| Offshore banking services can be a lifeline for | | | | accounts, including notice, no-notice, fixed rate and |
| companies, and are actually much more than ways to | | | | monthly interest savings accounts. Fixed rate offshore |
| launder money, receive the proceeds of ransoms, or | | | | savings accounts offer fixed rates of interest over as |
| evade lawful taxes in your home country, as | | | | set period - an excellent option if interest rates look set |
| Hollywood would have you believe! Here we look at | | | | to fall. However, these accounts should ideally be left |
| some things you may no have known about offshore | | | | until the fixed period is over, as early withdrawals often |
| banking, and how offshore banking in countries like | | | | carry hefty penalties. Your offshore banking services |
| Singapore, Bermuda and the Cayman Islands can be | | | | advisor can help, both with setting up a fixed rate |
| made much easier with help from investment | | | | offshore account, and knowing whether fees and |
| management services and offshore banking services. | | | | penalties will outweigh the benefits of having the |
| It is true that most of those who hold offshore savings | | | | account, in case you need to withdraw early. |
| accounts are the very wealthy - many of these | | | | Notice and no-notice offshore savings accounts have |
| people will have annual incomes greater than a | | | | opposite requirements in terms of what you need to |
| medium-sized business's turnover. However, this does | | | | do to withdraw funds. Notice accounts require you to |
| not preclude small or medium businesses, or indeed | | | | advise the bank in advance of your wish to withdraw, |
| private citizens, from the benefits of offshore banking | | | | otherwise penalties are applied. No-notice obviously do |
| in countries like Singapore. Offshore banking has many, | | | | not require advance advice - but do not carry as high |
| and also incredibly variable, tax benefits. These depend | | | | interest rates. The offshore banking industry in |
| on where your company is located, and where you | | | | Singapore offers a large range of both notice and |
| plan to open an offshore banking account, but have | | | | no-notice products. |
| the potential to save thousands. | | | | If you are looking into offshore banking on behalf of an |
| For companies where travel is an ordinary part of | | | | organization, you may want to consider monthly |
| business, offshore banking can have logistical as well | | | | interest offshore savings accounts. While many |
| as financial advantages. Offshore bank accounts are | | | | offshore accounts pay interest either annually, or on |
| usually multi-currency, and can be accessed from | | | | maturity of agreement, these accounts pay monthly. |
| ports all over the world. Standard bank accounts often | | | | This is a considerable positive for the cash flow of |
| have exorbitant fees for withdrawing money outside | | | | your company, and is also useful for individuals who |
| their usual modus operandi. | | | | are looking to make a regular income from interest |
| The number of loans and investment products that is | | | | payments. |
| available with offshore banks as compared to | | | | One of the most important things to note when |
| standard banks is immense. This gives businesses | | | | considering offshore banking is that it can be nearly |
| more freedom to choose investments that suit them, | | | | impossible to investigate all of the regulations and rules |
| take advantage of trends in other countries, and also | | | | yourself, and that it is highly recommended that you |
| interact more easily with their branches on other | | | | engage professional offshore banking services or |
| continents. | | | | investment management services. |
| There are several types of offshore savings | | | | |