# Tax Free Offshore Options



## Eamon (Mar 5, 2009)

Does anyone have any suggestions for keeping funds outside of UAE, offering good growth / tax free and online services ....does such a thing exist anymore??


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## Jumeirah Jim (Jan 24, 2011)

if you're UAE resident there is absolutely nothing dubious at all about it. It's totally legit despite what the Daily Mail may allege when it's short of "news". 

Most international banks here offer offshore Jersey or IoM accounts in GBP/ USD /Euros

Both Jersey and IoM are fine imo but someone here will no doubt tell you one guarantees £5k more than the other against bank collapses so is the only one to consider.

good growth is a far tougher question...


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## DanWatson3 (Sep 12, 2013)

Hi Eamon,

I am sure you have had plenty of responses to your thread, but if you are still looking to place money off shore I have some suggestions if you would like to PM me.

Regards,

Dan


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## Eamon (Mar 5, 2009)

DanWatson3 said:


> Hi Eamon,
> 
> I am sure you have had plenty of responses to your thread, but if you are still looking to place money off shore I have some suggestions if you would like to PM me.
> 
> ...


Hi Dan...replies not many I'm afraid, and cannot PM you, as you are a new user.


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## ElCalvo (Jan 26, 2013)

DanWatson3 said:


> Hi Eamon,
> 
> I am sure you have had plenty of responses to your thread, but if you are still looking to place money off shore I have some suggestions if you would like to PM me.
> 
> ...


why not share it so other people can get a better understanding / use it ? guess that is the purpose of a forum (or am I being blond here ?)


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## vantage (May 10, 2012)

...


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## sammylou (Oct 29, 2012)

Eamon, there are many options, easily you could set something up with HSBC or other large bank. often the issue lies in their minimum balance requirements and large fees. 

if you are looking for something self directed then i highly recommend interactive brokers. you can set up a global account that is based in the US [so offshore to both here in Dubai and UK]. everything is online and the fees are very reasonable.


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## Canuck_Sens (Nov 16, 2010)

ElCalvo said:


> (or am I being blond here ?)


How can that be with a nick El Calvo ? makes one wonder!!!!


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## ElCalvo (Jan 26, 2013)

Canuck_Sens said:


> How can that be with a nick El Calvo ? makes one wonder!!!!


ahahaha ... ok ok ok .... I used to be blond before I became very calvo


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## bowsher260 (Dec 28, 2011)

Guys offshore banking is only worth it if you are sending enough money home and the interest on said savings comes close to your tax free allowance. At a 4% savings rate (i wish) you would need to be saving nearly 200k sterling for offshore banking to be worth it, unless of course you are still earning money in uk through rental property or the like. Stick to sending cash to your onshore bank in the uk, i save a modest amount every year and declare it all the hmrc and its all good. Offshore banking is only worth it if you are saving serious amounts if cash, minimum low 6 figures sterling. Just my two cents...


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## Jumeirah Jim (Jan 24, 2011)

bowsher260 said:


> Guys offshore banking is only worth it if you are sending enough money home and the interest on said savings comes close to your tax free allowance. At a 4% savings rate (i wish) you would need to be saving nearly 200k sterling for offshore banking to be worth it, unless of course you are still earning money in uk through rental property or the like. Stick to sending cash to your onshore bank in the uk, i save a modest amount every year and declare it all the hmrc and its all good. Offshore banking is only worth it if you are saving serious amounts if cash, minimum low 6 figures sterling. Just my two cents...


unless you want to keep your $£$£$s out of safe reach of HMRC's grasp..

I don't trust them or the UK govt one inch

Tax rules there change as often as visa rules change here

I know Jersey disclose to HMRC but being one step removed from the evil tax demons helps me sleep easier at night even if I am losing out on 2% or whatever puttiance UK banks are paying over Jersey ones.


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