Can I avoid paying taxes on savings?
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demetris
Apprentice
Joined: 19 Oct 2004
Posts: 7
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 Posted: 10/31/07 - 06:20 Post subject: |
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| I have collected a sufficient amount of money and intend to put it in on a savings account in order to gain possible interest. I have spoken to several bank managers and I realized that certain taxes are mandatory for high investment savings account. Is there any way to avoid paying taxes by using services that saving account offers? Nedzad. |
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dominique
Apprentice
Joined: 02 Sep 2006
Posts: 7
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| Posted: 11/30/07 - 02:36 Post subject: |
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| Well, there is a way but it rules out opening and using the savings account. Namely, it is recommendable to open an off shore savings account due to the fact that they are low tax or tax free accounts. Do not hesitate to do this. The situation with off shore accounts nowadays has been drastically improved. The thing is that the procedure of opening one is simpler than it was five years ago. You have the necessary guarantees offered by off shore banks. If you do not like idea, I would suggest opening a e - savings account. Taxes charged for them are among the lowest. I hope you would find my advice helpful. |
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