The word “offshore” has gained a distorted image in much of the UK press and the minds of many individuals. The common image is of wealthy individuals hiding money from the taxman and other people while laundering assets through offshore companies and trusts.

Money laundering and tax evasion have been features of offshore centres in the past, as they have been of London, New York and other financial centres. Regulations, however, have been tightened in recent years to try to prevent money laundering and tax evasion, while governments have simultaneously been reducing the opportunities for legitimate tax planning as well.

Nevertheless, offshore planning has always been an important feature of legitimate wealth management strategies. In the simplest definition, offshore means holding the ownership of assets outside the UK. This may be for tax planning, investment, asset protection or succession planning reasons. For appropriate people, these can complement your onshore financial planning. 

For UK residents, the greatest opportunities for offshore planning are open to non-UK domiciled individuals.