Offshore accounts 'could help expats make the most of their money'
27/10/09 16:16
Keeping money in an offshore account, as well as some in their new place of residence, may be the best way for expatriate retirees to help their savings go further, says a financial expert.
According to migrant advice website Shelter Offshore, banking arrangements when moving overseas can be surprisingly straightforward.
Keeping an account open in their previous country of residence suits pensioners for a number of reasons, it noted.
Those who may want to return home will find it easier to repatriate if they retain existing financial links, while others may have commitments at home, or prefer to keep the majority of their money in a more stable banking system, explained the finance specialist.
Anyone hoping to be officially recognised as a citizen in their adoptive country may, however, choose to close down existing accounts in a bid to become domicile in their place of residence.
An earlier report by Shelter Offshore suggested rising taxes for British high earners is driving more wealth abroad.
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