Many self-employed people working in the island and are buying property in St Lucia; discover why an international bank account should open here.
Lots of people are investing in property in St Lucia and relocating here to work, which I consider is an excellent alternative because of the stunning climate, beautiful natural surroundings, laid-back feeling and also the low cost of living.
Within my network, I know many people that have relocated and continue to conduct business with customers back at home (or in other countries). For the bulk, they have found getting paid, coping with taxes and various currencies to be the most stressful aspect. To ease this pressure, I encourage any expat who will be managing numerous monies to set up an international bank account prior to going. This might save you a small fortune in the long run.
Benefits of an International Bank Account
This account type lets you readily manage various currencies, transfer funds between accounts in distinct nations, and even play the exchange rates to boost income. The crucial advantage is the fact that all of this could be finished with minimal fees; this is ideal for professionals who’ll working with customers based in states that are different.
Many banks offer this account type, with some having dedicated teams that are international. I would recommend that you talk to multiple banks to discover the very best deals and to shop about. Many have steep fees that ought to be avoided at any cost, although be warned, High Street banks offer services for expats. To take advantage of your cash, this account ought to be properly used exclusively for sending/receiving different currencies as well as for saving.
In addition, I urge one to open a local account shortly after you get your property in St Lucia. This would be employed for day-to-day transactions and for almost any cash withdrawals. You can then transfer your revenue out of your account that is overseas and use it as you need. You’d face substantial currency conversion fees, whilst international accounts might also have charges, in the event you’re to continue using your UK bank.
Speak to your Financial Advisor
To an expat financial advisor, you ought to speak for support and the best guidance. You can be informed by them on different banks and the best way to produce your cash benefit you, along with any tax obligations should you open an offshore account.
You intend on working with customers on the island back home and in the event you have recently purchased property in St Lucia, it’s in your very best interest to start an area one as well as an international bank account here. To discuss handling monies and getting the most from your hard-won money, contact me and I will be happy to go over this matter in more detail.