subject: Focused Offshore Banking Solutions From Carlo Scevola & Partners [print this page] Governments at both the national and international level are cracking down on those who use offshore banking for high-level tax planning. Recently the U.S. signed the Brussels Agreement with the EU which allows them to examine any bank account in the European countries with no probable cause, no court oversight, and no accountability. The country in which you place your assets and the laws thereof determine the degree to which you will be able to protect what is rightfully yours. Smart, strategic offshore banking can help you accomplish this goal.
Laws change constantly in offshore banking and it is essential to keep abreast of new developments. It is accepted now that it is safer to place assets in countries that are not generally recognized as being tax havens. There is a much pressure for the OECD to pursue nations that traditionally did not report bank holdings in an effort to force them to share information about these holdings for purposes of apprehending tax evaders. Already this protocol is affecting countries such as Switzerland, the Cayman Islands, Liechtenstein, Luxembourg, Austria, Guernsey, Isle of Man, Jersey, Singapore, Monaco, the British Virgin Islands, Bermuda, and the Cook Islands, among others. Some attractive sites for offshore banking include Guatemala, Hong Kong, Belize, and Panama.
The number of nations signing Tax Information Exchange Agreements (TIEAs) has surged in the last twelve months. This increased scrutiny makes it necessary for anyone seeking to employ offshore banking to examine more closely the type of bank account in which they keep their money. Personal bank accounts offer the least amount of protection. It is wiser to form an anonymous corporation or foundation. Offshore banking laws require that the entity in question not be the beneficiary owner or signatory on the bank records. Law and consulting firms such as Carlo Scevola & Partners can assist you in manipulating your information so as to conceal your identity in these transactions.
Offshore banking is a complex realm of ever-shifting sands. In order to manage your money wisely, you must employ a company to help you chart a direct course through this diffucult terrain. Carlo Scevola & Partners is just such a firm.
by: Peter Robertson
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