Offshore banking 'makes sense'

A British expatriate has described offshore private banking as the best way to keep money safe "because anything can happen".

James Binding moved to the United Arab Emirates in 2007 and set up his offshore bank accounts earlier this year, the National reports.

The founder of recruitment firm Binding Partnerships revealed he should have moved his cash earlier as keeping money onshore "just doesn't make sense".

"Whether it is a personal crisis or a political crisis, you don't know what is going to happen from one day to the next," he commented.

More and more people are moving their money into offshore banking and 30-year-old Mr Binding is typical of the new wave of private wealth holders making the switch, the Abu Dhabi newspaper explained.

Wealth manager Caroline Dredge commented: "For a seasoned expatriate, it is a good idea."

In spite of this reported rise in popularity of offshore banking, several fund managers have started to transfer their investments onshore in the last few months, the Financial Times stated this week.
 ADNFCR-2318-ID-800295714-ADNFCR