Offshore accounts are accounts that are held outside of the UK; as such, they benefit from certain tax advantages. Offshore accounts are no longer just for millionaires; many people can benefit from operating an offshore account. Whilst many offshore accounts require a minimum deposit of around £5,000 to £10,000, some on the market can be opened with a small amount as £1.

SEARS Accountants can shed light on the opening of an offshore bank account and ensure you know the rules of their operations before opening one.