Expat Brits missing out on offshore opportunities

Nine out of ten expatriate Brits are not taking advantage of offshore savings opportunities, according to research published today.

A survey by Alliance & Leicester International of UK expatriates living in Europe found that 82 per cent held savings in their host country, and over half held savings in the UK.

But only 10 per cent hold savings offshore, where they could be benefitting from higher interest rates and paying less tax.

"The research shows that there are many expatriates who have not considered whether they would benefit from holding their savings in an offshore account. Given the competitive rates available from offshore banks such as Alliance & Leicester International, they could increase their interest earnings significantly," said Alliance & Leicester International managing director Simon Hull.

Alliance & Leicester points out that offshore banking no longer means tying up savings in postal accounts, with internet facilities now allowing clients to view their accounts securely and send messages to the bank 24 hours a day.

Mr Hull added: "Offshore accounts can provide expatriates with a great rate, coupled with the same easy access to money that saving accounts in the host country allow. The opportunities for offshore savers do exist but 90 per cent of the market isn't using them."