What is offshore banking?
Put simply, offshore banking is setting up an account - or accounts - with a financial institution that is based outside the jurisdiction of the UK.
An international bank will offer many of the same services as its high-street counterparts, including current accounts and savings accounts as well as currency solutions.
Britannia International is based in the Isle of Man, which is widely regarded as one of the leading offshore financial jurisdictions in the world.
We specialise in offshore savings accounts and offer options ranging from fixed-rate interest products to instant access and regular savings accounts.
Who can use offshore banking services?
Who can open an offshore savings account?
As a general rule, offshore savings accounts are suitable for Residents of the Isle of Man and Channel Islands, people who have relocated overseas or who are planning to move overseas, UK residents who are citizens of other countries and High-net-worth individuals, who require their interest paid gross.
Anyone can be eligible to set up an offshore bank account and depending on your circumstances; you could find that it is very useful.
Expatriates - or expats - often use an international bank because it makes it easier when dealing with financial matters in a foreign country.
As well as having a team of professionals on hand to provide assistance in English - rather than having to deal with a foreign language - you will also be able to access your money from wherever you are.
Opening an expat offshore bank account for your savings can also mean that you do not need to convert all your money into a different currency, which could see you lose out due to fluctuating exchange rates.
The Isle of Man - a stable offshore banking environment
Isle of Man offshore banking - such as that offered by Britannia International - is simple to access and the jurisdiction is considered one of the most stable in the world.
Another advantage to choosing offshore bank accounts in the area is that there is a compensation scheme set up to protect consumers.
The government in the Isle of Man has established the Depositor's Compensation Scheme (DCS), which will provide some remuneration in the event that the bank you have opened an account with fails.
Under the DCS, an individual depositor could be eligible for up to £50,000 in compensation should a financial institution collapse.
The jurisdiction also has its own Financial Supervision Commission that is tasked with overseeing all the banks on the island and enforcing the regulations in place.
All about Britannia International
As an offshore subsidiary of the Co-operative Bank, you can rest assured that Britannia International is a reputable and ethical institution.
Just like our parent company, we aim to provide you with an ethical option for banking and saving offshore, whether you are looking for expat banking services or want to take advantage of the competitive rates attached to one of our savings accounts.
Our extensive experience in the sector means that you can be confident that your money is in safe hands if you choose to bank with us.
Call us on 01624 681100.
If calling from overseas,
call +44 1624 681100.
Answerphone outside office hours.
Click here to apply online.