Peace of mind
The life of an expat in France can be hectic. Aside from travelling, increased opportunities and social obligations, French laws may be new to you and complicated to understand. No one is going to care about your wealth as much as you, and placing it offshore can give you extra reassurance that it is safe, secure and easily accessible.
Security
With offshore banking, you can better protect your wealth against economic and political unrest. For example, Argentina and more recently Cyprus have taken depositors’ money and been unable to repay them.
Consolidated reporting
Offshore banking offers a uniquely integrated, open-architecture platform on which you can see your day-to-day banking, investments, pensions and insurance products, all in one place.
Estate planning
Estate planning should be an on-going process, started as early as possible and amended as your situation changes. Ask yourself this question – are you aware of the succession laws in France? If the answer is no, this should be a priority.
In the event of death French laws can apply to local accounts, leaving family unable to access funds, and the tricky process of regaining access to frozen accounts. Immunise yourself and your loved ones against additional inconvenience.
Tax efficiency
Banking offshore can be more tax–efficient than banking on-shore. Features such as ‘gross roll-up’ allows your wealth to grow tax free until you decide to withdraw the funds which if planned strategically could be at a later stage in your life when your earnings and tax band will be considerably lower.
Convenience
Offshore banks are typically more ‘convenient’ for expats – allowing you to stay with the same bank, no matter how many times you move country. Save yourself having to completely restructure your finances every time you start a new adventure.
Choice of currencies
Extensive range of available currencies that can be held within it.
Expat expertise with English language / law
Expats often have complex financial requirements and a regular French high street bank will not be as well equipped to advise you on how best to structure your tax-efficient investments.
High levels of individuality
Your individual need for asset protection and wealth accumulation will be completely specific to you and so the benefits of holding and growing your wealth in a location that is able to cater to your needs is clear to see.
Outstanding service
French banks are notoriously bureaucratic and their ‘laissez faire’ approach can be extremely frustrating. What is more they are generally closed on Mondays and shut between 12pm-2pm for lunch during the week, offering you small windows of opportunity to resolve your banking queries. Offshore banks offer a highly superior service.