Offshore Banking
What does Offshore mean?
Offshore is often used to describe financial activity that takes place within the regulated environment of jurisdictions such as Jersey, Guernsey and the Isle of Man Financial Services centres.
An offshore financial centre is often an independently governed small jurisdiction where tax rates are low for residents and local business, including banks, however often non existent for non resident savers.
Many offshore centres, like Jersey, Guernsey and the Isle of Man are well regulated, politically, economically and fiscally stable financial centres.
Bank of Scotland International
At Bank of Scotland International we understand that there may be a number of reasons to bank and save offshore:
- You may have particular financial needs that your domestic or international bank may not be able to meet.
- You may regularly travel to or work in other countries, or are constantly relocating and need different things from your bank. You might want to save in different currencies and transact regularly in a foreign currency. If you've been posted overseas in your job your income and tax liabilities will probably have changed, in which case this could be a golden opportunity to build up your wealth. We have several savings and investment options to offer you.
- You are a foreign national living and working in the UK.
- You are a UK resident interested in offshore banking. Bank of Scotland International is the offshore business of the UK's largest savings bank.
- You may be considering retiring or are already retired overseas and may find saving offshore benefits your lifestyle.
One of the primary advantages of banking and saving offshore is the potential tax benefit. Interest is paid gross of tax* allowing you to benefit from your individual circumstances. Tax neutrality means you can manage and plan your own tax affairs. You may be interested in taking advantage of potential financial planning opportunities that working or living outside of the UK brings. Of course, if you’re liable to pay tax elsewhere, it will be your responsibility to declare the interest to the relevant authorities.
Planning is essential. We could help before you leave your home country, when you arrive in your new country and when you move back to the UK. Tax planning can be complex and we would always recommend independent tax advice.
Whatever your reasons, our offshore banking products and services are designed to help you manage and grow your wealth. At Bank of Scotland International we have built up a reputation for innovation and taking a partnership approach with our customers. We look at things differently.
Convenient offshore banking and savings
Banking offshore with Bank of Scotland International means that you can:
- Take advantage of saving and transacting in various currencies
- Have financial planning to suit your individual needs
- Enjoy easy, worldwide access to your money. When you're living and working overseas, you'll want to be able to manage your finances, by phone or online, wherever you are in the world.
- Access savings and investment solutions that can help you grow and protect your wealth
Security and stability
As the economy and currency of some countries can be unstable, it can be wise to place your money in a secure offshore financial jurisdiction. Bank of Scotland International is based in Jersey, Guernsey and the Isle of Man: three highly regarded and secure financial centres.
Tax efficient offshore savings and investments
- Interest on our offshore banking and offshore savings accounts is currently paid without deduction of tax*. Residents of the European Union should read this information.
- There may be other tax benefits: jurisdictions such as Jersey and the Isle of Man do not have inheritance or capital gains taxes, or death duties (Probate will be required)
- We are the offshore business of Bank of Scotland, the oldest UK clearing bank established for over 300 years and we pride ourselves at looking at things differently.
- Jersey, Guernsey and the Isle of Man are politically, economically and fiscally stable financial centres.
*Gross - the rate of interest paid without deduction of tax. Please note that you must declare any interest earned to the income tax authorities in your country of residence.
