Saving offshore is a tax efficient way to grow your savings. Your interest is paid gross without tax being deducted. Although you must declare this interest, deferring your tax payment can help maximise your savings.

Tax deferment is subject to your tax status and the decisions that you make regarding the impact of the EU Savings Tax Directive on your personal circumstances.

Where required, it is your responsibility to declare the existence of an offshore bank account and any interest paid to your tax authority. If you are an EU resident, you can choose to either share information with your tax authority or pay a retention tax on the interest paid (the default arrangement).

UK residents, UK expatriates and foreign nationals can all benefit from opening an offshore account with Clydesdale Bank International.

If you are a UK citizen working outside the EU, an offshore account offers you the chance to grow your savings by receiving your interest gross, as interest can be paid without any deduction of tax.

Residents of other countries can also benefit, although all customers are responsible for declaring any interest earned to their own tax authority.

View details relating to tax directives and the legal rules

Important Information

Clydesdale Bank International is a trading name of Clydesdale Bank PLC. The Guernsey branch of Clydesdale Bank PLC is licensed as a deposit taker by the Guernsey Financial Services Commission, under the Banking Supervision (Bailiwick of Guernsey) Law, 1994 as amended.