British offshore bank account holders threatened with jail
November 21, 2022
Dateline: Wroclaw, Poland
For years, Americans have had all the fun. The US government has been the most aggressive, bar none, in going after tax evaders who put money in offshore bank accounts. And in the process, they’ve created laws like FATCA to make it harder to citizens to bank offshore legally. They’re even responsible for three banks in Switzerland shutting their doors entirely.
Now, British depositors get to enjoy the same barium enema-level excitement when it comes to banking offshore. The UK government, taking a play from The Land of the Free’s “guilty until proven innocent” playbook, is now putting the onus of proving legality off offshore accounts onto British savers.
Basically, if you live in the UK and keep money offshore, you will now be treated as a common criminal. This should come as no surprise. The UK government has a national debt almost as substantial as the United States, to the tune of nearly US$2 billion. Debt as a share of GDP is 88%, not far behind the 100%+ ratios that exist in The Land of the Free.
More importantly, Britain is adding nearly $4 billion in debt to the credit card pile every.
Single. Day.
The claim is that today’s “austerity” measures should eliminate the budget deficit within five years. Just like alcoholics claim they’ll stop drinking after the next shot.
As a result, the UK government now has to ramp up the crack down on British offshore account holders. Just this month, UK tax authorities have obtained details of every British client of HSBC in Jersey after a whistleblower secretly provided them with a list of names, addresses and account balances.
How convenient.
Her Majesty’s tax collectors told the press that “Clamping down on those who try to cheat the system through evading taxes and over claiming benefits is a top priority for us and we value the information we receive from the public and business community.”
In orders words, the ends justify the means. It’s OK for the UK government to beg, borrow, and steal (not to mention extort) its way to banking data from other jurisdictions. In the wake of this latest issue, the Treasury has unveiled plans to make it a criminal offence for Britons to hold undeclared income overseas.
Get Tips to Reduce Taxes and Build Freedom Overseas
Sign up for our Weekly Rundown packed with hand-picked insights on global citizenship, offshore tax planning, and new places to diversify.

Best Countries with Non-Dom Status for UK Residents to Explore
After more than 100 years of allowing non-domiciled residents to avoid paying tax on foreign-sourced income, the United Kingdom is abandoning its non-dom taxation status. As of April 6, 2025, new non-domiciled residents will pay no tax on foreign-sourced income and gains for the first four years only, provided they have not been a UK […]
Read more

Best Corporate Tax Havens for Your Business in 2025
For entrepreneurs and business owners, corporate tax is one of the most significant costs – and one of the few you can legally control. Relocating your business to a low-tax or zero-tax jurisdiction isn’t just about saving money or pocketing profits: it’s about increasing flexibility, protecting assets and creating jobs. But with dozens of so-called […]
Read more

How to Open an Offshore Bank Account in Monaco
Offshore banking in Monaco isn’t just about storing wealth – it’s about status, security and access to one of the world’s most exclusive financial networks. Built for the ultra-wealthy, Monaco’s banking system offers elite privacy, rock-solid financial stability and the prestige that comes with banking in one of the great playgrounds of the rich. Throw in […]
Read more
