Offshore banking

[frakkinaround]

The vast majority of our investments are currently UK based which strikes us as not being the most tax efficient way of doing it things. I'm not keen to have all our money in one country and would like options of euro/sterling accounts. Does anyone know anything about offshore banking, specifically in the Channel Islands?

We currently have accounts here with HSBC and Nationwide (and a very dormant Lloyds TSB account), Societe General and LCL in France and managed funds (which I plan to leave as they are). Anyone any wise words for me?

[snotexpectingsnow]

Hi sorry but where are you living now?

We have an account in Jersey with HSBC. You have to have - from what I recall GBP5,000 to open the account but deposits can be in any major currency. Their website www.offshore.hsbc.com is quite helpful.

Would probably be worth you seeing an IFA wherever you are if you can as tax implications will really depend on when you left the UK and if you plan on returning and when.

[frakkinaround]

I haven't left the UK officially yet - have maintained an address with my parents and am staying there now. Was in Paris until this September though, but left everything as it was because I couldn't be bothered to transfer investments [lazy emoticon]. Emigrating officially 22nd December and will be in Reunion, slight problem that we don't have an address there yet which isn't a naval base but that should be sorted soon!

That kind of money won't be a problem for a deposit - was worrying they'd expect us to have squillions stashed away! We don't 'plan' to return to the UK for a long time, if ever, but DH2B could get posted there after our 3 years is up, or possibly earlier, to one of the NATO bases.

[Starmummy]

We use HSBC offshore. V effiicient ime. Dont have all my eggs in their basket though . However I would def second snotexpectingsnow and make sure you see an IFA, esp as you are not married yet.

Its also worth making sure you have a very good will in place. As here we are governed by Shari'a law and things can get very complicated.

[frakkinaround]

We will be in less than a month. Was thinking of seeing an IFA anyway, but wasn't sure whether to do that now and in the UK or in France. Anyone any recommendations?

[Drayford]

We are a multi national family with businesses in Europe, UK and Switzerland.

DH uses Cater Allen (owned by Santander) in the UK, they have good advice for offshore and overseas earnings and easily accessed euro and sterling accounts - may be worth trying them, but I use HSBC and Barclays for the UK.

Credit Suisse (despite the bad press they are getting at the moment) have good private banking and investment services in Switzerland (technically offshore if you are
British) but you need to invest quite a bit of money if you are not swiss and need to declare interest earnings to the UK revenue.

Reunion - lucky you!!