| The point is, by moving assets offshore,
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| | matter, you can enter your own statement
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| you regain control. Within the United
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| | of explanation as a permanent part of the
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| States, you must play according to
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| | credit file.
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| federal rules - rules that get a little
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| | Within the United States, it's possible
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| less citizen-oriented every year.
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| | to work like a dog, diligently and
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| Offshore, there are entire jurisdictions
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| | ferociously safeguarding the limited
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| organized to play by your rules. You
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| | privacy that our legal system still
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| design the game, and you get to be the
| |
| | allows. Frankly, the incredibly rich
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| winner.
| |
| | don't need to bother. They're already
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| The forefathers of America did not
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| | protected by sophisticated investment
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| foresee the 21st century post 9 /11.
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| | plans - usually they include offshore
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| Today, the greatest threat to your
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| | involvements. The very poor don't make
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| individual privacy has nothing to do with
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| | much effort either. They're too busy
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| property theft.
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| | making ends meet, and Uncle Sam isn't
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| It has to do with access to information
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| | vigorous in pursuit of information about
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| about you and your activities. Where you
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| | them. They don't have enough money to
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| live and work, the names of your
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| | make it worth his while. Finally, of
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| children, your medical and psychiatric
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| | course, there are the very crooked. They
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| history, your arrest record, the phone
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| | don't spend time protecting a legal right
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| numbers you dial, the amount of money you
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| | to privacy because illegal activity keeps
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| earn, the way you earn it, and how you
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| | them pretty well-occupied and
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| report it to Uncle Sam after if s yours -
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| | camouflaged.
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| these are the information tidbits that
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| | By moving a portion of your money
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| will undoubtedly remain stored in lots of
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| | offshore, you can give yourself an
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| different places as long as you keep your
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| | immediate escape valve. You can stop
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| money within U.S. borders.
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| | chasing that elusive goal of onshore
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| An offshore financial involvement offers
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| | privacy, and in the process, you can walk
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| youand your family the one and only
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| | away from the frustration and aggravation
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| escape from this government-endorsed
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| | that are part of that quest.
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| conspiracy. Just as you can legitimately
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| | You can find out what life is like on the
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| make more money oversees than you could
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| | other side of excessive government
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| ever hope to earn in this country, you
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| | regulation and bureaucratic red tape. You
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| can also look forward to enjoying your
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| | can, for the first time in your life,
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| foreign profits in an atmosphere of
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| | discover what true financial freedom
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| complete confidentiality. In money havens
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| | feels like.
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| scattered from Hong Kong west to Aruba
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| | Nevertheless, there are four basic
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| and south to the Netherlands Antilles,
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| | privacy benefits that apply to almost
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| you can benefit from iron-clad secrecy
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| | every offshore venture and can be,
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| laws that strictly forbid any
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| | implemented in virtually any foreign
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| bureaucratic review of your personal
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| | financial center.
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| financial records. That means you can
| |
| | History has also taught that
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| legally guard your assets from the
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| | discrimination can rise up and attack
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| overzealous inspection that has become
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| | even the powerful within a society. At
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| part and parcel of U.S. banking and
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| | various times, in various places, Jews,
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| investment portfolio management.
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| | Blacks, Asians, Protestants, Catholics
|
| Then, of course, there's the Internal
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| | and many others have been singled out for
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| Revenue Service. The IRS knows how much
| |
| | disdain. Unfortunately, governments are
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| money you make, and where it comes from.
| |
| | not immune to their own prejudice. Under
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| The Social Security Administration
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| | federal authority, people around the
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| probably knows more than you do about
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| | world have had their property taken away.
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| your employment earnings history. If you
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| | Sometimes they have also been imprisoned
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| served in the armed forces, you're
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| | and even killed.
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| permanently listed in the archives of the
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| | That's why smart investors living in
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| Veterans Administration as well as your
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| | politically and socially explosive
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| service branch.
| |
| | countries often keep the bulk of their
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| Are you a borrower? If so, then at least
| |
| | money offshore. Overriding (and rational)
|
| one credit bureau (and probably several)
| |
| | fears of government expropriation push
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| keeps a file on you. Lenders nationwide
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| | them into a no-choice position. As
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| can request from any one of these
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| | Americans, we can be far less fearful.
