The advantages of saving offshore are numerous and the actual benefits that can be derived are achievable for many, not just high net worth individuals or those who live and work abroad.

One of the biggest advantages of an offshore savings account is the fact that the interest payments are made gross (without the deduction of income tax). Even UK residents can benefit from this particular advantage because although they will ultimately have to declare the income earned from interest to the HM Revenue & Customs, they can defer payment of the taxation due.

Contributions can be stopped and started, increased and decreased, anytime without penalty.

We use Scottish Equitable's Flexible Investment Plan for our offshore savings.