Jersey Vs Hk Vs Sing

[samran]

I'll be doing work shortly for a couple of offshore based set ups. They will let me be paid anywhere.

Is there any difference in the types of offshore accounts (eg HSBC) that are offered in Jersey, Honkers or Sinapore? My wife has an inactive account with HSBC in Jersey, but people tell me that if I'm here in Asia, HK may be the go.

Thanks.

[topfield]

I'll be doing work shortly for a couple of offshore based set ups. They will let me be paid anywhere.

Is there any difference in the types of offshore accounts (eg HSBC) that are offered in Jersey, Honkers or Sinapore? My wife has an inactive account with HSBC in Jersey, but people tell me that if I'm here in Asia, HK may be the go.

Thanks.

Hi Samran,

I think that I and others knowledgeable in this matter will be able to give you a full, complete and accurate reply if you can say :

1. in what country you are resident

2. what currency do you want to place your deposit in

3. what your domicile is

4. what sort of amount is involved, small medium or large

5 whether you require regular access to the funds.

Without this info it will be difficult for you to receive you a meaningful reply.

Thank you

[steveromagnino]

I'll be doing work shortly for a couple of offshore based set ups. They will let me be paid anywhere.

Is there any difference in the types of offshore accounts (eg HSBC) that are offered in Jersey, Honkers or Sinapore? My wife has an inactive account with HSBC in Jersey, but people tell me that if I'm here in Asia, HK may be the go.

Thanks.

Hi Samran,

I think that I and others knowledgeable in this matter will be able to give you a full, complete and accurate reply if you can say :

1. in what country you are resident

2. what currency do you want to place your deposit in

3. what your domicile is

4. what sort of amount is involved, small medium or large

5 whether you require regular access to the funds.

Without this info it will be difficult for you to receive you a meaningful reply.

Thank you

Topfield I am sure can telll you far more than I could.

Samran is a resident of the land of smiles, he wishes to use the currency which has the lowest spread with the baht, in order to avoid bank shannigans, and also to profit from arbitrage opportunties of mutual advantage, but for the bank not to know what they are. His domicile is a house, and the amount involved is considerably smaller than large, yet larger than medium; he wishes to have access to the funds on a frequent basis.

Did I get it right?

I say go HK. Easy and simple. Singapore comes second.

[Meerkat]

I used to bank with HSBC HK before switching to StanChart. HSBC has an account called Combinations - it's not a bad account to have if you need to muck about with different currencies offshore. Bear in mind though that you'll usually not get great interest rates on your THB deposits. Having said that, you'll get comparatively tight bid/offer spreads on FX conversions.

Looks like it's been renamed; here's the link:

http://www.hsbc.com.hk/1/2/hk/banking/accounts#fcy_acc

[samran]

meerkat, sounds like something I could work with.

I'm not a high net worth individual....yet ;-)

[naka]

I'll be doing work shortly for a couple of offshore based set ups. They will let me be paid anywhere.

Is there any difference in the types of offshore accounts (eg HSBC) that are offered in Jersey, Honkers or Sinapore? My wife has an inactive account with HSBC in Jersey, but people tell me that if I'm here in Asia, HK may be the go.

Thanks.

I have banked offshore for many years, C.I., I.O.M. Singapore.

It does not really matter where, if you have online banking.

At any of these locations you can get accounts in the currency of your choice.

One major difference is that C.I. will give me a proper credit card whereas HSBC Singapore

requires me to open a special guarantee deposit (ala Thailand).

In C.I. you can open an account at almost any retail bank, whereas in Singapore

only HSBC caters to expats ... I think !

So my vote would go to Jersey/Guernsey for everyday current/savings accounts

and I.O.M. for larger fixed term deposits as they seem to give better rates

for serious money e.g. > GB 50,000. In fact many banks in I.O.M. will not

open an account for less.

Naka.

Edited February 3, 2007 by naka

[topfield]

Interest in CI may be taxable. Fifteen percent now and rising in July.

[ollyrosee]

Corporate law

The Times February 02, 2007

Taxman wins on offshore cash

Gabriel Rozenberg

BANKING & FINANCE Four high street banks will be forced to hand over details of clients’ offshore bank accounts after Revenue & Customs won a legal victory in its battle against offshore tax evasion.

The tax collector is set to reap £275 million from the customers of the four banks who are domiciled in the UK but who have not declared income on money kept in offshore centres such as the Channel Islands, following the decision that the details of about 100,000 people must be disclosed.

However, the ruling by the independent special commissioners is thought unlikely to force disclosure of secret accounts in Switzerland and some other jurisdictions.

It is illegal to conceal interest earned on money held offshore. The Revenue is now expected to try to urge people with undeclared offshore accounts to come forward by reducing penalties for a limited period.

[naka]

Interest in CI may be taxable. Fifteen percent now and rising in July.

Not a problem !

As long as you are not an E.U. resident you fill in a simple form

and you are exempt from this tax.

This Tax started in July 2005 and I have never been taxed on interest.

Example of Form

Naka.

[topfield]

Interest in CI may be taxable. Fifteen percent now and rising in July.

Not a problem !

As long as you are not an E.U. resident you fill in a simple form

and you are exempt from this tax.

This Tax started in July 2005 and I have never been taxed on interest.

Example of Form

Naka.

Were it so simple ! In fact there is a duty imposed upon the banks which are subject to this tax , and that includes several outside the EU , to check and be sure any information provided is verified before they agree to exempt a customer from the EU Savings tax. A utility bill, in say Thailand, is normally required which can be a problem for those renting where the bills are in the name of the landlord.

Try to find a Thai utility that will produce a bill in fully romanised form and which has a date which a British bank officiaL can comprehend ( the year here is officially 2550 !)

Also surprisingly certain Swiss banks ...and that includes many based in Singapore which use a Zuerich platform, are the worst as many ask for a document from the local tax authorities ie the Thai tax office, confirming one is considered resident and taxable in Thailand before they will agree not to impose the withholding tax !

Those with a EU passport will be examined more thoroughly than say a Thai holding a Thai passport.