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Offshore Savings Accounts Can Offer Valuable Tax Savings

ST PETER PORT, Guernsey, April 30, 2010 - Each year, according to the Institute of Public Policy Research (IPPR), around 400,000 UK nationals move abroad to work or retire. Opening an offshore savings account could bring significant tax benefits once they cease being UK residents for tax purposes.

Firstly, let's get rid of the age old myth that offshore banking is just for the super-rich or super-sophisticated. As Jim Coupe, commercial director, for Skipton International (www.skiptoninternational.com/) in Guernsey comments, "This is just not the case in today's offshore financial environment where choice of product, competitive rates and tight regulations in offshore centres such as Guernsey make it an attractive marketplace for all types of expatriates. With many familiar names in the offshore financial environment such as Skipton International (www.skiptoninternational.com/) Limited, and of course all the main UK high street clearing banks, there is a wide range of products to choose from to suit every facet of expatriate life - from easy access deposit accounts, sterling higher interest notice products and euro or US dollar savings accounts. With minimum opening balances starting at GBP10,000 in many cases, this is not a market the ordinary saver needs to feel excluded from"

For many expatriates the type of banking relationship they are going to need during their time abroad is often not available or not appropriate from the UK high street. Expat customers tend to be retiring with capital, on short-term placements for career development or perhaps on a more attractive salary package (but possibly not the lavish salaries of previous years). Their needs are therefore different and require a different approach. Working expats will firstly be looking for a safe home for sterling or a safe place to deposit foreign earnings. International expatriates will be looking for flexibility and accessibility to match their global lifestyle, while others will be looking for tax planning advantages. Those who are retired will be looking for ways to generate a greater return on their savings, perhaps with a notice account or a fixed term bond.

One of the problems most investors come across once they have moved offshore is how to repatriate their offshore funds.

Sending wires directly back to your home bank account could involve dangerous invasions of privacy, whereas physically going to your offshore bank and withdrawing cash may also breach customs restrictions and invite the risk of theft.

For larger payments, you could ask your offshore bank to wire funds directly to the vendor, but the time and effort this involves would not be appropriate for smaller sums. In this article we look at using offshore credit cards to repatriate funds.

It is widely recognized that the easiest way of spending your offshore money is with an offshore credit or debit card. An offshore Visa or Mastercard will allow you access to your offshore funds from pretty much anywhere in the world. Here are some typical features of offshore cards: -

Offshore Credit Card - almost all good offshore credit cards are secured. This means that along with the offshore credit card application you will have to deposit a certain amount, (usually 100-150% of the credit line), to use one. For a credit line of 10,000USD at 150%, you would need to deposit 15,000 USD for example. Although this means that they are not strictly credit cards, it does mean that credit checks are not required as with most onshore credit cards.

Furthermore, you can expect from an offshore credit card the same privileges as for any major credit card such as cash advances, car rental benefits, insurance, and travel freebies.

Unsecured Offshore Credit Cards - are not issued by offshore banks except to well-known clients. Due to the global nature of offshore banking, credit checks would be too complicated and the risk of non-payment too great.

The vast majority of 'unsecured' offshore credit cards are scams, because such credit lines would simply not be offered without extensive KYC (know your client due diligence). Most unsuspecting investors who are lured into unsecured credit card schemes end up paying an initial card registration fee and then never hearing from the 'bank' or 'offshore service provider' again.

Offshore Debit Card - offshore debit cards function in almost the same way as secured credit cards, the difference being you can only spend what is actually funded on the card. The advantage is that they will offer the same privileges, benefits and worldwide acceptance as a major international credit card.

Calling Expats Everywhere - Make Sure You Have Your Say!

LONDON, April 27, 2010 - This week marks the official launch of Expat Explorer - the largest global survey of expats - where expats from all over the world can have their say about life as an expat and the challenges and opportunities they face living and working abroad.

