Offshore Bank Accounts

Offshore Bank Accounts

Offshore bank accounts can give potential tax advantages in some countries where you are no longer resident in your home country.   In the UK, for instance, some taxes are due only on a remittance basis if you are not resident.  Thus you can defer tax liabilities by holding the funds offshore until you return home and need the funds.  They can also provide you with a secure environment for your funds if you are working somewhere with a less secure banking environment.  Offshore accounts can also be convenient by having an account in a location that does not have to change every time you move from one expat location to another.

US citizens gain less advantage as they remain liable on their worldwide income and have to report annually on all international accounts held