A survey by Alliance and Leicester International has found that nine out of ten expatriates do not have offshore savings accounts, and are not making the most of their savings. The research showed that 82% hold savings in their host country, 56% hold savings in the UK, but only 10% hold savings offshore. When asked how they would choose an account, over half of respondents said that they would consult a financial adviser; forty one per cent said that they would talk to their existing bank, forty per cent said that they would look at financial websites and 30% would consult financial magazines and newspapers.
Our view
Not all expats should have "offshore" bank accounts. Some should and others not, it depends upon the country that you live in and your personal tax position and residency status. Contact us for advice.