Offshore Banking Solutions

Seeing Through the Offshore Mystique

Knightsbridge Can Help You Make Sense of Offshore Banking

There’s a great deal of mystery surrounding offshore banking – both in regards to how it is undertaken and what potential benefits it can offer. In reality, there’s nothing mysterious about channelling some of your funds and investments into an overseas bank.

Whatever your reasons, our offshore banking products and services are designed to help you manage, protect and grow your wealth, at the same time as providing a convenient day to day banking service.

Offshore accounts are particularly popular amongst expatriates. An offshore account opens up new investment opportunities and financial planning benefits. You may be looking for banking services that aren’t yet available in your country of residence, or further still you may feel due to the political or economic uncertainty you are uncomfortable keeping large amounts of cash reserves there.

How to Open an Offshore Banking Account

Opening an offshore bank account is a straightforward process. Generally speaking, all that’s needed is the appropriate paperwork and identification documents. In most cases, you’ll also need to be able to demonstrate that the account is not going to be used for illegal activities.

Much more complicated than opening an account is choosing the best location for your purposes. Each jurisdiction has its own set of laws governing the flow and taxation of money within its borders, and that’s without even considering the number of currencies available to bank in.

Guiding You To The Right Offshore Account

It is important to note that overseas banks don’t necessarily have the same protections and safeguards that you expect in places like the UK or the US. This makes it all the more important to establish your offshore account in a highly regulated jurisdiction that promotes transparency. The Isle of Man and Singapore are two such options. With offshore banks in either of these jurisdictions, you can rest assured that your investments are safe and well regulated.

The Advantages of Offshore Banking

  1. You can bank in multiple currencies, which is an advantage to expats with financial commitments in more than one country or currency.
  2. If the country in which you live in has an unpredictable economic climate, by moving your wealth to an offshore bank account you can avoid risks such as high inflation, currency devaluation or even situations as severe as a military coup.
  3. For those expats living in a country where you only pay tax on the money you remit into that country, there is an obvious tax benefit to holding your money in an offshore account.
  4. Offshore bank accounts are usually designed to offer clients flexibility in terms of account usage. Users can benefit from this no matter where they are in the world as it can mean they can access their funds from ATMs, online or over the phone, regardless of time zone.
  5. You may be able to enjoy greater account privacy by moving your money offshore.Jurisdictions such as the Isle of Man take pride in providing client confidentiality. An offshore bank account can be a preventive measure for anyone wishing to protect their assets from unjust behaviour.
  6. Offshore bank accounts can be used as an effective Inheritance Tax Planning tool, along with sound financial advice.
  7. For high net worth individuals, a personal relationship manager can be assigned to your offshore bank account to help you with day to day transactions, investing and tax planning.

At Knightsbridge, we offer a personalised service and ensure that you enjoy round-the-clock access to your holdings. Contact us today to for a free, no-obligation consultation, and to learn more about how we can help you open an offshore account.