Offshore Banking: A Defense Tool
Offshore banking is not illegal. Instead, it is a tax haven for offshore companies. It provides financial and legal benefits. Many businesses use offshore banking as a way to protect personal and professional assets. The majority of countries offer a low tax structure for offshore companies. Through offshore banking, companies are able to safeguard their assets from litigation and creditor attachments. Offshore banking offers the following benefits:
Greater privacy and anonymity
Easy regulations and easy access to deposits
Protection against financial, political, and local instability
Low or no tax on business revenue and deposit interest
Low or no tax on personal assets; secure account exempted from tax assessments
The most important benefit that
offshore banking provides is that the account is strictly private and protected from creditors, and other interested parties.
The Benefits of Offshore Banking
Offshore banks are considered to be tax havens. Offshore jurisdictions typically exempt offshore companies from paying taxes. Selecting an offshore bank is a legal right for both private citizens and businesses. It is a great option for safeguarding assets.
Tip to Remember
When choosing a destination for offshore banking, look for stable countries and strong economies with a developed financial and economic sector. A jurisdiction with a good reputation is as important for security as it is for offshore banking.
Research the
offshore banking laws of Panama. The country provides the best resources for offshore companies.
Disclaimer: Many countries have laws regarding offshore entities and accounts. For example, citizens that form offshore entities, (for example an offshore corporation, offshore trust, offshore partnership, offshore limited liability company, etc.) own stock in offshore entities or hold positions within offshore entities may need to file a tax return. Citizens that form an offshore trust, move assets into an offshore trust or are the beneficiary of an offshore trust may need to file a tax return. Citizens that sign on offshore bank accounts or offshore investment accounts may need to disclose this fact to their government and pay taxes on any interest or capital gains. We strongly recommend consulting with a local, licensed professional to obtain tax and legal advice in order to understand the law and to fully comply with all applicable laws and reporting requirements regarding offshore companies, offshore trusts, offshore bank accounts and offshore investments.
Offshore Banking: A Defense Tool
By: Sam Hall
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