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Expat Investor : September 2007
The Manx money harbour Well-established as a finance centre of world-class status, the Isle of Man's financial institutions have everything to offer an expat investor as this report shows. %p.a.* Internet banking for expatriates Get online and apply today! www.bbi.co.im on £1000 or more 6.35 Award Winning * THE INTEREST RATE QUOTED IS VARIABLE, GROSS AND EFFECTIVE FROM 25 JULY 2007 AND INCLUDES AN INTEREST BONUS OF 0.40% WHICH IS PAYABLE UNTIL 31 DECEMBER 2007.THE MONTHLY INTEREST RATE IS 6.01%, INCLUSIVE OF INTEREST BONUS WHICH IS PAYABLE UNTIL 31 DECEMBER 2007 (ANNUAL EQUIVALENT RATE IS 6.18% AND ILLUSTRATES WHAT THE INTEREST RATE WOULD BE IF INTEREST WAS PAID TO THE ACCOUNT ONCE A YEAR). INTERNATIONAL TRANSFERS MADE VIA THE SWIFT SYSTEM ARE AVAILABLE WITH A GBP30 CHARGE PER TRANSACTION. GBP TRANSFERS IN STERLING VIA THE BACS SYSTEM ARE FREE OF CHARGE WITHIN THE UK CLEARING SYSTEM. THIS ACCOUNT IS ONLY AVAILABLE ONLINE TO INDIVIDUALS AGED 18 OR MORE AND IS NOT AVAILABLE TO UK RESIDENTS. Maximum balance is £2,000,000. Bradford & Bingley International Limited, International eSavings Unit, PO Box 263, Douglas Isle of Man IM99 3JJ British Isles. eMail email@example.com or talk to us on +44 (0) 1624 695004 (calls are recorded). Registered in the Isle of Man No. 052221C. Registered Office: 30 Ridgeway Street, Douglas, Isle of Man IM1 1TA. With share capital and reser ves in excess of £266 million. Copies of our most recently audited accounts are available on request. Bradford & Bingley plc under takes to discharge the liabilities of Bradford & Bingley International Limited in so far as the latter is unable to discharge them and remains a subsidiary of Bradford & Bingley plc. Under Isle of Man legislation, eligible deposits made with an Isle of Man office of Bradford & Bingley International Limited are covered by the Depositors Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991 (as amended).This adver tisement does not constitute an invitation to make deposits in any jurisdiction to any per son to whom it is unlawful to make such an invitation or offer in such jurisdiction.Your tax position will depend on your personal circumstances and you may wish to seek guidance from your tax adviser. It is the responsibility of the depositor to declare any interest received to their relevant tax authority. EU residents who are subject to retention tax by way of the EU Savings Tax Directive will need to consider the effect of the retention tax that will be applied to their accounts. Licensed by the Isle of Man Financial Supervision Commission to conduct Banking Business. The eAccess Account Manage from home -- eAccess provides the convenience of viewing and managing your account from the comfor t of your own home Helps you save -- regular savings helps you put money aside on a regular basis and grow your savings No hassles --electronic transfer s can be made to nominated bank accounts internationally as well as in the UK clearing system Award winning --'Best new Banking product 2006' gives you the assurance of convenient savings with quality ser vice More for you -- to add to the convenience of eAccess, you get a great interest rate to make your money work hard for you The Isle of Man has long been a centre of excellence for offshore deposit-takers attracting expat savers with its depositor protection and compensation schemes. Leading names such as Alliance & Leicester International, Bradford & Bingley International, Britannia International, Derbyshire Offshore, Nationwide International, and Zurich Bank International are all account, it became the first offshore savings account to offer an online application process without the need for a 'wet' signature. The account has been designed to enable customers to both buy and manage their account online and in return, "receive a great rate of interest on their offshore savings." ALIL explains that the online application process eliminates the ISLE OF MAN expatinvestor.com 14 EXPAT INVESTOR September 2007 Fast Facts 77011 need for excessive paperwork by using ALIL's internet banking service to provide secure, online, two-way communication instead. This allows applicants to apply from wherever they live or work in the world and to complete the application process with minimal inconvenience. Simon Hull, Managing Director, explains, "The new process brings a much needed real time element to offshore banking. Historically, the offshore market has lagged behind onshore, but with the launch of the eSaver Offshore account, customers really will be able to apply for, and access their savings account any time, anywhere." The key features of the new account include instant access, annual interest payments, and a low minimum balance £1,000. The account is available to both new and existing ALIL customers. There is an online application process, and no paper statements are provided; up-to- date transaction history can be viewed online, and deposits and withdrawals are completed electronically for speed and security. Mr Hull adds, "Offshore savers are calling out for true end-to-end online banking capability. Our new eSaver Offshore product offers exactly that and allows customers instant access, with the best interest rate on the market." Alliance & Leicester International's range of accounts covers instant access, notice accounts, fixed rate bonds and euro and US dollar accounts. Britannia International's recent product launch sets out to reward a regular saving habit. The new Regular Saver account is aimed specifically at helping savers build up a lump sum. Britannia International says this new account makes it particularly useful to new expatriates who are perhaps earning overseas for the first time -- or for established expatriates saving for a specific purpose, maybe for that house in the sun at retirement. The account commits savers to making a monthly based on this island. As well as the traditional building society subsidiaries, some of the offshore banks based on the Isle of Man provide savings accounts which rarely leave the best buy interest rate league tables. Notable names here include Anglo Irish Bank (IOM) and Bank of Scotland International. This year, there have been a number of new saving product launches coming onto the offshore market from providers such as Alliance & Leicester International, Britannia International, Derbyshire Offshore and Zurich Bank International. Alliance & Leicester International (ALIL) launched a new internet savings account which enables expatriate customers to both apply for and manage their savings online. Called the eSaver Offshore "This allows applicants to apply from wherever they are in the world and to complete the application process with minimal inconvenience."
July August 2007