And opening an offshore bank account in this day and age couldn’t be simpler either! Here are five straightforward steps to take towards opening an offshore bank account.

Step One – Understand The Advantages Of Banking Offshore

There is no point in opening a bank account offshore if it is going to be of no use to you! So you need to understand some of general advantages of banking offshore.

Depending on an individual account holder’s personal circumstances it’s possible to reduce tax liability, increase wealth potential and maximise privacy with use of an offshore bank account.

Further advantages for an expatriate or internationally focused individual are flexibility, ease of access and global reach that an offshore bank account may provide.

Other general benefits may include asset protection, estate planning, better interest rates and chance to exploit active business interests overseas.

At this point it’s essential to point out that each individual’s circumstances are unique and a person should seek personalised professional advice before venturing into offshore world. This article does not constitute direct personal advice.

Step Two – Pick Your Jurisdiction Carefully

There are so many offshore banking providers offering a wide variety of account type and they are located in low to no tax jurisdictions worldwide so how do you choose which country to bank in? Again, depending on an account holder’s personal circumstances certain offshore jurisdictions will present themselves as being more favourable.

Jurisdictions range in quality from highly regulated, politically and economically stable centres like Isle of Man, Jersey and Guernsey to high risk jurisdictions that few would recommend!

Remember that an offshore centre that is suitable for an American expatriate might not be so suitable for an English international investor! Consider your circumstances, your country of residence, country of domicile and any reporting restrictions placed upon you. Further examine reporting requirements of any jurisdiction that you’re interested in.

As name implies, an unsecured loan does not require borrower to put up any security against it. An unsecured loan is a personal loan where lender has no claim on a homeowner's property should they fail to repay. Instead, lender is relying solely on ability of a borrower to meet their loan borrowing repayments.

People who opt for unsecured loans are usually those who aren't in a position to offer collateral or those with adverse credit records, county court judgments, mortgage arrears or debt issues.

By their very nature, unsecured loans involve lender taking more risk – for which interest rate is increased. However, while a bad credit history will not necessarily bar you from an unsecured loan interest rates will reflect lender's increased risk.

The risk will be reflected, too, in lender's tolerance of late payments. Without any collateral, lender will be quicker to take legal action to recover missed instalments – and in such cases, lender will usually demand repayment of full amount borrowed plus interest plus legal costs incurred. In such cases, court proceedings could lead to your home being sold to raise money.

The amount you are able to borrow can start from as little as £500 and go up to £25,000. Because you not securing money you are borrowing, lenders tend to limit value of unsecured loans to £25,000. The repayment period will range from anywhere between six months and ten years.