Uk Offshore Banking

[ukjackthai]

Hey,

Some property is going to be sold in the UK and money will need to be transfered into an offshore tax-free and high interest account. The money cannot be tied up, im thinking around 500,000 THB withdrawals every 3-4 months - so low maintanance/withdrawal fees are needed also.

From your experiances, who do you think is the best?

PS: We also have some assets in a barclays off-shore tracker at 5.5% compound interest, shall we consider a change or hold on this?

Any input appreciated.

Jack.

[Oswulf]

The following are all "no notice" accounts:

• Kaupthing Singer & Friedlander (IOM) Ltd., Platinum Offshore Access - AER 6.55%
  
• Derbyshire (IOM) Ltd., Base Rate Tracker - AER 6.52%
  
• Alliance & Leicester International, eSaver Offshore Issue 1 - AER 6.51%
  
• Bradford & Bingley International Ltd., eSaver Internet Savings Account - AER 6.5%
  
• Nationwide International, Base Rate Tracker Premium - AER 6.5%
  

I haven't checked the SWIFT charges for each of these, but almost all banks charge in the region of GBP20-25 per transfer.

As for what to do about your Barclays account - the figures above speak for themselves.

Edited November 28, 2007 by Oswulf

[ukjackthai]

The following are all "no notice" accounts:

• Kaupthing Singer & Friedlander (IOM) Ltd., Platinum Offshore Access - AER 6.55%
  
• Derbyshire (IOM) Ltd., Base Rate Tracker - AER 6.52%
  
• Alliance & Leicester International, eSaver Offshore Issue 1 - AER 6.51%
  
• Bradford & Bingley International Ltd., eSaver Internet Savings Account - AER 6.5%
  
• Nationwide International, Base Rate Tracker Premium - AER 6.5%
  

I haven't checked the SWIFT charges for each of these, but almost all banks charge in the region of GBP20-25 per transfer.

As for what to do about your Barclays account - the figures above speak for themselves.

Nice. Thank you very much for your speedy reply.

I shall hand these over to my father tonight.

[GuestHouse]

On the advice of my employers tax advisors I do not have an offshore account, I simply completed a form declaring myself off shore and my UK highstreet bank and building societies no longer deduct tax from my accounts.

Simple as that.

[JAS21]

On the advice of my employers tax advisors I do not have an offshore account, I simply completed a form declaring myself off shore and my UK highstreet bank and building societies no longer deduct tax from my accounts.

Simple as that.

I cpuldn't find a UK bank giving 6.5%+, you must be lucky.

[PattayaParent]

If you remain a resident of a EU country or even just use a UK (EU) adress for the accounts then the bank will either wihold a 'witholding tax' (20% but to rise to 30%) or you have the option that they advise your tax authority of your accounts and interest accruals.

To avoid this you can set the accounts up using your Thai address, for which you have to provide proof.

[pontious]

On the advice of my employers tax advisors I do not have an offshore account, I simply completed a form declaring myself off shore and my UK highstreet bank and building societies no longer deduct tax from my accounts.

Simple as that.

I cpuldn't find a UK bank giving 6.5%+, you must be lucky.

Very very lucky

[Oswulf]

On the advice of my employers tax advisors I do not have an offshore account, I simply completed a form declaring myself off shore and my UK highstreet bank and building societies no longer deduct tax from my accounts.

Simple as that.

All UK income is subject to UK taxes. If your UK-derived income is less than the personal allowance (GBP 5,225 for 2007/8) then having an on-shore account and completing form R85 is a reasonable approach. However, you are potentially faced with having to complete a UK tax return every year, which is a pain.