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The Challenges of Effective Offshore Tax Planning

The Challenges of Effective Offshore Tax Planning


From the Managing Director, Healy Consultants

Last week, media attention was brought to an article published by The Guardian, "Swiss whistleblower Rudolf Elmer plans to hand over offshore banking secrets of the rich and famous to WikiLeaks", the second instalment of a three-part series on tax avoidance in the U.K. and around the world. Subsequently, conversation has stirred around the Swiss banker who previously managed offshore operations for Julius Baer Bank in the Cayman Islands, not covered by laws protecting Swiss banking secrecy. Elmer has since been arrested for turning over sensitive documents to Wikileaks' Julian Assange.

In light of this story making international headlines and the relevant controversy that surrounds the topic, this weeks blog post is about Offshore Tax Planning.

Many people presume that any use of offshoring services is illicit. This is false.

Offshore company formation, offshore trading, and offshore banking are nothing new. They are not just for the rich. These services are legitimately used all over the world.

The truth is, many companies from small business owners to large multi-nationals use offshore services. They set up companies, affiliates, joint ventures and franchises overseas. Food & beverage, banks, clothes manufacturers, retail distributors, shipping companies, independent consultantsit is a long list of legitimate offshore businesses.

The United States can be seen as the largest tax haven in the world by technical definition, as William Meers of the Huffington Post points out in his blog. Meers also iterates the definitions of overseas structures:

"An offshore bank account is simply a bank account which is based in a different jurisdiction to where you, as an individual or entity, legally reside. No more -- no less. A tax haven is simply a location which has lower tax rates for foreign investors than would be available in their domestic jurisdiction -- and entices investment overseas."

Legitimate uses for an offshore company apply to all sizes of business and investments, not just corporate giants. There are political protections and investment advantages.

What isn't legitimate is tax evasion. Healy Consultants does not condone evading taxes. That is why we offer international tax planning services and accounting services to all of our clients, without exception.

Despite Elmer's efforts, a recentNew York Times article reports they might be in vain. The individuals disclosed in the documents may go untouched, according to American tax lawyers. If these account holders are adhering to their resident country or countries' tax laws it is a non-issue and they've done nothing wrong.

The problem of overseas bank accounts isn't being offshore. It's holding assets offshore without due diligence to tax systems. Because Healy Consultants does not condone evading taxes, international tax planning services andaccounting services are offered to all international clients, without exception.

Offshore account holders who have their accountants doing their job have nothing to worry about, butif there is one moral to this story, it is this:Hire a good accountant.

Aidan Healy is the managing director of Healy Consultants Pte Ltd.

To make sure your offshore investments are in order, talk to a Healy Consultant. Contact us at email@healyconsultants.com or visit www.healyconsultants.com.
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