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Moving money offshore

asked by Alexis Danum posted 3 Years ago at 23:03
Massively confused about offshore regulation and guidance. Obviously hmrc aren't particularly helpful with this matter, and i have a slight mistrust in advisers as i don't know who to trust or ask. There has just been news of the debacle with Kaupthing Singer & Friedlander where depositors in bonds in the Isle of Man have had extreme difficulty getting compensation, something to do with insurance companies etc. Also how would i ever repatriate money back to the UK if i need it?
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John Smith answered 3 Years ago at 23:50, last modified: 2 Years ago at 14:56
Its actually becoming more and more common for UK investors to move their money offshore. It is possible to buy offshore investment bonds, i believe these are the ones people are having issues with in the Kaupthing case. But you can also move your pension offshore. In recent years the Revenue has got tough on offshore accounts, and as long as you remain resident in Britain you will be taxed on income and gains under UK rules. However, there are some products that can offer advantages to people resident in the UK as well as expats. Generally you will fall into three categories, Expats, planning to retire abroad or planning to stay in the UK. moving offshore has it inherent risks due to jurisdiction and local regulation so whatever you do you'll need to find good solid advice.
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