efficient claims processing, the ability to choose where in the world you want to be treated if ill and efficient assistance services.