[alan999]

I've searched for info about this but haven't come up with anything.

I'm in NZ, money in UK. I have a BBI account set up thinking that sterling would be the best bet for a year or so. However, things change so is there any way to convert to NZD, taking advantage of the exchange rate but still keep it off shore earning tax exempt interest?

Thanks, Alan

[Familyofmonkeys]

You could convert it to NZD with a foreign exchange company, then transfer money to any UK foreign currency account...there are loads. Or you could stick it into a NZ trust account, which if you set them up before you enter NZ does not require you to pay tax on your income. You would need to research different types of trust as there are a few, but could save loads of money, and benefit on higher NZ interest rates.

[alan999]

I've looked at the UK foreign currency accounts and the ones I've found either do not pay any interest or something like .75%. Obviously no gain there, I could just ship out to rababank and get about 4.8% (after tax).

Also will a NZ trust account qualify for the offshore interest tax exemption?

I'm already in NZ btw.

Alan

[Familyofmonkeys]

I've looked at the UK foreign currency accounts and the ones I've found either do not pay any interest or something like .75%. Obviously no gain there, I could just ship out to rababank and get about 4.8% (after tax).

Also will a NZ trust account qualify for the offshore interest tax exemption?

I'm already in NZ btw.

Alan

Not sure, but I know the rules are slightly different if you are already in NZ...sorry can't be more help, but it's probably worth doing some research.

[Kelling]

Hi Alan, well what I think I will be doing is to convert my £s to NZDs, place my $s into an offshore account ie Jersey which should give me a 8.something% return. I plan to take advantage of the very kind offer of a 4 year tax holiday offered by the NZ tax people. I have yet to do this as Im holding my breath while the sale of my business and house goes through. I hope this my be of some interest and help to you and others. It would be good to give back alittle to the forum after taking so much info from it! I would be interested in any other opinion on this subject! Regards from Sean in Newbury UK at the moment.