Look out, there are sharks about! Rogue traders, internet fraudsters, ‘put-your-hands-up-and-gimme-de-money’ heisters... They’re out there somewhere and they’d all like to get their hands on your hard-earned cash.
Expats will find that by and large there are no standing charges for using an offshore bank account. (Local bank accounts tend to have a tariff for everything after the welcome handshake!) You will, however, incur costs for what’s termed ‘additional services’, for example bank drafts, stopped cheques or foreign currency payments.
How will I manage my banking requirements? You’re a busy working expatriate, thousands of miles from home; you want to open an account with an offshore bank in a well-regulated international finance centre, but your bank manager will be in a different time zone; when you’re awake, he’ll be asleep and vice versa. How do you effect your day-to-day banking requirements?
Collectively, your investments are described as your portfolio. Portfolio management is the art of securing the best returns in any given economic circumstances by mixing and matching as wide a range of financial classes - be they stocks and shares (equities), bonds, gilts, property, art, fine wines or precious metals - as you can reasonably afford.