Financial fresh start needed for expats

A new year often prompts a new start, and research by the offshore savings bank, Alliance & Leicester International Limited (ALIL), found that this is a key motive for people moving abroad. Four in 10 expats moved abroad to start a new life, with over half citing a change in lifestyle (55%) and improvements in their standard of living (51%) as their main reasons for leaving the UK. However, despite moving to take advantage of the benefits found abroad, seven in 10 expats are missing out on the financial benefits an offshore savings account can provide.

With Government figures expected to show that 250,000 people left the UK in 2007 – up 21% on the previous year – ALIL’s research shows that weather (40%), taxes (33%) and rising crime levels (18%) are also influencing factors for those leaving.

Yet when it comes to making their new start, most expats forget to revamp their finances, with only a third (30%) opting to move their funds to an offshore savings account. A huge 70% have been missing out on the benefits of superior rates of return, the ability to hold or send funds in a range of currencies other than sterling and to plan their tax affairs in a way that is relevant to the country in which they live or work.

Simon Hull, Managing Director of Alliance & Leicester International comments: “With more and more people seeking a fresh start abroad, ensuring your finances are best placed to make the most of your new life should be a key factor when it comes to planning your move – whether you’re relocating for work, retiring or looking to create a new life for you and your family. That’s why offshore consumers should take advantage of internet banking and the benefits available from an Offshore Savings Account. As well as offering very competitive rates, speedy transfers and 24-hour access to your finances wherever you are, the offshore banking and savings market now offers many of the online facilities available from onshore counterparts, which means that you and your finances can reap the benefits of making a fresh start together.”

Alliance & Leicester International’s award winning eSaver Offshore is the first and only offshore savings account to offer an online application process without the need for a ‘wet’ signature, so setting up an eSaver Offshore savings account could not be easier. By allowing customers to both set up and manage their accounts online, eSaver Offshore guarantees access to funds anytime and anywhere in the world, in addition to a highly competitive rate of interest of 6.30% gross/AER on balances of £1,000 to £1 million.

For more information on the new ‘eSaver Offshore’ account or to apply online visit alil.co.im.