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The first thing to note about having an offshore banking account is that, contrary to popular belief, it is entirely legal in the UK if done properly.

Not only that, but it is one of the most sensible things you can do with your money, and can make a great investment.

Why do people have offshore bank accounts?

The vast majority of accounts are set up when people emigrate to another country, and transfer their bank account from one bank to another, usually one associated with the original company for administrative ease. The reason for transferring from an account in your native country to one where you now reside is mostly down to pure practicality. However there are a number of tax advantages to moving to an offshore bank.

Offshore banks do not currently charge tax to their customers, although it is believed that this may not be the case for too much longer. Despite the obvious tax benefits of having an offshore account, it is estimated that only one in three British expatriates take advantage of this facility, and instead choose to keep all their funds in a regular UK account.

How easy is it to get an offshore account?

Any credible offshore bank will have guidelines specifically designed for expats. Many are sister-companies or affiliations of UK banks, so it is worth asking your bank manager for advice if you are planning to move abroad.

To set up an offshore bank account you need to confirm your tax status. If you are not completely certain of this, it is possible to seek assistance from a tax specialist who will be able to advise you. An alternative solution, and one that is significantly less expensive, is to go directly to the Inland Revenue. Once you have informed the Inland Revenue of your plans, you should also advise the financial authorities in the country you are moving to. You may also want to seek financial advice from an independent financial adviser, either one based in your new county of residence or one based in the UK. If you are relocating with work, your employer should be able to assist with some of the above or at least point you in the right direction.

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