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Offshore Banking


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Be careful with the difference between residency and domicile. I have a UK passport but live abroad all year (working in europe 6 months, living in thailand/oz 6 months). Last time I tried to get my tax situation sorted out four accounts refused to advise me so I downloaded te doco from the inland revenue. According to them you are 'resident' in the UK if you are not officially resident anywhere else. Resident means granted a residency permit. Having a house in thailand allows me to declare that I am resident in the UK but domiciled in thailand. In theory this means that I can get an interest account offshore and not pay tax on that interest on that money unless I actually move it into the UK, same with earnings.

This is in theory, in practise I avoid paying tax by maintaining their view that I am resident in the middle east (which i was for a while) and the interest my business account in the IOM attracts is only something like 90 pounds per month so I don't really need to worry about that having WHT applied to it.

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  • 2 months later...

Guest endure

Get yourself a Nationwide Flexaccount then get yourself a Nationwide Offhsore account in the Isle of Man.

Edited by endure
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