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HOW MUCH DOES AN OFFSHORE ACCOUNT COST ?
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Genuine question as it's in the news again. How much do you need ?

There's obviously costs in having someone run these things for you, so where would the breakeven be for it to become worthwhile ? Hundreds of £k ? £millions ? Tens of £millions ?

Maybe ask in the Aston Martin forum rather than here mate :lol:

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Mine was £6 a month when I stopped using it, the service was awful and they lost 6 months worth of loan payments but the lady who fixed it from Jersey was very friendly and humanlike.

Dave!

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If you're talking about just banking outside of the UK then not much really, if you're talking about the complicated arrangements with trusts and shell companies and such then I read somewhere half a million wouldn't get the conversation started.

But then all of this stuff is SECRET!! no wait, I meant private. Easily confused it seems.

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Tim

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I like the attitude that you've seen a load of people get exposed, causing HMRC to investigate and presumably close the loophole and backdate it as they did with K2 etc., and your first thought is "I want me some of that" :lol:

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I like the attitude that makes you leap to a wrong conclusion about why I'm asking the question.

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I fancy a can of Red Stripe now :lol:

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Oh no!

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How much is it worth?
There is nothing technically illegal in what they are doing. Making UK employees shareholders and paying shares from Jersey/cayman/bongo bongo isn't illegal. It is just a hassle in the same way as claiming back your Starbucks coffee as an expense if you made yourself an llc.
Having a higher rate of tax for higher income and comlicated loop holes in some ways exacerbates the game. If you got rid of the loopholes and had a low flat tax rate for everyone like Singapore realistically it would be fairer. But alot of players who use the loopholes or companies that service these loopholes would hate it.

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Tim was closest to answering the real question. Have a Curly-Wurly.

Sisu said...

It is just a hassle in the same way as claiming back your Starbucks coffee as an expense if you made yourself an llc.

So no hassle at all then?

PS I Don't drink Starbucks.

Sisu said...

bongo bongo

:o


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NotoriousREV said...

Oh no!

Our brother from the gutter.

ste said...

Sisu said...

It is just a hassle in the same way as claiming back your Starbucks coffee as an expense if you made yourself an llc.

So no hassle at all then?

PS I Don't drink Starbucks.


PS I don't care

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Sundayjumper said...

Genuine question as it's in the news again. How much do you need ?

There's obviously costs in having someone run these things for you, so where would the breakeven be for it to become worthwhile ? Hundreds of £k ? £millions ? Tens of £millions ?

Depends...

As Tim said, a simple bank account is cheap and easy, but these days, fairly pointless. CRS (Common Reporting Standard) comes in next year and means any balances held abroad ('most' countries have signed up) will be reported back to your country of residence so it'll be much much harder to hide cash or investments.

Regarding structures, such as trusts, PICs (personal investment companies) and other such arrangements, I'm not sure there's a minimum £££ value to hold one, but there's a minimum £££ value to make it worthwhile. There's quite a few firms who can do the necessary and set up the structure, but the legal costs and other fees could easily be £50k for set up and then an annual and per transaction cost.

Ironically, one of the biggest 'tax havens' is now the USA. They demand incredible reporting from other countries (FATCA) but didn't sign up to CRS, so actually report very little back out....

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Sisu said...

ste said...

Sisu said...

It is just a hassle in the same way as claiming back your Starbucks coffee as an expense if you made yourself an llc.

So no hassle at all then?

PS I Don't drink Starbucks.


PS I don't care

Don't care enough to have typed that or less than that?

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