Many believe that if you open a bank account offshore at any of the popular jurisdictions such as Panama or Belize, then that bank account would be out of the reach of home tax authorities and you can pretty much do as you please with it. Further it is thought by some that any earnings from said account need not be reported.
This line of thought is further bolstered by offshore hucksters who claim the above is true.
Fact is that opening a bank account offshore is not illegal but lying on your tax form is.
Remember those direct questions about offshore bank accounts and trusts on your income tax form? They are there for a reason. The government wants to know where your assets are so that they can tax them or seize them as they feel is appropriate.
On shore banks do not know the meaning of customer privacy and now function as agents of the government by reporting everything you do according to a bizarre set of reporting rules forced upon them.
Ferreting lawyers want to know how big and where your assets are too and this is easy for them to ascertain in the US or Canada.
It is well documented in the US that opportunistic lawyers actually prey on wealthy folks by crafting and instigating law suits knowing that many targets will settle out of court just to be rid of the trumped up problem.
Opening a bank account in Panama is fine but how are you going to get any sizeable amount of money into your shiny new account without sending up red flags all over the desk of your friendly tax official?
Your local bank is a snitch!
Governments under cover of excuses referring to terrorist threats and their possible money laundering activities now keep close watch on farmers in Saskatchewan and vintners in California in case they are doing something that is a national threat!
Privacy has never more threatened than it is today and as a direct result has never been more important. However privacy is now only for those who insist upon it, create it and defend it.
Forget about opening an offshore bank account as that alone will accomplish nothing.
Consider the proper creation of a competent offshore structure that is lawful, powerful and very, very private.
A good offshore structure will still do today what it has done for generations and that is to provide privacy and asset protection for assets which if left unprotected onshore may soon no longer be yours to protect.
And yes. Depending on the situation there may be some tax efficiencies as well!
The author has been involved in the financial arena for most of his adult life, latterly as the CEO of a successful financial services company which he sold a decade ago to devote his time to advising a select group of clients in prudent and cautious uses of offshore structuring. He has traveled extensively among many offshore jurisdictions over a span of 25 years and acquired hands on experience together with high quality contacts and resources in the better jurisdictions. He provides consulting services and can be reached at http://www.offshoreandprivate.com.
Article Source: ezinearticles.comCertificates of Deposit are the simplest form of financial instruments in which to invest. You get a guaranteed rate for a fixed term, for the minimum amount of form filling. Normally from an offshore bank you would receive between 6% and 8.5% depending on the amount and the length of the term. Interest can be paid quarterly semi annually or annually, or it can simply be left in the account to gather compound interest.
Do you want to know more about Certificates of Deposit? You need to call Swiss Trust Bank Now on 001-784-458-2400 for a more informal discussion.
Normally a bank would require an application form, copy of passport, bank reference, and source of funds documentation. A Certificate of Deposit is issued to the client giving the amount, the interest rate and the term. As soon as the funds are sent to the offshore bank, they are inmmediately put into an investment programme, for the term of the deposit, hence funds paid into a Certificate of Deposit are irredeemable until due for payment, at these higher interest rates. Payments can be made by wire transfer, or check (checks take six weeks to clear) or bankers draft. whichever is most convenient for the depositor. It is important to choose an offshore bank of some quality, such as Swiss Trust Bank in the Caribbean that has an excellent investment record since the 60's via the Swiss Trust Group who are based in Zurich.
Do you want to know more about Certificates of Deposit? You need to call Swiss Trust Bank www.swisstrustgroup.com Now on 001-784-458-2400 for a more informal discussion.
The Author of this article David Morgan is manager of the Swiss Trust Bank Group and has over 20 yrs experience in the banking and financial world. You have permission to syndicate this article providing you the link it to http://www.swisstrustgroup.com
Article Source: ezinearticles.com|
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