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Recent Instructions

  • UK Nationals based in the Cayman Islands seeking finance of £700,000 to assist with the purchase of two North London apartments on a buy to let basis.

  • New Zealand based client with property in London valued at £450,000. Seeking refinance and equity release to purchase New Zealand residential property for own occupation - £250,000

  • Singapore based Lawyer seeking finance for refinance and equity release on existing UK property to purchase additional investment property - £400,000

  • Expat based in China seeking a refinance of UK property valued at £235,000. Existing lender would not renew as borrower no longer UK resident.

  • Singaporean clients looking to purchase London property at £450,000 for rental investment opportunity. Loan required of £300,000

  • Self employed UK National based in Malaysia seeking finance of £1.925m to assist with the purchase of a Central London residence.

  • UK Expat based in Moscow looking to relocate family back to UK. Seeking mortgage at 80% of purchase price.

  • Clients based in Sri Lanka seeking finance of 80% to purchase apartment in Bristol for their daughter whilst studying at university.

  • UK National from Scotland with flat based in Glasgow. Living and working on a yacht in the Caribbean seeking mortgage of £70,000 to refinance current mortgage from onshore lender.

  • Channel Islands resident with commercial property based in London valued at £2m. Property owned by SIPP and placed in offshore company with equity release to beneficial owner of £500,000

  • Existing client (UK Expat) based in Brunei looking to purchase a third property back in the UK for £300,000 on a buy to let basis. Finance raised on an interest only basis over a 10 year term.

  • UK clients based in the RoI seeking finance to purchase a small portfolio of UK properties taking advantage of depressed market prices. Total funding requirement £925,000 approved over a 20 year term.

  • Purchase of 4 North London apartments for £1m for wealthy African family through a BVI company which is in turn owned by a Trust administered in Switzerland. Finance approved at 3.14% for a 20 year term.

     

Why Bank Offshore?

The benefits of doing business offshore will largely depend on your own personal situation although the motivation for individuals (particularly expats) and corporations to utilise offshore planning, funds and corporations are, among other reasons, driven mainly by the following:-

  • Reduce tax through legitimate structures (and not tax evasion)
  • Protect and enhance assets
  • Maintain privacy and confidentiality
  • Manage risk and
  • Reduce costs

In the menu above, we give you a list of some of the more popular jurisdictions in which to do business and, if you are contemplating company formation, why it is important to register a company in a more well regulated jurisdiction. You'll also find some useful information about the benefits of banking offshore and other related information.

There can be any number of reasons to bank offshore. Apart from security, confidentiality and the banking practicalities for UK and non UK Nationals, the most common reason is taxation and the potential benefits enjoyed by the lower taxes in an offshore jurisdiction.

Depending on whether you are a UK or non-UK National and your own personal circumstances, banking offshore may provide you with any of the following advantages:

  • Savings and Investments
    Interest is paid gross on savings and investments that are held offshore and you may pay a reduced amount or no UK income tax on income from those savings and investments, unless that income is transferred into the UK.
  • UK Inheritance Tax
    Exposure to UK Inheritance Tax may also be reduced by transferring assets offshore. If investment property is involved, you may wish to purchase via an offshore company or trust.
  • Income Tax Liability
    If you retain the capital offshore you only pay income tax on interest remitted into the UK but not on the capital.
  • Capital Gains Tax
    If assets are held outside the UK, you may avoid UK capital gains tax on the sale of non-UK assets unless you transfer the value of these gains into the UK.

To find out what the potential benefits are, talking to your Accountant or Independent Financial Advisor and obtaining the appropriate advice should be your very first step. If you are a UK expat, another good starting point is the Inland Revenue as understanding the UK tax system is vital to ensuring you make the right decisions.

A Word of Advice...

Make sure that the jurisdiction you select is politically and economically stable. You should also ensure that the jurisdiction in which you choose to establish your banking business has a sound financial infrastructure and is appropriately supported by the professional services that you require.

Banks will want to make sure the jurisdiction in which your company and/or trust has been established to ensure it is reputable and well regulated and may or may not accept your business accordingly. Thus reputation, image and profile of the jurisdiction play a vitally important part.

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