If you are considering working abroad or even moving some or all of your savings and investments offshore, you are entering a very complex area of financial planning and it is recommended that you take advice before embarking on your course of action.

For individuals who are non-UK resident, offshore savings accounts offer interest free of UK tax, although tax may be due in the country of residence. This normally gives them a better rate of interest than their onshore counterparts. For as long as you keep your funds offshore, and so long as you don't make withdrawals while a UK resident, your money will remain free of UK tax.

Keeping your money offshore can be a good option if you are planning to retire overseas. The tax position in the country of residence must always be fully looked into.

Also, with an offshore bank account you have a choice of different currencies - useful if your overseas salary is not paid in sterling. Offshore savings accounts can be bond, term, immediate access or notice accounts.