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Would it be a good idea to convert pounds into euros now or would it be better to wait? I have recently sold a property in the U.K and would like to put it somewhere.Offshore, Switzerland.....Any advice would be appreciated.
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Hi Laflauta l would wait if you are not in need of the euros now, as the exchange rate is the worst it has ever been at the moment hopefully it will get better and not go down further.Regards Pat.
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Terrible rate at the moment. It was 1.46 back in July, you are lucky to get 1.33 now!! I'd put it in a Jersey bank/ Guernsey for the time being if you want offshore. The taxman will still find you though eventually  .
Mark
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Thanks both for your replies. Any difference between a bank in Gibraltar and Jersey? There seem to be so many banks to choose from and it is dificult which one to go for having no experience with them. Any ideas? 
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Not sure about the banking system, but Jersey and Guernsey are both duty free havens. If you travel in mainland Europe, you do not get an allowance, you can bring as much back locally tax paid as you wish. In the Channel Islands, you can buy it all tax free, but you have an allowance.
I know the channel Isles were "touting" for offshore business a few years ago, but I think Gordie put the kybosh on the "hidden accounts" when they launched their amnesty for offshore assets. I know nothing of Gibralatar, sorry.
Mark
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you could consider the dollar. we transfered most of our savings into dollars when it was at 2.10 last month. its still 1.98 at the moment and a good broker will still give you 1.96. As long as you don't need to get your hands on it for a while it will make you money
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On my last visit to Gibraltar I checked out the new Leeds Permanent BS office. They were offering a 1 year fixed rate bond at 6.7% paid gross but that deal may well have changed since the start of 2008. You can ask up to half of your investment back at any time. The account is in Sterling and you can either renew the investment at the end of the term with another deal or they will issue you with a cheque payable to who ever want to - Business, Personal or even Mickey Mouse!! but remember the Inland Revenue has a long arm..........................
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Mike T
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Peps hope you are right but I don't think so
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Any new accounts in Gib can be requested by the tax man - older ones are expemt, but what about a swiss bank account. I was in a meeting today with a swiss bank rep who told me a very interesting thing - if you use a swiss bank account that has branches in other countries, then the various governments can force information from the parent swiss bank. Hence these guys keep thier branches in Switzerland and therefore cannot be forced to disclose anything!
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Quite frankly m'dear, I don't give a damn!
www.herbalmarbella.com
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