Wealth Management Expert Says UK Retirees Could Benefit From Going Offshore

by Jason Gorringe, Tax-News.com, London

08 November 2001

Earlier this week, a leading offshore wealth management expert offered a ringing endorsement of offshore investment and banking for UK citizens considering retiring overseas.

Speaking to Thisismoney.co.uk, Terry Crawford, head of the wealth management department at HSBC International explained: 'I cannot think of a situation where expats would not benefit from having the bulk of their wealth offshore.'

With the uncertain economic climate, offshore banks, in common with their onshore parents, are diversifying in an attempt to attract more business, and Mr Crawford, who is based in Jersey, believes that it is time for the industry, particularly in the Channel Islands, to shed its 'elitist' image.

'There is a perception that offshore banking is only for millionaires,' he observed. 'That is wrong. We offer a full banking and savings service to anyone with assets of about £50,000 upwards. Most of those retiring abroad would fit into that category.'

According to Mr Crawford, in addition to the possible tax advantages and higher returns on offer, offshore banking and investment also provides a degree of peace of mind for former UK residents who have chosen to retire abroad, as the overwhelming majority of offshore banks allow expats to keep their assets in a variety of 'hard' currencies (sterling, US dollars, euros, etc), which can reduce concerns about varying exchange rates.

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