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Offshore Asset Protection I
This is the first of a two part discourse on protection your assets by moving them offshore.
The computer age has largely make life easier but is has also made life more invasive. In the world of the internet your privacy is often at risk. Identity theft, people and institutions prying into your private affairs, and ever increasing governmental intrusion into your everyday life has become fact in many nations. There is a constant threat of higher taxation and frivolous law suits as well. Those with hard earned wealth are made to pay when their degree of fault in a law suit is minimal and governments that mismanage their affairs decide to “tax the rich” as a way to balance the books. These threats to the preservation of wealth are such that many choose to protect their assets by taking them offshore.
The very rich have known for years that the best way to protect wealth is to store it and grow it in discrete offshore banking centers. They have learned to use a variety of legal vehicles to preserve privacy and guard assets. As governments become more intrusive, as invasion of privacy increases as a personal threat, and as the risk of losing everything due to someone else’s negligence becomes a reality we offer a few thoughts about offshore asset protection.
Do Your Banking Offshore
Interest income in a bank account in many offshore jurisdictions is not taxed in that jurisdiction. Taxes can be payable in the country of origin of the account holder but no taxes are assessed throughout the year. In addition, the issue of reporting and paying taxes is up to the account holder. In many offshore jurisdictions there are very specific laws that protect an account holder from any private information being disclosed. An offshore account typically allows for wire transfers in and out of the account and a debit or credit card to use anywhere in the world.
Set Up an International Business Corporation
Set up an offshore corporation to conduct active business throughout the world. Use it to control assets without having the name of the corporation’s shareholders being made public. Your offshore corporations commonly will not do business in the host nation but will not be limited in the scope of operations elsewhere. Earnings of such a corporation outside of its offshore jurisdiction are usually not taxed in that jurisdiction.
What Is a Panama Private Interest Foundation?
There are a number of jurisdictions that allow one to set up a foundation. The Panama Private Interest Foundation is unique, quite useful for asset protection, and has benefits above and beyond those offered in other jurisdictions. A Panama Private Interest Foundations has no owners. It has beneficiaries. The beneficiaries are typically not known to the world. The foundation can control a wide range of assets in privacy and benefit those for whom it was formed.