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Expat Investor : September 2007
either expatriates or simply investors looking for superior returns on their wealth, allied to a more extensive selection of international services and solutions." Mr Blampied goes on, "Such is the competitive nature of the market that offshore banks need to ensure their products and services are innovative, competitive and dynamic." The Bank believes its Expatriate Choice Account offers something "a little different", combining the benefits and features of a traditional notice account with that of a fixed term deposit. The account has a maximum lifespan of five years and, at the end of this period, it will be closed and the money returned, together with the credit interest earned. Rates are, says the Bank, competitive and set on a monthly basis, linked to one-month money market rates. For larger deposits, preferential rates are available and further deposits may be added during the term. Royal Bank of Canada adds that with this account, other benefits include availability in major world currencies, a choice of how and when to receive interest to suit your circumstances and secure online access. HSBC Bank International's Independent Wealth Management department reports its launch of a series of seminars to help expatriates manage their finances and reach their financial goals. The Bank explains that this new service means that expatriates are offered advice and recommendations from a highly trained team of independent wealth managers qualified to provide first- class financial planning to existing customers. "Customers receive individual advice from a team of independent experts, free to choose products from the entire market place. So, when customers plan to retire or to buy a property overseas, HSBC's experts can come up with the answers to help make it happen." Earlier this year, this team hosted seminars in Portugal, Cyprus, Spain, Belgium, Dubai and Hong Kong, focusing on "effective financial planning for the expatriate". The Bank reports that its experts spoke to retired and working expatriates about the need to address their financial planning requirements, which need to adapt according to their changing circumstances. "Expatriates should also be considering how the changes in the UK budget might affect them as overseas residents and what sort of UK tax obligations they may have. from their euro or US dollar offshore accounts. Strong competition in the sterling offshore savings account market place meant that many bank accounts paid interest at the Bank of England base rate or above. However, says Investec, at the time, few offshore bank accounts were offering returns that were anywhere near the US Federal Reserve (Fed) or European Central Bank (ECB) rates. As a result, the Horizon account gives a commitment that the interest rate will not fall below the Fed or ECB rate on account balances of at least $50,000, 50,000 or £25,000. Interest is paid quarterly and can be paid to a nominated account free of charge. OFFSHORE BANKING September 2007 EXPAT INVESTOR 7 The team of experts offers expats advice on these issues and keeps them updated on the latest changes in the UK budget." Later this year, HSBC's team will be talking to expats about effective planning for school fees for internationally mobile families. They will also travel to international locations to speak about effective retirement planning and how tax efficient portable options may be the answer. On a specifically practical note, Investec Bank (Channel Islands) offers the worldwide expat community its 90 day notice Investec Horizon Account. This product was launched two years ago to meet demand from many expats who were being paid in US dollars or euros but receiving poor returns *AER stands for Annual Equivalent Rate which is a notional rate illustrating the contractual rate as if paid and compounded on an annual basis. Zurich Bank International Limited, PO Box 422, Lord Street, Douglas, Isle of Man, IM99 3AF, British Isles. Telephone: +44 (0) 1624 671666 Fax: +44 (0) 1624 627526. www.zurichbankinternational.com Registered office: 43-51 Athol Street, Douglas, Isle of Man, IM99 1ET, British Isles. Zurich Bank International Limited is registered in the Isle of Man Number 22847. Telephone calls may be recorded. Licensed by the Isle of Man Financial Supervision Commission for Banking Business. To find out more, or request an application form call: +44 (0)1624 671666 (quoting ref no. EP1) Email: firstname.lastname@example.org or visit our website What if we could make our interest rate even more interesting? 6.25% GROSS PA/AER* Fixed for 1 year! Zurich Bank International R We're fixing it for a year! The Zurich Bank International 1 Year Fixed Rate Bond (Issue 3) gives you a superb annual interest rate of 6.25% gross. So if you want your money to work hard for the next 12 months, call us for an application form today. • Interest rate fixed for one year from account opening • minimum balance £10,000 • limited issue. www.zurichbankinternational.com Continued on page 8 Fast Facts 77005
July August 2007