Offshore Asset Protection II
This article is a continuation of our thoughts on offshore asset protection. For the first part visit Offshore Asset Protection II. The very wealthy know that a good way to protect wealth is to store it and grow it in discrete offshore banking centers. They use a variety of legal vehicles to preserve privacy and guard their hard earned assets. As government intrusiveness, invasion of privacy, and the threat of losing all due to some else’s neglect increase in this world consider an offshore solution to asset protection and read on.
Tax Havens: Put Your Money in Tax Advantaged Jurisdictions
Virtually all offshore jurisdictions do not tax income that is derived from outside sources and do not tax interest income from offshore bank accounts. There are many tax havens and each has its advantages. For more about putting your money in a tax haven leave us a comment on this page.
Bank by Means of an Offshore Corporation
Form an offshore corporation, with or without bearer shares and with or without nominee shareholders. Then open a corporate bank account. This is an excellent means of providing personal privacy and offshore asset protection. Both individuals an corporations can do this.
Do Your Banking via a Foundation
Many who choose to protect their assets offshore use a Panama Private Interest Foundation. This vehicle can hold any number of assets for its beneficiaries, including a bank account. A beneficiary of such a corporation can have access to bank account assets worldwide with credit or debit cards. For extra protection the foundation can own a corporation that owns the bank account.
Use a Trust to Own a Bank Account
It is possible to set up a trust to control and guard offshore assets. These assets can include a bank account. Just like with corporations and foundations the trust will be set up for the sole benefit for its beneficiaries.
The Layered Offshore Approach
Depending upon the degree of offshore asset protection that you require it is entirely possible and very common, to combine a number of offshore solutions, from different jurisdictions. A foundation or trust can hold a corporation. The corporation can do business anywhere in the world and not pay taxes in the offshore jurisdiction. The same corporation can have bank accounts it its name. Beneficiaries of a trust or foundation receive payments, use the bank credit card, and receive benefits such as the use of a house, car, or boat all in the name of a subsidiary corporation or subsidiary bank account. Choosing the right jurisdictions and vehicles is important and should be done with the advice of competent and reliable counsel. In this regard contact us by leaving a comment on this page.
The old rich know this. Present yourself to the world in such a way as not to attract undue attention or become a target. Unfortunately the new rich o