2010 is the third year of the highly insightful survey, which in 2009 saw over 3,100 expats participate from more than 50 countries across the globe, making it the largest independent survey of expats, worldwide.

This year, HSBC Bank International is calling for even more expats to take part to ensure that their adopted country makes it into the 2010 survey and features in the league tables published in the Expat Explorer reports.

"Expats from a huge range of countries took part in the survey last year but we couldn't feature some locations because there weren't enough respondents to meet our statistical criteria," said Lisa Wood, Head of Marketing and Communications at HSBC Bank International.

"We would love to have them involved in 2010 and that's why we are asking expats from all over the globe to not only fill in the survey themselves, but to also pass it around to any expat friends, family and colleagues in order to make sure that their country doesn't miss out again."

The 2010 survey will continue to take an in-depth look at expat life, examining how this unique group experience new cultures, new lifestyles and, importantly, how they have been dealing with a new financial landscape as the world continues to recover from the global economic crisis. Last year's survey found that a large percentage of expats had been strongly affected by the global downturn, with a higher number in the UK and US admitting that they were considering a move back to their home country.

National Bank of Abu Dhabi Added to Sponsor Roster for Next Week's Latin America Mid-East Investors Forum in Abu Dhabi

ABU DHABI, United Arab Emirates, April 21, 2010 - The National Bank of Abu Dhabi is the newest sponsor of next week's Latin America Mid-East Investors Forum, a move that reinforces the growing bond between Latin America and the Middle East in a number of areas including agribusiness, real estate, infrastructure, oil, renewables and more.

The Forum takes place this coming Monday and Tuesday, April 26th and 27th, at the Fairmont Bab Al Bahr in Abu Dhabi, and features senior-level executives from Latin America's corporate and investment community, as well as public sector leaders such as the Brazilian Development Bank (BNDES) and the head of Public Credit for the Republic of Mexico.

Registration to the forum is nearly full, with a few seats left for qualified institutional investors representing SWFs, family offices, asset managers, private equity and direct investors, and high-net worth retail investors. Registration for these delegates is free of charge and must be confirmed before the event starts.

Press is also invited to attend and cover the event at no cost. Visit www.latinfinance.com/la-meif or contact Alex Rubin on
arubin@latinfinance.com, +1-305-357-4216, to register.

UNI Global Union: Bank workers Demand Their Rights at Demonstration in Frankfurt

"Fair Banking Advice? Fair Working Conditions? NOW!"

European bank workers demonstrated in front of the headquarters of the European Central Bank in Frankfurt this past week to call for a radical change in the sales practices of financial service providers.

UNI Finance Global Union, German union ver.di, bank workers and representatives of finance unions in Europe are in Frankfurt as part of the global action week organised for bank workers to share their stories of unscrupulous sales pressure from banks.

Under the motto "Fair Banking Advice? Fair Working Conditions? Now!" finance workers across the globe will join the push to change what is a global problem for bank workers.

Actions have been arranged in many countries, including France, Iceland and Australia.

"An HSBC bank worker from Latin America reported she had to work from her hospital bed to bring in half a million US$ in a week to reach sales targets and save her chance of promotion," said Head of UNI Finance Oliver Roethig. "Banks cannot continue to make profits through these practices; it's immoral."

UBS Client Pleads Guilty to Tax Fraud

A wealthy client of the Swiss bank UBS pleaded guilty on Monday to tax fraud, the ninth American caught up in an investigation of the bank's offshore private banking services, The New York Times's Lynnley Browning reports. The bank client, Harry Abrahamsen, of Oradell, N.J., pleaded guilty in Federal District Court in Newark to one count of failing to file proper disclosures on his UBS offshore accounts with the Internal Revenue Service, according to court papers filed in the case.

