Offshore Finance Guide Continued

Money funds come in two forms: either they pay out income (distribution fund) or the income is ploughed back into the fund (accumulation fund).

Mortgages
Loan secured on a property that you purchase. Offshore banks including Abbey National International and Royal Bank of Scotland International specialise in expat mortgages, eliminating the premium many expats have to pay when finding a mortgage.

Non-resident
If you leave the UK to work full-time abroad, you are treated as not resident and not ordinarily resident, provided you meet the following conditions:
c Your absence from the UK and your employment abroad both last for at least a whole tax year (April to April) During your absence any visits you make to the UK total less than 183 days in any tax year, and - the length of each stay, on the average, is less than 91 days per tax year. (The average is taken over the period of absence up to four years. Any days spent in the UK because of exceptional circumstances beyond your control, for example the illness of yourself or a member of your immediate family, are not normally counted for this purpose.)

Offshore Finance Guide Continued - Conditions

(Source: UK Inland Revenue).

Offshore Finance Guide Continued - Offshore Company

Useful for those who wish to ‘distance themselves’ from their assets, but coming under scrutiny from onshore governments who believe they are frequently being used to evade tax. Useful website for the legal uses of offshore companies is www.ocra.com.

Offshore fund
A fund that is domiciled offshore and pays income either free of tax or at a cheaper tax rate than onshore centres.

Offshore Finance Guide Continued - Offshore Trust