Relatively few UK expats may be directly caught up in the scandal of the Panama Papers, leaked from Panamanian law firm Mossack Fonseca, which revealed how the rich and powerful use tax havens to hide their wealth.

However, many of them could be affected if the knock-on effect is a clampdown on all offshore centres. Such centres, which include the Channel Islands and Isle of Man, offer savings accounts to expats who want to put their money with familiar UK banks but can’t use those onshore because they don’t live in the UK. They also offer investments and insurance tailored for expats.