In a world where lack of privacy, high taxes, asset forfeiture, and frivolous suits are the norm, Commonwealth Financial Group, Ltd. offers realistic solutions that overcome these problems.

The offshore financial industry is evolving very rapidly. Financial centres that a few years ago were at the top of everyone's list are now not so highly regarded. The British Dependent Territories that include the Channel Islands, Isle Of Man, Bermuda, The Caymans, Anguilla, Turks & Caicos, British Virgin Islands are now faced with the prospect of submitting to the British Labour Government's new attitude on curbing "criminal and laundering activity" in these territories. European Union demands for "tax harmonisation" and the OECD "offshore initiative" to eliminate tax havens and the "harmful tax competition" that they promote through their Financial Action Task Force (FATF), is driving these territories to negotiate away the very things that made these financial centres what they are today. In return, the European Union will give favourable tax treatment to the City (of London) and its myriad financial services centred there. There is serious talk in some of these territories of full independence, but until such issues have been resolved, our advice, along with many others, is to stay away from these financial centres, at least for the domiciling of offshore structures. There are far better options available.

Since September 11, 2001, even more pressure is being exerted on offshore jurisdictions, even though there is little or not evidence that terrorists have laundered any funds through such centers. Indeed, it is the large U.S. and European banks that have ironically and unwittingly facilitated much of the terrorist activity that has now manifested. Of course, the agenda has been for a long time, to exert pressure on these offshore centers by all means, since the mainstream press in the West assumes that anyone who desires financial privacy in their lives, which is still available offshore, must be up to no good. Accusations of laundering funds for terrorists has now supplanted accusations that such offshore havens are being used for drug money laundering. The reality is that it is much easier to launder funds through a major U.S. or U.K. bank then it is through the typical offshore bank - and money launderers have known this for a long time.

For the reasons outlined above, fully independent countries that have inherited the British Common Law tradition through their former status as British Colonies are now mostly preferred by most offshore professionals for the domiciling of offshore structures with the possible addition of such countries as Panama. The favourites of many, including ourselves, are Belize and Nevis, since both have arguably some of the best legislation in place protecting the inviolability and privacy of trusts and corporations set up under their statutes. They are both English speaking former colonies with a tradition of English common law and that reason alone in our minds makes them more superior to such countries as Costa Rica and Panama, that are in vogue with certain offshore financial planners.

Furthermore, in an attempt to compromise the status of the British Overseas Territories as tax havens, countries such as the U.K., U.S., Australia and Canada have made it much more difficult to go offshore by attacking trusts. Many of the legal loopholes that made trusts attractive have been closed. So much so, that in order to achieve the same results that were once easily obtained merely by the setting up of an offshore trust, a more complex but still easily understood strategy has been necessitated. Because of this, the offshore trust has been relegated to a more background role in conjunction with the International Business Corporation (IBC). Although this strategy has only recently been recognised by practitioners, it offers enormous benefits.

Many trusts being sold today will not provide any of the benefits they are being touted for. The year of 1996 saw legislation in the U.S. that closed most of the loopholes that made offshore trusts attractive as tax optimization vehicles. Yet, the gullible are still being misled into believing that those benefits can still be obtained. Similar legislation was passed in the U.K. recently and Canada and Australia have also followed suit along with European countries such as Germany and France.

Likewise, many offshore service companies are selling the concept of an International Business Corporation along with nominee directors and shareholders claiming that this will solve all your tax, asset and privacy problems. Well, yes and no. Yes, so long as your domestic taxing authorities don't find out about your arrangement and you are not concerned about compliance and reporting requirements. But if the tax authorities find out and/or your offshore presence comes to light in a court of law, a judge will very easily see through your arrangements, which could land you in big trouble in many different ways.

We prefer to offer strategies that will stand up in court, which will allow you to sleep well at night. These strategies are simple and inexpensive. Many law firms will charge two to five times what we charge for the same strategies. Legal tax optimization, the elimination of all reporting requirements in your home jurisdiction, asset protection that will allow you to pass your assets on to your heirs free from all estate taxes, and protection from civil forfeiture laws are all still very much possible. Our own in-house counsel constantly keeps abreast of changes of domestic laws in the countries where are clients are domiciled to make sure that their structures conform.

We provide a quick and private service. Corporate structures are available at 24 hours notice and trusts can be quickly implemented behind them. Our "off the shelf" turnkey offshore identity package meets the needs of those who are looking for an instant offshore solution that will meet many needs. For more complex situations that require customisation, one-on-one assistance is offered. We also provide complete turn key offshore banking services, third party administration, and nominee director services for arms length safety that will stand up in a court of law.

The offshore industry is an increasingly complex field but one that is easy to understand for those willing to apply themselves. What we have attempted to do here is to break it down to its most basic components.