Offshore Banking
An offshore bank account (also known as an overseas or non-resident account) is one you open in a country or region other than where you live. While the term may have originated from the Channel Islands being geographically “offshore” from the UK, nowadays it can be used for any bank account that offers similar advantages.
An offshore account allows you to make and receive payments, hold money, and set up savings and investment accounts in at least one foreign currency, and sometimes in multiple currencies.
Some of the more well-known locations that offer non-resident accounts include:
- Channel Islands
- Dubai
- Isle of Man
- Hong Kong
- Mauritius
- Singapore
- Switzerland
The setup fee for opening an offshore bank account is usually between £550 to £1,250. This depends on the bank and the jurisdiction o’course.
If you’re thinking about offshore banking, St. James Group are able to assist you for all your requirements.
Please don’t hesitate to contact us for any further details.
