Are offshore bank accounts the best solution for expat professionals

Whatever your motivation for moving overseas, getting an offshore bank account is the sensible option.

In the main, offshore bank accounts aren’t just for money launderers, tax avoiders and the seriously wealthy as they make good sense for expats working overseas as well as for retirees. If you’ve relocated for work reasons and are being paid a salary in excess of your needs, they’re an essential part of your financial planning strategy. For example, expat professionals living and working in the UAE who simply store their extra cash in a local account aren’t even keeping up with the inflation rate due to the region’s poor interest rates. For regular savers, banking offshore gives access to significantly higher rates.

For expats working in the emirates, offshore bank accounts provide a means to grow and accumulate savings in a tax-efficient location. They’re also a preferred option for foreign professionals working for international firms, as relocating to different world locations needs a static, easily accessible bank account.

The vast majority of offshore jurisdictions operate a transparent, highly regulated environment as well as a level of protection via a deposit compensation scheme and an added cushion against currency fluctuation. In addition, inheritance planning is easier if the majority of financial assets are held offshore, as instructions in expat wills are protected from compliance with laws of other countries which might well interfere with the deceased's wishes. This last is especially relevant for those living and working in the Gulf States and other Muslim countries.

Expat professionals working in the UAE will be used to the emirate’s service-led culture and its convenient access to what’s needed at any time. The same ethic applies to offshore banking, giving 24/7 access to your funds wherever you’re located at the time. UAE banks offer joint on/offshore account viewing, relationship managers and internationally accepted debit cards, and accounts can be set to automatically pay bills in the home country as well as travel and everyday expenses. All told, offshore is the right location for overseas expats’ banking needs.