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| independent business operations a slew of
| |
| | Nevertheless, there is growing concern
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| information about your income, debts,
| |
| | about creeping federal authority over
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| employment history, marital status, tax
| |
| | individual economic liberty. As a result,
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| liens, judgments, arrests and
| |
| | quiet transfers of money and assets have
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| convictions.
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| | become common.
|
| Still another category of consumer
| |
| | If the essence of financial privacy means
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| investigation companies collect
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| | limiting the information that is
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| information about the health habits and
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| | available about you, then it seems wise
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| lifestyles of likely employment and
| |
| | to act before the fact. Don't wait until
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| insurance applicants. How do these
| |
| | a period of unrest brings you and your
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| agencies get their information? Mainly
| |
| | assets under federal scrutiny. By then,
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| from the friends, neighbors, employers,
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| | it will be too late. You won't be able to
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| landlords and other casual professional
| |
| | protect what you've got because Uncle Sam
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| associates of those they are
| |
| | will probably decide to "protect" it for
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| investigating.
| |
| | you.
|
| The law also demands that banks maintain
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| | If you have the proper government
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| records of any credit extension (other
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| | credentials and just $ 150, you can
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| than a real estate mortgage) that exceeds
| |
| | gather the following information and
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| $5,000. Banks must report all cash
| |
| | material on just about anyone: checks
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| transactions, deposits or withdrawals, in
| |
| | (both front and back copies), bank
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| excess of $10,000. They are required to
| |
| | statements, signature cards, loan
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| ask you for your Social Security number
| |
| | applications, deposit and withdrawal
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| or taxpayer identification number before
| |
| | slips, and all bank communications. Even
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| any new checking or savings account can
| |
| | more to the point, you can get it without
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| be opened. If you do not supply this
| |
| | your suspect ever knowing about the
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| number within 45 days of the request,
| |
| | probe.
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| your name, address, and account numbers
| |
| | Domestic banks typically release records
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| are put on a list for inspection by the
| |
| | in the event of civil litigation, court
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| Treasury Department.
| |
| | proceedings, and in some IRS audits. A
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| Even more to the point, you would wonder
| |
| | private foreign bank, on the other hand,
|
| why any American with the economic option
| |
| | can protect you from any such invasion.
|
| of moving offshore and into an atmosphere
| |
| | By owning your own offshore bank, for
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| of utter financial privacy would chose
| |
| | instance, you ensure that all your
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| to.
| |
| | financial decisions (and the papers that
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| Better and there are plenty of foreign
| |
| | authorize them) are beyond the reach of
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| financial centers willing to make you an
| |
| | domestic rules and regulations. Provided
|
| offer that's hard to refuse.
| |
| | your dealings are structured as bank
|
| To ensure your own financial privacy, you
| |
| | transactions rather than as individual or
|
| must do two things. First, you must
| |
| | corporate ones, Uncle Sam has limited
|
| minimize the amount of information that
| |
| | authority over the size or frequency of
|
| gets created about you. Second, you need
| |
| | your transactions.
|
| to verify and limit access to the
| |
| | One of the most important privacy
|
| information that already exists.
| |
| | benefits you get from an offshore
|
| So, out of respect for the fact that you
| |
| | involvement is protection against overly
|
| will probably want to keep some portion
| |
| | aggressive competitors. Countless fights
|
| of your assets within the United States,
| |
| | have taken place in U.S. courtrooms, many
|
| take a minute and consider ways that you
| |
| | of them involving large sums of money and
|
| can protect yourself from unnecessary
| |
| | vengeful antagonists. The inclination to
|
| invasion of privacy. Just to get you
| |
| | sue at the least provocation is on the
|
| thinking along the right track, here are
| |
| | verge of becoming an epidemic. And the
|
| some practical suggestions.
| |
| | likeliest targets are the people with the
|
| First, be aware that that not all
| |
| | most money.
|
| domestic banks are alike. They all fall
| |
| | Let's say you become involved in a
|
| under U.S. banking regulations, but some
| |
| | business situation that ultimately leads
|
| are more privacy-oriented than others.
| |
| | to a lawsuit. If you bank within the
|
| For example, a number of financial
| |
| | United States, a court may award your
|
| institutions have recently started
| |
| | competitor legal access to any or all of
|
| photographing and fingerprinting
| |
| | your financial records. In the process,
|
| customers before completing even the most
| |
| | your privacy may be seriously
|
| routine transactions. Don't do business
| |
| | jeopardized. If, however, your records
|
| with that kind of place! Instead, look
| |
| | are kept offshore, they are impervious to
|
| for a bank that's willing to ensure the
| |
| | court orders.
