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A Guide to Offshore Banking

Offshore banking has often been associatedlosing what is rightfully yours.Tax
with the underground economy and organizedEfficiencyAs stated above, your savings,
crime, via tax evasion and money laundering;investments, assets or business profits can
however, legally, offshore banking does notgrow almost free of any form of taxation.
prevent assets from being subject to personalThis does not mean tax avoidance, it simply
income tax on interest. Except for certainmeans whilst your assets are held offshore
persons who meet fairly complex requirementsthey will benefit from very favourable tax
, the personal income tax of most countriesadvantages. There will for many however, be a
makes no distinction between interest earnedpotential tax liability when you look to
in local banks and those earned abroad.repatriate your assets to your home country.
Persons subject to US income tax, forThis will depend on your nationality and your
example, are required to declare on penaltycountry of residence at the time of
of perjury, any offshore bank accounts-whichrepatriation.Asset ProtectionThere are many
may or may not be numbered bank accounts-theymethods in which to protect your assets using
may have. Although offshore banks may decidean offshore structure, in the form of an
not to report income to other taxinvestment product, an IBC (International
authorities, and have no legal obligation toBusiness Company) or a offshore trust, or
do so as they are protected by bank secrecy,even a simple offshore bank account. These
this does not make the non-declaration of thewill protect your assets from:* Protection
income by the tax-payer or the evasion of thefrom invasive bureaucracy* Protection against
tax on that income legal. Following Septemberlawsuits* Protect your assets from seizureThe
11, 2001, there have been many calls for moresimplest form of protection offshore is the
regulation on international finance, innature of the offshore privacy rules. What
particular concerning offshore banks, taxisn't known can't be attacked. The basic form
havens and clearing houses such asof offshore privacy combined with a IBC or
Clearstream, based in Luxembourg, beingTrust is a very secure method to legally
accused of being a crossroads for majorprotect your assets from prying eyes.Lawsuits
illegal money flows.An offshore bank is aare filed every week. Ex-spouses, ex-business
bank located outside the country of residencepartners, disgruntled employees or predatory
of the depositor, typically in a low taxlawyers may file a suit if they believe a
jurisdiction (or tax haven) that providespotential defendant is an attractive target.
financial and legal advantages. TheseLosing such a lawsuit could cause a
advantages typically include some or all of:*lifetime's worth of savings, investments and
Strong privacy* Less restrictive legalreal estate holdings to be lost. In light of
regulation* Low or no taxation (i.e. taxthis, placing assets offshore is a wise and
havens)* Easy access to deposits (at least ineffective means of protection from frivolous
terms of regulation)* Protection againstlawsuits.Once your assets are held offshore
local political or financial instabilityWhilethey are unreachable by domestic courts. In
the term originates from the Channel Islandsthe event of a lawsuit, a defendant may be
"offshore" from Britain, and most offshoreforced to forfeit domestic assets, but
banks are located in island nations to thisoffshore assets will remain untouched.
