Natwest Bank: People Lack Understanding Of Offshore Banking Benefits

Summary: Natwest bank say that there is a lack of understanding about the many benefits that offshore banking offers to people retiring or working abroad

Natwest Bank have claimed that there is a general “lack of understanding” about what benefits offshore banking can potentially offer people retiring abroad

Natwest head of international private banking Julian Gourge said that many people still think of offshore banking in terms of the tax angle, despite many changes over the past ten to fifteen years. This misconception, he claimed, means that many people feel a “nervousness” about using such overseas facilities.

At Shelter Offshore we tend to agree, many people we speak to often seem to equate offshore banking with something less than lawful, more associated with tax evasion or money laundering than prudent overseas financial planning for retirees abroad. This isn’t the case, there are many “100% legal” benefits open to retirees abroad who take advantage of offshore banking facilities and the advice offered by highly reputable international banks such as Natwest, who will offer free advice and full explanations about the many advantages of banking offshore. 

“The offshore banks have developed services and products that are designed for people who have international requirements, so that might involve more sophisticated systems around international payments,” said Julian Gourge.

However despite the general lack of understanding about the benefits of offshore banking, Mr Gouge claimed that there is “no shortage” of people based in the UK or abroad who can provide advice to people considering banking overseas.

Natwest Bank and most other UK High Street banks can put you in touch with a private banking or offshore banking adviser who will work with you to optimise your wealth for retirement abroad.

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