offshore asset protection ii

Offshore Asset Protection II

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This article is a continuation of our thoughts on offshore asset

protection.

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For the first part visit Offshore Asset Protection II at the link

below.

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The very wealthy know that a good way to protect wealth is

to store it and grow it in discrete offshore banking

centers.

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They use a variety of legal vehicles to preserve privacy and guard their hard earned

assets.

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As government intrusiveness, invasion of privacy, and the

threat of losing all due to some else’s neglect increase

in this world consider an offshore solution to asset protection and read on.

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Tax Havens: Put Your Money in Tax Advantaged

Jurisdictions

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Virtually all offshore jurisdictions do not tax income

that is derived from outside sources and do not tax

interest income from offshore bank accounts.

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There are many tax havens and each has its advantages.

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Bank by Means of an Offshore Corporation

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Form an offshore corporation, with or without bearer shares and with or without nominee

shareholders.

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Then open a corporate bank account.

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This is an excellent means of providing personal privacy

and offshore asset protection.

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. Both individuals can corporations can do this.

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Do Your Banking via a Foundation

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Many who choose to protect their assets offshore use a Panama Private Interest

Foundation.

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This vehicle can hold any number of assets for its

beneficiaries, including a bank account.

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A beneficiary of such a corporation can have access

to bank account assets worldwide with credit or debit

cards.

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For extra protection the foundation can own a

corporation that owns the bank account.

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Use a Trust to Own a Bank Account

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It is possible to set up a trust to control and guard offshore

assets.

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These assets can include a bank account. Just like with

corporations and foundations the trust will be set up for the

sole benefit for its beneficiaries.

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The Layered Offshore Approach

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Depending upon the degree of offshore asset protection that

you require it is entirely possible and very common, to combine a number of offshore

solutions, from different jurisdictions.

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A foundation or trust can hold a corporation. The corporation can do business anywhere in the world and not pay taxes in

the offshore jurisdiction.

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The same corporation can have bank accounts it its

name.

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Beneficiaries of a trust or foundation receive payments, use the bank credit card, and receive benefits such as the

use of a house, car, or boat all in the name of a subsidiary

corporation or subsidiary bank account.

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Choosing the right jurisdictions and vehicles is

important and should be done with the advice of competent

and reliable counsel.

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Be Discrete

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The old rich know this.

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Present yourself to the world in such a way as not to attract undue attention or become a

target.

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. Unfortunately the new rich often need to learn this fact.

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Having wealth is great but flaunting it can be

problematic.

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The more attention you call to yourself the more trouble you

will have trying to preserve your privacy and guard your

wealth.

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Be discrete.

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It goes a long way at home and offshore in protecting your

hard earned assets.

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