According to court papers, Mr. Abrahamsen used a sham offshore corporation in Panama known as Primrose Properties S.A. to help hide his UBS accounts.

http://dealbook.blogs.nytimes.com/

BVI residents defrauded; Anguilla native charged for allegedly operating pyramid scheme

A former BVI resident has been charged in the United States for running fraudulent pyramid schemes which have defrauded several BVI and USVI residents of more than $3 million. Janice Dorette Rey, 48, a native of Anguilla, was arrested by U.S. Marshalls in February 2010, a press release from the Financial Investigation Agency (FIA) has stated. Rey is now in custody in the United States awaiting trial for various offences relating to fraud, in which she is accused of operating a pyramid scheme titled "Global Cohesive Economics (GCE)" which was used to defraud several BVI residents, the FIA states.

http://bvinews.com/?p=1989

Holders Of Swiss Bank Accounts Should Not Be Branded As Criminals

Julius Baer chairman Raymond Baer has hit out at criticism of Swiss private banking, saying clients of the banks in the Alpine state should not be treated as potential criminals, responding to mounting pressure on the country's bank secrecy laws. "In recent years, virtually no new untaxed European money has flowed into Switzerland," Baer says in a speech to shareholders, according to Dow Jones, citing the text of prepared remarks.

"Swiss bank-client confidentiality, as we have known it, does not exist any longer," Baer said. He also urges European Union member states to "not slam doors on those who are seeking a path to full tax compliance".

www.wealthbriefing.com

A new report provides detailed analysis of the Finance and Banking market

This report introduces Datamonitor's proprietary Tax Amnesty Assessment Index. It is a quantifiable assessment framework of 15 criteria, grouped within five critical amnesty conditions, that can be used by offshore banks to determine the likely impact of any announced amnesty on their assets under management.

Scope

*Presents findings of our Offshore Banks Survey 2010 covering Jersey, Guernsey, Isle of Man, Switzerland, Hong Kong and Singapore

*Introduces our proprietary Tax Amnesty Assessment Index, allowing offshore banks to analyze the impact of any future tax amnesty

*Assesses the success (or failure) factors in four amnesties: US, UK, Italy and Australia

*Identifies 15 critical criteria that make an amnesty a threat to offshore business

Highlights

Nearly 70% of Channel Islands/ Isle of Man's offshore client base is domiciled in Western Europe (and around half are based just in the UK), which is a legacy of the strength of the UK banks in those centres. However this means that these centers risk losing a significant amount of business to a successful UK amnesty.

In Jersey, Guernsey and Isle of Man it is the UK government's future plans that are making banks nervous, because of the reliance they have on UK domiciled clients. And this same reliance on a single country (Germany) is causing banks in Switzerland to keep a close eye on developments there.

Some countries' clients fear for the safety of their wealth rather than their personal safety. This was confirmed by Datamonitor's Offshore Banks Survey, where more than 40% of Swiss respondents cited "They feel their money is safer offshore" as a main reason for clients to put money outside their domicile.

Online Specialist Discounter for Electrical and Electronic Appliances Opts for Payment Solutions From a Single Source

MUNICH and GRASBRUNN, Germany, April 11, 2010 - redcoon GmbH, headquartered in Aschaffenburg, has decided in favor of the payment services of Wirecard AG. The redcoon company has meanwhile become one of the leading European specialist discounters for entertainment electronics, white goods, computers, photography articles and sports equipment.

The agreement signed with Dutch subsidiary redcoon B.V. comprises the processing of credit card payments along with an additional risk management package as well as credit card acceptance (Acquiring) services via Wirecard
Bank AG. The redcoon online shops established in nine European countries at present will gradually be integrated one by one: Germany has already been integrated, to be followed soon by Denmark and, step by step, Belgium, Italy,
Spain, Poland, Portugal, Austria and, finally, the Netherlands.

In its online shops, redcoon sells entertainment electronics, white goods, photographic and computer products as well as sports equipment. In the process, not only does redcoon concentrate on a large selection of articles at favorable prices, but also on excellent service and speedy delivery.

"To maintain our low level of prices, short and efficient processes are a key prerequisite. In Wirecard AG, we have found a partner who can provide all solutions in the field of payment processing from a single source. High
service quality, flexibility and, in particular, availability are of primary importance to us," says Michaela Langpap, General Manager at redcoon GmbH in describing the benefits of this collaboration.

