offshore asset protection i

Offshore Asset Protection I

Byhttp://robertgirga.com/RobertGirga/

This is the first of a two part discourse on protection your

assets by moving them offshore.

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The computer age has largely make life easier but is has

also made life more invasive. In the world of the internet

your privacy is often at risk.

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Identity theft, people and institutions prying into your

private affairs, and ever increasing governmental

intrusion into your everyday life has become fact in many

nations.

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There is a constant threat of higher taxation and frivolous

law suits as well.

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Those with hard earned wealth are made to pay when their degree of fault in a law

suit is minimal

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and governments that mismanage their affairs

decide to “tax the rich” as a way to balance the books.

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These threats to the preservation of wealth are such that many choose to

protect their assets by taking them offshore.

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The very rich have known for years that the best way to

protect wealth is to store it and grow it in discrete offshore

banking centers.

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They have learned to use a variety of legal vehicles to

preserve privacy and guard assets.

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As governments become more intrusive, as invasion of

privacy increases as a personal threat,

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and as the risk of losing everything due to someone

else’s negligence becomes a reality we offer a few thoughts

about offshore asset protection.

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Do Your Banking Offshore

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Interest income in a bank account in many offshore jurisdictions is not taxed in

that jurisdiction.

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Taxes can be payable in the country of origin of the

account holder but no taxes are assessed throughout the year. In addition, the issue of reporting and paying taxes is

up to the account holder.

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. In many offshore jurisdictions there are very specific laws

that protect an account holder from any private information

being disclosed.

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An offshore account typically allows for wire transfers in and out of the account and a debit or credit card to use anywhere

in the world.

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Set Up an International Business Corporation

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Set up an offshore corporation to conduct active business

throughout the world.

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Use it to control assets without having the name of

the corporation’s shareholders being made public.

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Your offshore corporations commonly will not do business in the host nation but will not

be limited in the scope of operations elsewhere.

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Earnings of such a corporation outside of its offshore

jurisdiction are usually not taxed in that jurisdiction.

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What Is a Panama Private Interest Foundation?

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There are a number of jurisdictions that allow one to

set up a foundation.

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The Panama Private Interest Foundation is unique, quite useful for asset protection,

and has benefits above and beyond those offered in other

jurisdictions.

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A Panama Private Interest Foundations has no owners.

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It has beneficiaries.

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The beneficiaries are typically not known to the world.

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The foundation can control a wide range of assets in

privacy and benefit those for whom it was formed.

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This is done without the world knowing who the beneficiaries

are or what and where their assets are.

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Maybe an Offshore Trust

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Many choose an offshore trust as a repository for any and all

other offshore vehicles.

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The trust will not need to go through or even be considered for probate proceedings in an individual’s country of origin.

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Use this vehicle to hold a foundation, corporation, or

bank accounts as well other assets.

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And Don’t Forget the Advantages of Offshore

Privacy

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It is possible in many offshore jurisdictions for individuals and corporations to set up

legal vehicles such as bank accounts, trusts, corporations,

and foundations

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in which the names of the persons or corporations are never known to the public.

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Unless there is evidence of money laundering or drug

trafficking this privacy can be inviolate.

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In legal and tax matters information about such an

account can only be accessed

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by a foreign entity if it knows that you have such an entity and can prove in a court in that jurisdiction a number of

difficult legal issues.

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. If your privacy vehicles are located in more than one

jurisdiction one would need to prove need in each host country’s court system.

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For more about Offshore Asset Protection visit

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