Offshore banking business up as 'ex-pats are getting younger'?

Offshore banking business could rise in future, as one expert claims many Britons are increasingly considering starting a new life abroad.

Rhiannon Davies, director at expatriate and international lifestyle magazine Offshore, argues UK citizens have a long tradition of international living, saying people know they can "build a better life abroad and they want to embrace the opportunities now".

This may increase uptake of offshore banking business, as individuals move their lives overseas and potentially have need for private banking services in a number of countries.

Similarly, those being paid for international employment may prefer to use offshore banking accounts for wealth management, as such a decision could protect assets from taxation or national levies.

Last week, Glotel reported more than half (55 per cent) of working Britons are currently considering moving abroad, indicating some could be in need of offshore banking services.

Of these, 38 per cent believe such actions would make them into a more desirable candidate for future recruiters.  ADNFCR-2318-ID-800235506-ADNFCR