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Guide to Offshore Banking and International Accounts

The advantages of an offshore bank account to an expatriate living in Cyprus with information on the services offered, opening and managing the account.

An offshore bank account is one typically located in a low tax jurisdiction that can be advantageous on financial and legal grounds.

A key benefit of having an offshore account is the potential to receive interest without tax being deducted
In addition, offshore banks can provide access to politically and economically stable jurisdictions which may be an advantage to those living in volatile countries

International Accounts

International accounts are offshore accounts usually suitable for expatriates who travel abroad regularly or require banking in a particular currency. They aim to support international lifestyles.

Most accounts are available with debit cards in different currencies, including sterling, US dollars and euros. Accounts can often be accessed 24 hours a day, 7 days a week via telephone and Internet banking services. A dedicated relationship management team, experienced in dealing with the needs of international customers, should also be on hand to answer any account queries.

The account may also include a range of added value benefits. A referral to an international tax expert is a useful benefit as it allows expatriates to make the most of their tax status.
Other benefits can include discounted travel and health insurance, free country profiles, lifestyle service plus much more.

In addition to offshore accounts international mortgages are also available. Some institutions are now able to provide lending into popular expatriate (and holiday) destinations, greatly easing what can be a daunting process in some countries.

Opening an Account

The process of opening an international account varies from bank to bank, but can usually be done from the country of residence via post, Internet or, if the bank has a local presence, from their representative office.

International banking has always been very important to expatriates but, with new innovations being added all the time, it is becoming increasingly popular too.

Peter Hughes, Cyprus Regional Manager, Lloyds TSB Offshore Ltd.
Lloyds TSB Offshore Limited. City House, 3rd Floor, 6 Karaiskakis Street, CY-3032 Limassol, Cyprus. Tel: (+357) 2550 3190 Fax: (+357) 2550 3192
www.lloydstsb-offshore.com/international
Lloyds TSB Offshore Limited is registered in Jersey. Company Registration No. 4029. Registered Office: PO Box 160, 25 New Street, St Helier, Jersey, JE4 8RG. The Cyprus branch of Lloyds TSB Offshore Limited is registered as an overseas branch under the Cyprus Companies Law Cap.113 with the registrar of Companies, Registration No. AE 2162 and is authorised by the Central Bank of Cyprus to conduct banking and investment business.