day, the term is used figuratively to referOffshore courts do not recognize or carry out
to such banks regardless of locationdomestic judgments. This insures that assets
(Switzerland, Luxembourg and Andorra insent offshore will remain confidential,
particular are landlocked).What type ofsecure, and permanently in the hands of their
services are available from offshore banks?rightful owners. Moving assets offshore will
The same as the services from any high streetcreate peace of mind that what's yours will
bank, plus the extremely confidential Swissalways be yours.Regulatory AdvantagesThe
style numbered accounts. Many of the offshoreregulations in force within most high tax
banks listed on this site are respected AAcountries, are there to protect investors,
credit rated international banks, thatand rightly so. However, due to the very
everyone has heard of before. They havestrict nature of these regulations, fund
simply set up an offshore division or branchmanagers feel as if they are wearing a
division within a tax haven to attract afinancial straight Jacket. It is difficult
share of the enormous international trade,for them to compete with the returns of their
and offer almost the same services as anyoffshore-based partners who enjoy less
domestic bank. Such as the following:*restrictive regulation. Many offshore
Personal and corporate current/checkingjurisdictions have very mature regulatory
account* Personal and corporate savingssystems in place, often based on those
accounts* Secure internet banking facilities*present within the US or the UK, yet they
Anonymous numbered accounts (extremelyallow fund managers great freedom to add
confidential)* Debit and ATM cards, which arevalue for their investors. This is why
accepted globally* Credit cards* loans*offshore funds nearly always outperform their
MortgagesGoing offshore in simple terms meansonshore equivalents. Within the high
placing your savings, investments, assets orregulation onshore countries, excessive rules
business concerns outside of your homeand bureaucracy often plague domestic
country, within one of the many tax havens. Abusinesses and operations. Valuable resources
tax haven is a country that has veryare diverted away from the productive process
favourable tax advantages, which means thatin order to monitor compliance as a result of
your savings, investments, assets or businessthe restrictions imposed. Curing this problem
profits can grow free of almost any taxation.is as simple as moving to friendlier shores.
Although taxation is only one reason why manyOffshore jurisdictions are intentionally
decide to go offshore.PrivacyTo protect thebusiness-friendly and have regulations that
free flow of your personal information andare straightforward, simple to understand and
dealings. An offshore entity has noinexpensive to comply with. Moving a business
obligation to release your personal oroffshore and enjoying a more pleasant
business information, affording you with abusiness climate may require nothing more
great deal of privacy & confidentiality. Inthan forming an offshore corporation and
general terms your personal information willtransferring assets from the domestic
not be divulged to any governing body or taxcorporation to the foreign one.Is all of this
authority unless suitable evidence can belegal?Do you trust your current bank or
shown to prove that you have been involved ininvestment provider? Chances are that they
criminal activities, such as money launderingtoo have an offshore operation; most of the
or drug trafficking.Financial privacy isworld's major banks and investment companies
becoming a thing of the past. Almost everyhave an offshore present. Do you honestly
single transaction made at a bank or ATM, bybelieve that a triple A credited rated
law, must be recorded and filed. Consumerinvestment company or bank would operate in
credit agencies maintain databases full ofan illegal activity? Companies such as
sensitive information that is used and sharedMerrill Lynch, HSBC, ING Barings, UBS,
by other organizations and agencies. AssetBarclays, Deustche bank, ABN Amro all have
collectors routinely advertise their abilityoffshore operations. It is not the offshore
to locate bank accounts, brokerage accounts,industry itself that is illegal, it is only
and real estate and business holdings. Shouldthe devious activities of certain individuals
asset collectors find substantial wealth, thewho may give the offshore industry a poor
individual or corporation becomes an easyreputation. It is also true that the due
target for a lawsuit.Unless ethical and legaldiligence, and money laundering checks
steps are taken to insure privacy, sensitiveperformed by offshore companies is
and confidential information could easily getincreasing, especially after the 911
into the wrong hands. Placing your assets,terrorist attacks. Which will ensure that it
investments, savings bank and brokeragebecomes difficult for criminals to abuse the
accounts offshore will keep them off theoffshore industry.Thomas Crown is an American
asset collector's radar screen. Consumerfinancial advisor currently living and
credit agencies and government departments doworking in the Grand Cayman Islands. He
not have access to foreign account records orcurrently runs the website which is a
transactions. Domestic property may be heldBeginners Guide to Offshore Banking. The site
in the name of a foreign corporation (IBC) orcovers a wide range of topics; Offshore
trust. This insures that asset collectors andbanking laws, Types of services offered, A
agencies cannot locate it. By takinglarge data base of banks, A pros and cons of
advantage of these methods an individual orusing offshore banks, Guide to starting your
corporation becomes a smaller target and theown offshore bank.All of the information at
likelihood of being sued is reduced.is listed for free, their is no charge for
Utilizing offshore tools to protect privacyanything on the site.
could mean the difference between keeping and



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