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Discussion Starter · #1 ·
Hello all hope you are feeling well, I have asked about banking before but just after some up to date feedback if that's ok.

1. Does anybody run an offshore bank account in Madeira either for personal banking or for their business?

Is it advantageous from a Tax point of view for individuals or those with a small business or self employed to have an account there?

2. Does anybody have any thoughts about where to put money from a house sale (150kish) in Portugal whilst looking for a place to buy?

Understand interest rates arent much different to England, do not really want a tie in unless it was 6 months or less and would have to be good rate of course.

Not interested in maintaining a UK bank account as we would have to decieve the bank about residential address and not bothered about taking advantage of exchange rate either.

Grateful for any feedback that will not be taken as legal advice.
all the best all
 

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Hello all hope you are feeling well, I have asked about banking before but just after some up to date feedback if that's ok.

1. Does anybody run an offshore bank account in Madeira either for personal banking or for their business?

Is it advantageous from a Tax point of view for individuals or those with a small business or self employed to have an account there?

2. Does anybody have any thoughts about where to put money from a house sale (150kish) in Portugal whilst looking for a place to buy?

Understand interest rates arent much different to England, do not really want a tie in unless it was 6 months or less and would have to be good rate of course.

Not interested in maintaining a UK bank account as we would have to decieve the bank about residential address and not bothered about taking advantage of exchange rate either.

Grateful for any feedback that will not be taken as legal advice.
all the best all

Hi

The rules are changing this year for Madeira I believe, bringing them into line with mainland Portugal, I would say anyway that, just like the UK having an offshore account whilst being resident in a country is not always beneficial, everything has to be reported and for the majority of people the cost of setting up and running offshore accounts for personal or business use needs to be looked at very carefully. As for your savings, if you are looking at a short period of probably 6 months or so i would advise looking for an account that is paying a reasonable rate of interest but more importantly with no redemption penalty periods.

There are quite a few to choose from.
 

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Most UK banks will accept a Portuguese address on a UK account if you hold one already, it's sensible to retain a UK bank, because when and if you transfer residence it's not easy to change any or open new UK accounts.

Where to put it, as you need access possibly at short notice, most high interest will be of little use, as I presume your not a Resident yet then I'd check out UK first, keeps your tax affairs far simpler and whether Portuguese or UK banks split the amount so covered by guarantees.

Certainly some advantages with an offshore account, but little of real value, when it comes down to it, at the end of the day you still require a Portuguese Bank and their facilities for day to day living and operating a business.
 

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Hi Escapos. I can't help with Madeira but can suggest a place for your 150k. Return for 6 months would be a tad over 3%. The account that I have in mind carries a government guarantee of 100k per person so would be safe for your money if there are two of you. PM if you want any more info. I don't want to fall foul of any advertising rule.
 

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Discussion Starter · #5 ·
Hi and thank you all for the contributions, this has helped the decision making process much easier, I am very appreciative, all the best.:clap2:
 
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