You’ve probably heard about people who keep their money offshore. Most
likely you assume they’re all wealthy businessmen; millionaires, who have so
much money they somehow ‘qualify’ to move it out of the country, right?
Wrong! Offshore banking can be a benefit for anybody regardless of income.
There are certain components of offshore banking that you may not have
thought of, or perhaps you just need a simple explanation of what they are. Here
are the basics you need to know to get started:
- Offshore bank accounts – in order to establish a bank account
offshore and still have complete confidentiality and privacy, you need to
hold the bank account under an IBC (International Business Corporation).
There are a number of IBC jurisdictions that allow complete privacy in a
tax-free environment. We deal exclusively with these jurisdictions.
- IBC – as explained above, IBC stands for International Business
Corporation and is similar to an onshore corporate. However, the company is
established in a completely tax-free jurisdiction with a very high level of
confidentiality and asset protection. For extra security, it is common to
have an offshore IBC company in a separate jurisdiction from your offshore
bank account. This ensures that any possible future claims against your
offshore company would have to be brought to two separate courts in
jurisdictions with some of the toughest asset protection laws in the world.
- Offshore Jurisdictions – A country that has very strict privacy
laws that protect offshore bank accounts and offshore companies. There are
several countries that offer this type of protection including Switzerland,
Panama, Belize and the BVI.
- Offshore Trusts – A Trust allows you to transfer ownership of
your assets in a safe and controlled manner while still maintaining ultimate
control. The shares of your IBC can be held by a Trust, giving you yet one
more layer of protection. Why would you need a Trust? In the US, you stand a
one in four chance of being sued if your net wealth exceeds only 100,000
dollars. Offshore Trusts will allow you the security of asset protection.
- Offshore Brokerage Account - Holding a brokerage account under an
IBC name ensures complete confidentiality and privacy while trading. Your
account will be treated as a foreign company as long as you do not open an
office or conduct any business in your home country through your IBC. An
offshore brokerage account will also allow you tax-free trading.
That’s it in a nutshell. For more information about offshore banking,
please visit our website where you’ll find in-depth information and books that
specialize in offshore banking: http://www.confidentialbanking.com/
