-
What is a Mutual Society?
-
A mutual society is run in the interests of its members, is not listed on the stock market and is not owned by an external company or person. A mutual society's main aim is to provide benefit to its members, the people who have savings with the society or who have borrowed money from the society.
-
What rights do I have as a society member?
-
If you use the services of a building society by borrowing money from one, you are a member of the society and as such you have certain rights, such as being able to vote on decisions affecting the society, the right to attend meetings of the society and to receive information from the society.
-
How large is the building society sector?
-
According to the Building Societies Association there are 65 building societies in the UK, with assets of over £200 billion, and accounting for roughly 18% of all mortgages.
-
Are my investments safe with a building society?
-
Investments and saving made with a building society are automatically covered by the Financial Services Compensation Scheme (www.fscs.org.uk), which provides 100% compensation for the first £2,000 of savings lost by a company going out of business, and up to 90% of the next £33,000 of savings.
-
Can anyone have a Private Bank Account?
-
If you have a high net worth, or a lot of money in the bank, then a Private Bank may accept you as a client.
-
How Much Money Do I Have to Have for a Private Bank Account?
-
This varies from bank to bank, however you typically need to have more than £250,000 in net worth to be considered for a private bank account.
-
What is a Tax Haven?
-
A Tax Haven is a country that has few if any taxes that are applicable to foreign companies. These countries may tax their local citizens, but not foreign investors. As such, as long as the company's government fees are paid up, there are no taxes payable at all on any assets or monies held by the IBC set up in that country.
-
Do I have to Travel to open an Offshore Bank Account?
-
No. Most companies that provide offshore banking facilities will be able to assist you in creating your IBC or purchasing a Shelf Company without you having to travel.
-
Is Offshore Banking Safe?
-
Like any other form of banking, Offshore Banking can be safe. While it is true that banks can fail, if you choose the right offshore bank you can be assured of as much safety as if you used a local bank. Most large Offshore Banks are rated by worldwide banking standards. If you are unsure about the bank you are intending to use, you can investigate it independently of information obtained from the bank.
-
Do Offshore Banks offer Online Banking?
-
Yes, a large number of Offshore Banks also offer account access via Online Banking services. For more information about Online Banking, please see our guide to Online Banking.
-
Who controls the Offshore Bank Accounts?
-
You do. Just as with a local bank, you are in complete control of any offshore bank accounts you may have.
-
How do I get to my money?
-
You can access the money in your offshore account in many ways.
- You can ask that funds be wired from your offshore account to a local bank account, just like an ordinary payment.
- You can obtain a Visa or MasterCard from your offshore bank that is associated with your account, which will allow you to make purchases just as if you had a Visa or MasterCard on your local current account.
- You can use the money in your offshore bank account to purchase property or other assets, such as a car or a business.
- You can borrow funds from the offshore corporation or trust you have set up. This is a straight loan as the IBC is a separate legal entity from you and so may make loans to individuals or other entities.
Favourites (IE)
Print This
Email This
