Before you move any of your wealth to an offshore financial centre, it’s important to make sure that this location is of high quality. But what does that actually mean? We explain what to look for, and why Barclays International Banking offers services from particular offshore locations as well as from the UK mainland.

Over 60 places around the world are recognised as “offshore financial centres”, but their reputations vary widely, and only a handful combine a long track record of political and economic stability with strong regulation and legal systems.

If you’re thinking of banking offshore, it’s important to choose a location that is genuinely recognised for its excellence in these areas, as well as in financial services. Here are the key things you need to consider in terms of what makes a good offshore location for your wealth:

The importance of stability

A good offshore bank account is one that provides you with peace of mind that your wealth is both secure and accessible from around the world. The stability of the offshore location you choose is therefore of paramount importance.

Consider, for example, the UK’s “Crown Dependencies”: the islands of Jersey, Guernsey and the Isle of Man. Each has its own government, legal system and financial regulator. However, each is also closely tied to the UK’s economy, and to its currency, which has historically been one of the most stable in the world.

Like the UK, the Crown Dependencies all benefit from free trade and free flow of capital with the European Union. Their regulatory authorities have also worked to ensure their rules meet high standards of governance. For example, they are fully compliant with the raft of anti-money laundering legislation and guidance issued by regulators, which now shapes and defines the offshore banking sector.

Together, these qualities have enabled the Crown Dependencies to become highly regarded financial centres. They have been providing financial services to a wide range of UK and foreign nationals for many decades. They have also attracted numerous companies in supporting industries such as law and in specialist areas such as trust administration.

Which offshore locations does Barclays International Banking use?

Barclays International Banking offers accounts in all three Crown Dependencies. Each of these jurisdictions has its own deposit insurance scheme, designed to compensate eligible depositors in the worst-case scenario of a bank failure, up to a maximum of £50,000 per person, per bank. You can find out more about these schemes in our article entitled, “Deposit protection: how safe are your savings?

Find out more about what Barclays International Banking provides from its chosen offshore locations

Why going offshore shouldn’t limit your options

Finally, it is important to realise that moving some of your wealth to an offshore bank account doesn’t mean you have to make any sacrifices in terms of levels of service, functionality and flexibility. Barclays International Banking services are designed specifically to provide clients with a seamless experience, so that, provided you are resident in an eligible jurisdiction1, you can take advantage of the benefits that an offshore location has to offer while still getting access to our range of products, services and technologies.

Our Relationship Service2 is another key aspect of our service that travels with you wherever you go. Your Relationship Manager will take the time to understand your individual needs, goals and circumstances. They can therefore ensure you are served efficiently, alerted to potential opportunities and aided at every step of your financial journey. They can also put you in touch with our full team of specialists, in investments, foreign currency, trusts and UK mortgages.

Find out more about the Relationship Service