Offshore banking profitable as Germany sees record growth?

Offshore banking could prove profitable for individuals with private wealth, as it is revealed different parts of Europe are experiencing significantly skewed rates of growth.

The Organisation for Economic Co-operation and Development reports Germany had record gross domestic product expansion of 2.2 per cent during the second quarter of the year, a figure that has not been beaten since reunification.

Placing money in offshore banks where the economy is improving could mean investors see higher rates of return on their private wealth, as the low base rate in the UK - maintained at 0.5 per cent since March 2009 - means domestic savings accounts are often losing money to inflation.

By contrast, growth during the three-month period in Italy was just 0.4 per cent, while France posted gains of 0.6 per cent.

A report yesterday (August 18th) from the Fair Investment Company revealed 99 per cent of businesses are unhappy with the returns offered by current savings accounts, indicating it is not just people with private wealth who may be seeking ways to increase asset returns.  ADNFCR-2318-ID-800029946-ADNFCR