Seven Disturbing Trends
Is Offshore Banking Right for You?
Seven Disturbing Trends
More and more people around the world today are moving assets
and business offshore because of the many benefits it can provide.
If you are not convinced that offshore financial planning is right
for you, maybe you should consider the following disturbing trends
that are eroding your privacy and are putting your assets at risk:
1. With very little effort almost anyone (a tax authority,
someone who is suing you, a selfish ex-spouse, etc.) can get a clear
picture of your personal and financial information.
How? Simply by tapping into the vast amount of data that is stored
on each of us. Detailed records are kept not only by the federal
government but also by state and local governments, the census office,
the credit bureaus, insurance companies, health authorities, financial
institutions, internet companies, and so on. Such records include
tax returns, various licenses and registrations, marriage certificates,
deeds, court documents, credit reports, medical histories, marketing
profiles, insurance applications, etc.
What’s worse, is that you have little to no control over how
this information is collected and disseminated. For instance, under
current law, creditors, litigants, or private detectives are often
allowed to find out how much money you have in the bank. Maybe,
after all, your private information is not as private as you thought.
2. People who stand out as successful, wealthy individuals,
may become a targets of unwanted lawsuits.
If your wealth and assets can be easily detected, you may be attracting
unwanted lawsuits, be it divorce suits, damage suits, professional
negligence suits, and nuisance suits. Once you get involved in a
lawsuit such as this, it won’t be long before your assets
evaporate. According to a credible source, there are currently over
one million such lawsuits working their way through the courts in
the US alone.
3. As a director or officer of a corporation, you may
lose some or all of your personal assets if the corporation is sued.
4. Retirement does not protect you from malpractice or
liability exposure. You may be sued for events that took place many
years ago, as long as the applicable statue of limitations did not
expire.
5. In certain cases, the courts can allow your creditors
to seize assets held in the names of wives and children, as well
as retirement funds.
6. Taxes are likely to increase in the future.
As taxes go up, wealthy and well to do individuals are hit the hardest.
Why pay more than your fair share of taxes when with some offshore
structuring you can achieve greater tax efficiency? There are perfectly
legal ways to have income from investments or international business
accumulate and compound offshore on a tax-free basis.
7. Estate / Death taxes
Unless you act to secure your assets, it is possible that you will
not be able to keep your hard-earned money in the family and pass
your wealth on to your heirs.
Is An Offshore Solution Right
for You?
To determine if offshore financial planning could be beneficial
for you, ask yourself the following questions:
• Do you have more than US$100,000 or equivalent in equity
in your home?
• Do you have liquid assets worth more than US$100,000
• Do you earn over $50,000 every year?
• Are you a director or officer in a corporation?
• Are you a partner in any partnership?
• Are you single or divorced and contemplating marriage
or remarriage?
• Do you own a plane or a boat?
• Are you a contractor, manufacturer, physician, architect,
accounting professional, professional or self-employed individual?
• Have you been uninsured or underinsured for any period
of time?
• Are you expecting an inheritance?
If you answered yes to more than two or three questions, it is
practically certain that our corporate and administration services
will provide you with significant benefits.
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