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| Going Offshore to Protect Your Assets |
By
Steve Holder |
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Offshore bank accountsoffer a level of asset protection you cannot achieve in the United States. If you wish to protect yourself from undue taxation, liability in the event of a lawsuit or divorce, or work in a high-risk profession, an offshore bank accountmay be the solution you need. With the assistance of a professional well-versed in the establishment of offshore bank accounts, you can establish your own personal or corporate account quickly, easily, and at minimal cost.
At one time, offshore bank accounts were viewed as exclusive to the rich and famous, or as being used to hide illicit activity. In fact, nearly half of all illegally laundered money in the world is in the United States, not an offshore account. Rather, offshore bank accounts are used primarily by those who seek anonymity, asset protection, and tax benefits.
Aside from businesses and corporations, those who should consider opening an offshore bank account include: those with a high net worth, high profile individuals, anyone facing or contemplating divorce, small business owners, or anyone who wishes to protect their assets and their privacy. High risk professionals such as doctors, lawyers, veterinarians, airline pilots, accountants, consultants, and ship captains should consider taking advantage of the security offered by offshore bank accounts.
Asset Protection
Runaway litigation is one of the primary reasons huge amounts of assets are being transferred into offshore bank accountsJuries in the United States are awarding enormous sympathy awards, seemingly regardless of the defendant’s culpability.
If you become the defendant in a lawsuit in the United States, it is possible for the lawyers or the courts to freeze your assets during the legal proceedings. This is not only an enormous inconvenience, but can also pose a serious threat to your future financial well-being. Once assets have been frozen, you do not have the ability to use or move those funds until the case has been decided. If you are found liable, you could face significant financial losses.
An offshore bank accountoffers you personal confidentiality along with financial liquidity. In order for an attorney to seize an offshore bank account, it would first need to be discovered. Once uncovered, the attorney would need to engage in lengthy and highly costly proceedings, as well as a significant amount of foreign travel, to even hope to be granted access to the offshore account. Most attorneys either will never discover the offshore account or will not endure the length and duration of the process necessary to seize foreign-invested funds.
Privacy
Most offshore banking institutions have strict confidentiality policies and will not divulge personal account information. Some countries even statutorily enforce banking privacy, making it illegal for the bank or its employees to divulge personal account information to a third party, including foreign governments. Failure to protect the client’s privacy is punishable by law in these countries.
Since a large amount of foreign money is invested in these countries through the financial institutions, they are very protective of client anonymity. If you are seeking a safe bank account inaccessible to prying eyes, an offshore bank account will give you the privacy you are looking for.
In addition to personal offshore bank accounts, you can also create an International Business Company (IBO) or Offshore Trust, which offers an even higher degree of privacy and security.
Tax Benefits
In the United States, half of the total combined individual income tax is paid by only the top ten percent of income earners. The more money you make, the higher tax liability you bear.
Offshore bank accounts usually offer a substantial tax break on income generated by the funds in the account. Offshore bank accounts are normally established in countries with a low personal income tax rate, meaning you can aggressively invest your money and be exposed to minimal tax liability.
Many offshore banks are more financially sound than banks located in the United States. They tend to operate much more conservatively and are far less leveraged than American banks, giving them greater stability.
If you believe anoffshore bank account offers the privacy and security you are looking for, seek the advice of an expert to assist you in setting up your own account. It is easy and inexpensive to establish an offshore bank account, and many require only low or minimal opening balances.
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