Info Needed On Obtaining An Offshore Bank Account Online?

[thestirfry]

Hi guys,

I want to set up an offshore bank account and wondered if anyone out there recommends anyone or has any tips or links?

I am a UK resident but have lived in Thailand for 4 years and i am the MD for my Thai company.

I would like to set it up online, sorry i am new to this and do not know where to start.

Hope to hear from u soon!

[lotus eater]

Am looking into this too. Where are you lookng to open the account.

So far, I've gathered that Singapore banks will require your presence there; but some Hong Kong banks may open without you going there - just with passport and proof of thai address. But haven't got into the nitty gritty myself - yet.

Dubai is another possibility I may look into - haven't yet.

[thestirfry]

Am looking into this too. Where are you lookng to open the account.

So far, I've gathered that Singapore banks will require your presence there; but some Hong Kong banks may open without you going there - just with passport and proof of thai address. But haven't got into the nitty gritty myself - yet.

Dubai is another possibility I may look into - haven't yet.

Hi lotus eater,

Today i have found and i am looking at these 2 websites http://www.off-shore.co.uk/ and http://www.proform.co.uk/

but i have also read this http://news.bbc.co.uk/2/hi/business/6568027.stm so i think it needs a lot more research.

If anyone has any more info let us know!

Edited July 11, 2007 by thestirfry

[pnustedt]

I use HSBC in HK and would recommend them. I also have an a/c with Bkk Bank here in Thailand and transfer cash as and when I need it without fuss. Click http://www.hsbc.com.hk/1/2/home

[thestirfry]

I use HSBC in HK and would recommend them. I also have an a/c with Bkk Bank here in Thailand and transfer cash as and when I need it without fuss. Click http://www.hsbc.com.hk/1/2/home

Have you seen this post http://www.thaivisa.com/forum/index.php?showtopic=117085

[Captain Chaos]

I decided to go with Abbey Offshore (google them) - I opened the account when I started work in Thailand in 2002. I did have to send witnessed copies of passports and proof of address etc - but did not need to go in person - just as well as they're in Jersey!

Thought about HSBC as they have expat-aimed service centres in Singapore and HK - but in the end went for Abbey based on good recommendations from work colleagues and not wanting all my eggs in one basket (bank with HSBC in Thailand, and nowadays in Singapore too)

No complaints, service good and responsive, products competitive ... never had to transfer money over to Asia though so can't comment on that.

Hope this helps.

CC

Edited July 11, 2007 by Captain Chaos

[cmsally]

I have used HSBC Jersey no problems.

They need proof of overseas address and certified copy of passport to open acct.

Seems to be a little easier if you already have a bank acct with them elsewhere.

Same prcedure seems to apply for most offshore banks

[sonicdragon]

I use HSBC in HK and would recommend them. I also have an a/c with Bkk Bank here in Thailand and transfer cash as and when I need it without fuss. Click http://www.hsbc.com.hk/1/2/home

Have you seen this post http://www.thaivisa.com/forum/index.php?showtopic=117085

Yes, if you are a UK resident then it is cause for concern if you have undeclared UK income. You said you have lived in thailand for 4 years, so are you sure you are a UK resident ? I forget the exact rule, but it's something like 183 days in the year or 92 days on average over 4 consecutive years spent in the UK makes you a ordinarily resident for UK tax purposes. That said, this isn't really the right forum for tax advice. I gave a link to a good UK tax website on the thread you linked to above,

As for opening an offshore account, I think banks in HK and Sing will require proof of identity and address (certified passport should be OK) - and some banks in HK will only open accounts for HK residents.

[AmericanGuy1066]

I use HSBC in HK and would recommend them. I also have an a/c with Bkk Bank here in Thailand and transfer cash as and when I need it without fuss. Click http://www.hsbc.com.hk/1/2/home

Have you seen this post http://www.thaivisa.com/forum/index.php?showtopic=117085

Yes, if you are a UK resident then it is cause for concern if you have undeclared UK income. You said you have lived in thailand for 4 years, so are you sure you are a UK resident ? I forget the exact rule, but it's something like 183 days in the year or 92 days on average over 4 consecutive years spent in the UK makes you a ordinarily resident for UK tax purposes. That said, this isn't really the right forum for tax advice. I gave a link to a good UK tax website on the thread you linked to above,

As for opening an offshore account, I think banks in HK and Sing will require proof of identity and address (certified passport should be OK) - and some banks in HK will only open accounts for HK residents.

Sonicdragon,

Broadly right about UK tax. After 3 years 183 days rule etc could claim non-residency, tho' there's a few more things. At the non-residency point a UK resident only needs to declare income remitted or arising in UK. So earning offshore interest in say SIng is no hassle for a Brit. In contrast to say Americans or Indonesians who tax on worlwide income.

