Are There Any Offshore Accounts With Atm Cards ?

[penbat1]

I suspect that there are no Offshore accounts with ATM cards, unless you know different. I think it is because the Inland Revenue have told them not to as it is considered that offshore accounts with ATM cards are widely used for tax evasion. This is one disadvantage of offshore accounts.

[Ologhai Jones]

I suspect that there are no Offshore accounts with ATM cards, unless you know different. I think it is because the Inland Revenue have told them not to as it is considered that offshore accounts with ATM cards are widely used for tax evasion. This is one disadvantage of offshore accounts.

As per this thread, I'm interested in all this offshore account business.

So, offshore accounts can be used to defer tax payments, but that's all, yes?

[OFS Spain]

As per this thread, I'm interested in all this offshore account business.

So, offshore accounts can be used to defer tax payments, but that's all, yes?

Standard Bank in Jersey will offer a Visa Debit Card

[soldintime]

Offshore banks are useful in the following ways:

UK resident - UK domiciled: Interest roll up - you can have your final interest payment deferred. The advantage is that your interest is compounding on the gross interest. Once the Interest is added to your account you will be liable for tax. However your tax situation might be better at the time your interest is getting paid. Most accounts that do deferred interest are only savings accounts so no ATM card. However you can easily move money to a UK account.

UK resident - Non domiiled - interest will only be taxed on a remittance basis. So if you do not remit any of your interest you will not get taxed on that. It is best to have an account with your savings and a seperate account to collect the interest for your savings.

If you look after a good current account with high interest and a cash card look at the bankofscotland international. However no deferred interest payments so not worth the hassle for setting up if you are UK resident and UK domiciled.

Offshore accounts are great for uk non domiciles and britsh expats that want to save in pounds.

I hope this expalins it well.

[penbat1]

Offshore banks are useful in the following ways:

UK resident - UK domiciled: Interest roll up - you can have your final interest payment deferred. The advantage is that your interest is compounding on the gross interest. Once the Interest is added to your account you will be liable for tax. However your tax situation might be better at the time your interest is getting paid. Most accounts that do deferred interest are only savings accounts so no ATM card. However you can easily move money to a UK account.

UK resident - Non domiiled - interest will only be taxed on a remittance basis. So if you do not remit any of your interest you will not get taxed on that. It is best to have an account with your savings and a seperate account to collect the interest for your savings.

If you look after a good current account with high interest and a cash card look at the bankofscotland international. However no deferred interest payments so not worth the hassle for setting up if you are UK resident and UK domiciled.

Offshore accounts are great for uk non domiciles and britsh expats that want to save in pounds.

I hope this expalins it well.

Thanks

For UK offshore accounts, as a UK resident non domiciled in Bulgaria, can you set up direct debits to a foreign current account (such as Bulgaria) and also set up direct debits to UK savings accounts such as Bradford & Bingley eISA and ICICI HISAVE t ?

[soldintime]

Thanks

For UK offshore accounts, as a UK resident non domiciled in Bulgaria, can you set up direct debits to a foreign current account (such as Bulgaria) and also set up direct debits to UK savings accounts such as Bradford & Bingley eISA and ICICI HISAVE t ?

So let me get this straight. You are UK resident but your domicile is in Bulgaria (you were born in Bulgaria or your father was born in Bulgaria). You should use both have a current account and savings account offshore, so you pay no tax on the interest. To transfer money to Bulgaria I would use a foreign exchange company to like currencies direct for instance. You get the best exchange rate.

If you are a UK resident (born in UK) and living in bulgaria for more than 6 months a year, i do not think there is a benefit of having offshore accounts as bulgaria taxes on worldwide income.

Hope this helps.

[penbat1]

So let me get this straight. You are UK resident but your domicile is in Bulgaria (you were born in Bulgaria or your father was born in Bulgaria). You should use both have a current account and savings account offshore, so you pay no tax on the interest. To transfer money to Bulgaria I would use a foreign exchange company to like currencies direct for instance. You get the best exchange rate.

If you are a UK resident (born in UK) and living in bulgaria for more than 6 months a year, i do not think there is a benefit of having offshore accounts as bulgaria taxes on worldwide income.

Hope this helps.

Thanks. To explain myself better. I am currently UK resident and planning to permanently emigrate to Bulgaria in a year or two. I am getting conflicting noises from UK banks and building societies about whether i am allowed to keep an existing UK current account after I permanently move to Bulgaria.

[soldintime]

Thanks. To explain myself better. I am currently UK resident and planning to permanently emigrate to Bulgaria in a year or two. I am getting conflicting noises from UK banks and building societies about whether i am allowed to keep an existing UK current account after I permanently move to Bulgaria.

If you want a good offshore current account go for the Bank of Scotland International. They have the highest interest rates on current and they operate just like a UK bank would with sortcode and bank account number. This is probably the best way if you want to keep some pounds and have still some UK expenses to cover.

Good thing is that Bulgaria just announced a "flat Tax" of 10%. It looks like your savings will not be taxed that much as they would in the UK.

http://www.iht.com/articles/ap/2007/07/31/...-Tax-Reform.php

Edited August 6, 2007 by soldintime