|
| highest possible level of financial
| |
| | Another important benefit involves the
|
| confidentiality.
| |
| | right to maintain a healthy distance
|
| A good way to identify the right
| |
| | between creative ideas and your
|
| institution is to ask for a written
| |
| | competitors. For example, let's say you
|
| contract that sets down the ground rules
| |
| | have a formula or patent that you want to
|
| for your professional relationship. Make
| |
| | protect. If you decide to copyright the
|
| sure your contract includes at least
| |
| | idea here, you must disclose it to the
|
| these two provisions: the bank must
| |
| | Copyright Office, Immediately; your
|
| notify you whenever anyone asks to see
| |
| | million-dollar concept becomes part of
|
| your records; and you reserve the right
| |
| | the public domain. Before you have time
|
| to periodically see and correct any
| |
| | to establish a firm market, the idea can
|
| records the bank may keep on you.
| |
| | be reformulated with minor revisions and
|
| A second rule of thumb is to conduct
| |
| | translated into your strongest
|
| low-profile banking. Think about it. By
| |
| | competition.
|
| reviewing nothing more than your monthly
| |
| | Instead of going to the appropriate
|
| checking account statement, an
| |
| | onshore office to file your formula, why
|
| investigating agent could learn a lot
| |
| | not convert it into financial
|
| about you - where you shop, the
| |
| | information? Call it "the exhibit to an
|
| restaurants you frequent, the names of
| |
| | agreement between a scientist and the
|
| friends and relatives, your religious and
| |
| | formula's owner." If the formula's owner
|
| political affiliations, even the private
| |
| | just happens to be an offshore entity,
|
| clubs at which you have a membership. In
| |
| | the exhibit is likely to be protected
|
| essence, the account provides a panoramic
| |
| | under the bank secrecy laws of the
|
| view of your everyday lifestyle.
| |
| | foreign jurisdiction.
|
| Again when it comes to investment,
| |
| | Have you ever been the target of ugly
|
| consider the benefits of working through
| |
| | gossip or intentional misinformation?
|
| a registered trade name. Brokerage firms
| |
| | It's sometimes based on nothing - just
|
| accept corporate accounts, and these
| |
| | lies and innuendo. Other times, the story
|
| accounts are used by individuals as well
| |
| | has a kernel (or more) of truth. And
|
| as by large corporations. A professional
| |
| | that's even more difficult to handle.
|
| corporation can trade under its own name,
| |
| | Most of us have a few skeletons in our
|
| and if titled properly, will ensure the
| |
| | closet. When it comes to financial
|
| anonymity of the real owner. You should
| |
| | privacy, however, those bones take on
|
| know that your privacy is maintained only
| |
| | particularly ghoulish contour. Past
|
| at the trading level. Outsiders can still
| |
| | mistakes - from car repossession to a
|
| gain access if the brokerage firm chooses
| |
| | personal bankruptcy, draft evasion, or a
|
| to reveal the true owner. To maintain
| |
| | minor criminal record - can haunt you for
|
| financial and personal privacy in your
| |
| | a very long time. Credit bureaus maintain
|
| correspondence, consider renting a post
| |
| | all their information for at least seven
|
| office box. This, together with a
| |
| | years; and often for even longer.
|
| registered trade name, can do a lot to
| |
| | Financial privacy is a must. You will
|
| ensure at least a significant amount of
| |
| | never have it within the domestic
|
| confidentiality.
| |
| | financial environment. Offshore centers,
|
| Finally, keep tabs on your credit
| |
| | however, can guarantee that today is what
|
| records. There are about two thousand
| |
| | matters. Yesterday is essentially
|
| separate credit bureaus in this country,
| |
| | irrelevant.
|
| and they all carry data that could
| |
| | Offshore banking can help you regain
|
| potentially be used against you. Under
| |
| | control your personal and financial
|
| the Fair Credit Reporting Act, you can
| |
| | privacy.
|
| demand to know what is in your file. If
| |
| | It is an option in the post 9 /11 era
|
| you disagree with any of the information
| |
| | that you should take seriously for
|
| you find in it, you can insist that
| |
| | yourself and your family's financial and
|
| another investigation be done. If that
| |
| | personal privacy.
|
| second go-around doesn't resolve the
| |
| |
|
