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Why open an offshore bank account
Many expatriates seem to wonder if they even need to set up an offshore bank account, thinking they can get away with using an account based in their home country combined with a local account in the country they’re going to live in.A recent survey found that 79 per cent of people fail to consider banking needs before they move abroad; 58 per cent say this is because of a lack of understanding of how offshore bank accounts actually work.

There’s no denying that it is possible to live with a combination of a bank account back home and one based in your foreign country of residence. The problem with doing things this way, however, is the lack of true international reach on the par of the banks concerned.

Put simply, a combination of national regulations and the banks own limited systems means it is highly unlikely that a 'home-country local' banking package will be operable wherever you are in the world. It may be fine to do things in this way if you are going, say, to retire to a foreign country and barely set foot outside it again.But for anyone who may find themselves traveling at all frequently, a properly designed international bank account is pretty much a necessity if you want to avoid a lot of hassle.

For a start, you usually won’t be able to access your account details around the world if it is a national package. If you think you can simply walk into an office of your high street bank in Dubai and transact on your home country account, you might find yourself cruelly disabused.

Next : maintaining a home-country local banking service will mean missing out on all the tax advantages of using an offshore account, which will accrue to you automatically through gross payment of interest. In addition, the bigger offshore banks also provide a host of overseas services useful to expats, the most useful of these being multi-currency capabilities, internet banking and tax advice.

It should be straightforward to talk through your circumstances with a bank to help you determine which account would be best for you to open. It will depend on where you are going to and what currency or combination of currencies you are being paid in. It is easy with most large offshore banks o open one account in US dollars, and another or others in euros or sterling.An expatriate may need to continue to pay into investments or pensions, to keep paying a mortgage, or support parents or children. By opening offshore euro and sterling bank accounts they can easily transfer the money they earn in, say, Malaysia for example, with an international payment of their sterling account in, say, the Isle of Man (IOM).

By doing this they can also choose the best time in terms of the exchange rate between the currencies to transfer money into the IOM account. It can also be used to set up direct debits and standing orders as you would do from home.This would mean that you really don’t need to use your home-based current account, but you may wish to keep it open for visits home and for a possible eventual return.

You will also need to set up a local account for your everyday business. This will also be needed to pay any utility bills in your new country. Hopefully, by planning you will be able to find a good balance between all you accounts and take advantage of tax-free savings.Offshore accounts vary from high-interest accounts suitable for making the most of your money abroad to more basic accounts offering everyday functionality. It will pay to scout around and spend a little time doing your homework to find the best account before beginning your new adventure.

Finally: Before opening your first offshore bank account, it is important that you find out what the local tax situation is. In some countries, for example, individuals are taxed on their worldwide income, in which case having an offshore account is not going to do you any good.Before you go away, it is essential to look at several banks to establish what kinds of accounts are available and assess them against you ultimate savings targets.

New Expatriate

“I am looking for advice on a good High Street bank account to put a lump sum of money following sale of a house and business and a move abroad" If you are moving abroad for anything more than the very short term then the 'High Street' you are looking for is probably located in the Isle of Man, Jersey or Guernsey.
If you leave your money in a UK bank account (no matter how good idea it is) any interest you can earn will have income tax deducted from it unless you take the appropriate steps, even then do you really want the tax man knowing what you have when he doesn’t have the right to? You also may not be able to recoup any tax once it is gone, even though as a UK non-resident you are not liable to pay it.

If however, you keep your account 'offshore' with a bank located in the Isle of Man, Jersey or Guernsey, no taxes will be deducted from any interest you earn. For the offshore accounts paying the best rates of interest, speak with a Three Sixty Financial Inc adviser today.


We all have a requirement for cash in the short term, either for day to day expenses or even small capital purchases and holidays, however higher cost items or special events require planning. Savings in a bank are great for the day to day items or as an offset to your holdings in other riskier assets but for longer term savings of 4 years or more, one should look at more structured options. Regular saving plans are a great way to save and invest from your monthly/quarterly disposable income to produce a capital sum for a future event or goal.
These plans provide a cost effective investment into a wide range of asset classes via unit trusts, or funds as they are more commonly known. These funds provide access to different assets and through this diversification you can outperform cash savings and reach your goal quicker.

What is cost averaging and how will it help me?

Volatility in the various investment markets produces short or long term peaks and troughs; by investing regularly each month into these markets as they rise and fall you can actually benefit from these fluctuations by averaging out the purchase cost to produce a greater return than may be achieved from trying to time the markets.
Emotions play a negative part in investing; by taking the emotion out of the process we take advantage of the markets natural gyrations to produce a better gain in the longer term. Initially we construct a portfolio based on your chosen risk preference, the time you want to invest over and the desired return you need in line with your growth objectives.
Premiums will then be spread over the portfolio each month, with regular reviews to make adjustments to the type of funds you invest in to either lock in gains made or seize opportunities as they arise.

There are a multitude of products available with special offers that run from time to time so speak to a qualified Three Sixty adviser to find out what is the most suitable for you.

Retirement Planning

Planning the longest vacation of your life can sometimes be a daunting prospect, when in reality it should be the most exciting plan you have ever made. Start as early as you can! A lot of people leave planning for their retirement too late and miss out on the compound returns in the early years which make life a lot easier as they get nearer to retirement.

ou should aim to be well on target at least ten years prior to your retirement date, so that you can then look forward to all the things you have waited and planned for rather than worrying that you will need to continue to work in order to have enough to survive on during your retirement years.

The cost of delay, what does 5 years procrastination actually cost you?

A client starts a retirement plan at age 30 with the aim to retire at 55; by saving USD500 per month, at an average return of 10% this produces USD544, 000 at retirement.

The same client five years later starts a retirement plan at age 35 to retire at 55 saving USD500 per month, at the same rate of return this produces USD320, 000 at retirement.The cost of delay represents USD224, 000 or an annual income difference of USD12, 000

In order to achieve the first retirement pot but with the within the reduced period of time the client would need to save an additional USD347 per month.Speak to a qualified Three Sixty adviser to obtain a retirement analysis; if a shortfall exists we will help you get back on track to a comfortable retirement.

School Fee Planning

The cost of School Fees have been on the increase for some time now, with the cost of private education rising by 7% per annum for the past three years.Currently the average cost of School fees is approximately USD 18-22,000 per annum for Junior / Preparatory school, and USD 25-31,000 per annum for Senior School (both on boarding terms).
In addition to this you will also need to take into account the cost associated with a University education.Full time education will account for between 15%-20% of your Childs life, and can be quite a financial drain if you plan on funding this out of your ordinary income. Taking into account inflation, the total cost of educating your child could be well over USD 400,000. How would you be able to fund this commitment out of ordinary earnings without planning ahead? Do you have any measure in place to fund the cost of full time education?
At Three Sixty Financial we can create a solution for you, tailored specially to your current needs and requirements regardless of whether you have little or no current savings at the moment.We can put in place arrangements whereby you can save sufficient funds to ensure that you will always be able to comfortably afford the cost of your Childs education without a problem.
For example in order to save USD200,000 to cover the first few years of your Childs education, you would need to save USD20,000 per annum for seven years, or invest a lump sum of USD45,000 combined with a regular savings of USD1,000 per month for seven years (both examples assume an annual growth rate of 7%)As your earnings increase you can increase your savings accordingly to meet with the ongoing and increasing cost of Education and ensure that you give your child the best possible start in life.

Three Sixty Financial Inc can create a highly tax efficient and cost effective solution that will be flexible enough to meet with your own specific requirements and fit in line with any other investments that you may have.


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