The majority of the people who had their money with Kaupthing Singer and Freidlander were British Citizens living outside the United Kingdom;
A popular misconception is that people who use 'offshore' banks, such as Kaupthing Singer & Freidlander are tax dodgers. The truth is very different; most use offshore accounts as they cannot open, nor maintain, UK bank accounts. In 2007 the UK Government brought out legislation that resulted in most UK banks refusing custom from people with no UK address. Of the banks that still allowed accounts from people with no UK address (the site author found two such banks), the customer had to apply in-person at a UK branch.