| Offshore bank accounts are mostly used by
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| | bank account -- Not if you don't tell
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| spies and criminals -- It would be silly
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| | them. Most offshore accounts are managed
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| to say that this does not happen, but the
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| | over the internet using secure
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| reality is that most of the funds kept
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| | encryption. This is the same encryption
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| offshore are deposited by fortune 500
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| | used by banks and e-commerce sites around
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| companies shielding their asset base as
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| | the world. It is secure, trusted, and
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| part of their risk management strategy. I
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| | well tested.
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| personally know a TV personality that
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| | Offshore banking doesn't protect me from
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| every person reading this knows, and He
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| | a lawsuit because the judge will just
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| banks in Panama among other countries to
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| | order me to bring the money back. -- If
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| reduce his risk and protect his assets.
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| | you were to open a personal bank account
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| Offshore banking is too complicated for
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| | offshore this would be true. However, an
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| the average Joe -- This is actually true
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| | offshore bank account is typically owned
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| if the average Joe were to do all the
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| | by a bearer share corporation and or a
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| legal work himself. Typically an offshore
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| | foundation. In the example of a
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| bank account is created in conjunction
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| | foundation, if you donated money to the
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| with an offshore corporation due to many
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| | foundation you cannot get the money back.
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| governments taxing worldwide income of
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| | The foundation can only give money to the
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| individuals. This sounds complicated but
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| | purposes set in its governing documents.
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| a good lawyer will have the entire
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| | That does not include giving money to
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| package done in less than a week.
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| | you. Basically the money is out of your
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| Only a rich person can afford an offshore
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| | control legally speaking and so you can't
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| asset protection setup -- This is totally
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| | bring the money back.
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| false. The basic package, which is
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| | Someone will be able to track the money
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| adequate for 90% of clients, costs less
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| | to its offshore destination -- It is true
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| than $2000 US. The basic package includes
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| | that if you send a wire to an offshore
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| an offshore bank account and a Panama
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| | bank their will be a trail. This is
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| bearer share corporation. It has proven
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| | avoided by first wiring the money to
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| time and again to be a very solid
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| | another offshore bank usually in another
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| protection mechanism for our clients and
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| | offshore haven. For example, the money is
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| is very useful for tax planning as well.
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| | wired to a bank account located in Belize
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| Since 9/11 there is no such thing as bank
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| | and then wired again from Belize to
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| secrecy. -- This is simply false. Several
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| | Panama. Now someone would have to break
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| offshore jurisdictions like Panama have
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| | Belize bank secrecy to even know what
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| bank secrecy laws that impose prison
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| | country the money is now in. This is very
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| sentences to those who violate your bank
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| | strong security.
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| secrecy. In addition, Panama also has
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| | I can use my offshore bank account to do
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| bearer share corporations that just a
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| | everything I currently do with my onshore
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| private as the infamous numbered Swiss
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| | account. -- There is one thing you can't
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| bank accounts.
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| | do with an offshore bank account. You
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| You have to visit the offshore
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| | can't pay bills online. This is the only
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| jurisdiction where the bank is located.
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| | feature lacking from most offshore
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| -- This is not true. Everything can be
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| | accounts. This is easily rectified by an
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| done by phone, fax, email, and courier by
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| | good offshore asset protection plan by
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| an offshore banking professional.
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| | making a portion of the money available
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| Offshore banking has been destroyed by
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| | in your onshore account. This also brings
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| the MLAT treaty -- If you are engaging in
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| | up another feature that deserves
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| serious criminal activity this statement
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| | mentioning. Most offshore bank accounts
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| is true. For most people just trying to
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| | come with a cash card that can be used to
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| protect their assets this statement is
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| | withdraw funds anywhere in the world. The
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| totally false. In fact, countries like
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| | card only traces to the corporation which
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| Panama, only comply in serious criminal
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| | is often a bearer share corporation
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| cases, and deny many requests. The
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| | (meaning the ownership of it is
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| requesting country has to show that they
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| | anonymous)
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| already have strong evidence that a crime
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| | Operating an offshore bank account is
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| has taken place AND the activity in
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| | illegal -- Operating an offshore bank
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| question has to be a crime in Panama too.
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| | account is 100% legal and many fortune
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| So tax evasion, for example, is not a
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| | 500 companies do it everyday. In fact
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| crime in Panama and so Panama would not
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| | much of the money kept offshore is
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| entertain MLAT requests for information
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| | deposited by these companies to protect
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| relating to tax evasion.
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| | large sums of money from lawsuits. Most
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| Tax information is shared between most
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| | people don't realize that most major
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| countries now -- It is true that many
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| | corporations are actually comprised of
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| countries have entered into tax treaties,
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| | 50-100 smaller corporations. Many of
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| but other more reputable offshore
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| | these corporations in offshore banking
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| jurisdictions have not. Panama, for
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| | havens, offering asset protection and tax
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| example, has no tax treaties with anyone.
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| | advantages.
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| Someone will find out about my offshore
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