Offshore bank accounts: Standard Chartered is very easy. Slightly behind in retail banking technlogy, but will come up to speed soon. Easier to deal with in SIngapore and Thailand as they have more branches in both. In Thailand StanChart took over Nakornthorn and merged it with SCB activities. Hence unlike HSBC they have a convenient network around BKK. eg Sathorn, Sukhumvit. They're big in Asia Africa and Middle East. Funnily enough not in the UK tho' even tho a UK bank.

Edited July 11, 2007 by AmericanGuy1066

[geoffphuket]

Hi guys,

I want to set up an offshore bank account and wondered if anyone out there recommends anyone or has any tips or links?

I am a UK resident but have lived in Thailand for 4 years and i am the MD for my Thai company.

I would like to set it up online, sorry i am new to this and do not know where to start.

Hope to hear from u soon!

I use Nationwide International based in the Isle- of-Man. They have full on line facilities and transfers to Thailand are fast and trouble free. I'd heartily recommend them.

All the details can be found here http://www.nationwideinternational.com/

geoffphuket

[sonicdragon]

I use HSBC in HK and would recommend them. I also have an a/c with Bkk Bank here in Thailand and transfer cash as and when I need it without fuss. Click http://www.hsbc.com.hk/1/2/home

Have you seen this post http://www.thaivisa.com/forum/index.php?showtopic=117085

Yes, if you are a UK resident then it is cause for concern if you have undeclared UK income. You said you have lived in thailand for 4 years, so are you sure you are a UK resident ? I forget the exact rule, but it's something like 183 days in the year or 92 days on average over 4 consecutive years spent in the UK makes you a ordinarily resident for UK tax purposes. That said, this isn't really the right forum for tax advice. I gave a link to a good UK tax website on the thread you linked to above,

As for opening an offshore account, I think banks in HK and Sing will require proof of identity and address (certified passport should be OK) - and some banks in HK will only open accounts for HK residents.

Sonicdragon,

Broadly right about UK tax. After 3 years 183 days rule etc could claim non-residency, tho' there's a few more things. At the non-residency point a UK resident only needs to declare income remitted or arising in UK. So earning offshore interest in say SIng is no hassle for a Brit. In contrast to say Americans or Indonesians who tax on worlwide income.

Offshore bank accounts: Standard Chartered is very easy. Slightly behind in retail banking technlogy, but will come up to speed soon. Easier to deal with in SIngapore and Thailand as they have more branches in both. In Thailand StanChart took over Nakornthorn and merged it with SCB activities. Hence unlike HSBC they have a convenient network around BKK. eg Sathorn, Sukhumvit. They're big in Asia Africa and Middle East. Funnily enough not in the UK tho' even tho a UK bank.

I was under the impression that UK residents with offshore accounts must declare interest received, even if not remitted to the UK, although it would be exempt from UK income tax ? Having been non-resident for 12 years my understanding may well be faulty or maybe the rules have changed ?

I concur about StanChart. I've had an account with them in HK for a long time, and it's much more convenient and competitive than citibank who I also bank with.

[JimsKnight]

So if a non-resident from the UK has a UK bank account with an offshore bank account, will they be taxed on the interest? Or will they get 'Bank Charges' Instead?

[RAZZELL]

Broadly right about UK tax. After 3 years 183 days rule etc could claim non-residency, tho' there's a few more things. At the non-residency point a UK resident only needs to declare income remitted or arising in UK. So earning offshore interest in say SIng is no hassle for a Brit. In contrast to say Americans or Indonesians who tax on worlwide income.

Let me pose a question...If say you worked in Thailand, had a WP, paid tax etc etc here but the work was for UK-based companies and you were paid by them in the UK...If the money was paid to a UK ban a/c then transferred here you'd pay tax in the UK even if you were non-resident?

However, if you were non-resident for tax purposes and the money was transferred straight to an "offshore" or "Thai" a/c would that "get-around" the UK tax problem???

Just trying to minimise future tax liabilities

RAZZ

[JimsKnight]

I believe that in that case you are taxed but at the end of the tax year you can claim the tax back (showing proof of residence in LOS etc etc)

[lotus eater]

May I assume that those recommending HSBC and Stanchart in HK and/or Singapore know that these banks in those locations would not require me to go to HK/Singapore to open a non resident account?nts

May I assume that they provide atm cards usable internationally? Crdit cards too?

Will they open current/cheque accounts too, or only savings account as wih Thai farang accounts?

Would be grateful to have such specific and recent info in relation to a named bank, so I can approach it online/email now.

[thestirfry]

May I assume that those recommending HSBC and Stanchart in HK and/or Singapore know that these banks in those locations would not require me to go to HK/Singapore to open a non resident account?nts

May I assume that they provide atm cards usable internationally? Crdit cards too?

Will they open current/cheque accounts too, or only savings account as wih Thai farang accounts?

Would be grateful to have such specific and recent info in relation to a named bank, so I can approach it online/email now.

Good Questions lotus!

Also do you have to set up another company, use my existing Thai company or use my personal name?

And do you have to actually notify anyone in the UK that you are a non resident and what if i go back and be a resident again in the future.

Edited July 12, 2007 by thestirfry