"In cross-border trading, not only is smooth, seamless processing and settlement of payment transactions of enormous importance; merchants like redcoon, operating on an international scale, assign increasing importance to professional risk management. This is where our expertise and experience really count," says Christian Reindl, Vice President E-Commerce & Consumer Goods at Wirecard AG.

New Fixed Rate 5 Year Account Offers 4.5%Gross/AER

ST HELIER, Jersey, April 9, 2010 - A new sterling 5-Year Fixed Rate Saver account offering 4.50% gross/AER has been launched by Jersey based Abbey International. The account is aimed exclusively at new and existing Premium Banking clients. Premium Banking from Abbey International is an enhanced service suitable for those clients requiring a more personalised service from their offshore bank, with preferential early access to selected products and services and preferential interest rates on qualifying products.

The Premium Banking service is built around the core of Abbey International's Gold account, a multi currency, internet enabled current account which offers a range of benefits including Visa Infinite deferred debit cards and Monthly Offshore Saver, a high interest regular savings account.

A second version of the 5-Year Fixed Rate Saver account paying an attractive 4.00% gross/AER is also available for clients who have not signed up for Premium Banking which is linked to an Abbey International Call account, again offering multi currency banking facilities and internet access.

In both cases, a minimum deposit of GBP50,000 is required to open the account, with no additional deposits or withdrawals permitted during the five year term, although additional accounts can be opened to accommodate further deposits, if the account is still available. Interest is paid annually on the anniversary date of the account opening and either transferred to a Gold or Call account, depending upon which option the client has selected.

Commenting on the new account, Head of Client Experience Jane Matthews said, "This new account offers our clients a known and stable rate of return for the next five years and complements our other shorter term fixed rate savings accounts, such as our 18 month account. As a part of our Premium Banking services, clients can expect a more personalised service, ideally suited to the demanding lifestyle many of our clients may have."

ST HELIER, Jersey, March 31, 2010 - Abbey International is currently celebrating twice over having won the coveted Best International Bank award in this year's Investment International Finance Awards and this week secured a "Best Buy" listing for its popular 18 month fixed rate deposit currently paying 3.57% AER with Moneyfacts, the independent industry monitor (source: Moneyfacts.co.uk). The Investment International awards are amongst the oldest in the offshore banking industry, having been running for some 20 years. Awarded solely from reader votes, over 800 magazine subscribers and website users took took part in the voting which started at the end of November 2009 and ran up until 31st December.

Commenting on the award, Jane Matthews, Head of Client Experience at Abbey International said, "This is an important award for us - we realize that international banking is a fiercely competitive market, so to win an overall award like this, we have had to both offer consistently attractive products and back these up with excellent client service. Now ultimately part of Banco Santander, the largest bank in the euro zone by market capitalization and third in the world by profit, we believe our client offering based around strength, stability and service is a winning combination. Looking to the future in 2010, we are anticipating being able to offer clients an increasingly diverse range of products, reflecting the changing demands of the market, but all built with the same objectives of wealth preservation and wealth creation - supported by our relationship managed service".

In 2009, Abbey International became the first major offshore bank to launch its range of Visa Infinite and Visa Platinum deferred-debit cards which offer a range of lifestyle services and enhanced levels of cover. The bank's product range is evolving as it move towards offering a range of accounts and services which are designed to appeal to a more discerning high net worth client. The Abbey International 18 Month Limited Offer Fixed Rate Deposit Contract has a minimum opening balance of GBP100,000 and is available in sterling only to new and existing clients. Abbey International is part of the highly regarded Santander Group, which has more than 150 years experience in banking and clients all over the world. For further information on banking with Abbey International in Jersey call +44(0)1534-828-828 or log onto www.abbeyinternational.com For media use only and not to be relied on by consumers to make financial decisions.