... There is what the government would have you believe, and then there is the truth ...
OFFSHORE EXPLAINED
- Is Offshore legal ... ? Yes, of course it is, and it is used by many Governments
around the world as well as individuals and businesses.
- Who goes offshore ... ? Any person can 'go' offshore.
- What is offshore ... ? Abroad, usually refers to a tax haven. A "tax
haven" is any jurisdiction whose laws, regulations, policies and, in some cases, treaty
arrangements, make it possible for a foreign national who does business there to reduce his or her
personal and/or corporate tax burdens. This tax reduction or tax deferral goal is accomplished by
voluntarily bringing one's self, or a corporation, within the country's jurisdiction using
legal entities that suit one's needs.
- Useful legal entities might include an international business corporation, a trust, the
purchase of life insurance or an annuity. Such entities also achieve a second major goal of
"going offshore" -- strong asset protection. And they can be used for investments
not available in one's home nation.
- Tax and asset haven nations are to be rated on several factors;
- a stable government and political situation
- a favourable judicial and legal system
- strong financial privacy protected by law
- a well developed professional service sector
- good communications
- financial integrity
- With all the bending to unfair pressures to which haven nations have been subjected, first
by the major G-7 nations, then by their front group, the OECD, finding a place that meets all
the criteria is getting more and more difficult.
- We think that first is Switzerland, followed by others including Liechtenstein and
Luxembourg, Austria (for banking), Andorra and Monaco.
- Where is offshore ... ? There are many tax havens, see
SnowdonConsultants.com for more details
- When to go Offshore ... ? This depends on the person's circumstances and
needs evaluation, forethought and planning
- Why go offshore ... ? The most common reason is to reduce tax burdens, next
common is to protect owned assets
- How to go offshore ... ? See website
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