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SCMP Reporter

LLOYDS offers many types of financial services, including investment management and taxation advice to expatriates through its Overseas Club concept.

   Lloyds Bank PLC's Hong Kong representative office manager Andrew Robinson said that for an annual fee of only GBP50 (HK$625) members received a range of top-quality financial services that most banks onlyoffered to high-net-worth clients.

   'Members can come into our office and get access to investment management services, advice on UK tax and advice on managing UK property,' he said.

  'Although in Hong Kong our representative office has been scaled down, Lloyds' specially trained executives get support from our global network.'    Club members get a high interest rate offshore cheque account, a personal account executive and a full range of financially tailored services, Mr Robinson said.

 Other advantages of the club include direct debits, standing orders and international money transfer facilities.

  However, the club is only one of the offshore services available to expatriates.

  People living or working away from Britain could hold assets overseas to reduce inheritance, income and other tax liabilities, Mr Robinson said.

  'Many people do not realise that if they have income from Britain, interest paid gross offshore can be worth more than interest earned on the mainland,' he said.

  'Other benefits include confidentiality and special investment opportunities not available in Britain.'   The club account was designed to combine savings and cheque accounts, but members could keep some funds separate.

  Mr Robinson said expatriates were better off holding and managing stocks and share portfolios in offshore jurisdictions.

 While most prudent investors had realised the benefits of diversifying funds globally, most did not have the time or the knowledge to get good results, he said.

  'Club members can appoint Lloyds Private Banking to manage investments,' Mr Robinson said.

  The bank also offered specialist funds held with subsidiaries in the Channel Islands and the Isle of Man to middle-of-the-range income clients.

  In addition to the joining fee, only modest capital is needed to invest in funds, which can be insurance-linked to provide tax relief.

  Most Hong Kong clients use the bank's Isle of Man office, while Europeans use the Jersey office.

  People returning to Britain after working in Hong Kong would also benefit from the bank's offshore services, Mr Robinson said.

  The extent of benefits from offshore banking depended on a person's country of residence and tax status, he said.

  In Hong Kong, although Lloyds did not have offshore trust experts, the office could follow up many kinds of inquiries: from tax planning of expatriates to estate planning of Hong Kong Chinese thinking of emigrating to Britain.

  Staff at the representative office in Admiralty Centre refer clients to offshore centres, where an individual's full financial report will be drawn up.

  The Hong Kong office, under the umbrella of Lloyds Asia, provides a full service of banking and personal financial advisory packages for British expatriates living and working in Asia.

  It also helps Hong Kong Chinese select the ideal offshore banking centre.



Overseas Club idea combines expert services