Offshore asset protection is a complicated but useful tool for people who want to protect their hard-earned money. It can help them hold onto the money they’ve earned by moving it over-seas, where it is much more difficult to touch. That said, offshore asset protection isn’t for eve-ryone and every situation, which is why so many people contact professional accounting firms to help them set up a protection plan that works for them. If you are curious about offshore as-set protection, here is a brief guide to help you better understand what it can, and can’t, do for you.
What is Offshore Asset Protection?
At its simplest, offshore asset protection is the process of moving your wealth to a country whose laws better protect your money, and it sometimes converts your wealth into other assets for even better protection. There are a number of countries around the world that pride them-selves on prioritizing protection and privacy, and people from across the globe store their wealth in these countries.
How Does Offshore Asset Protection Keep My Money Safe?
The major way in which offshore asset protection keeps money safe is through jurisdiction. In the States, many parties, from your partner to the IRS, can gain access to your money and rec-ords for legal cases (or for simple curiosity). By moving your money overseas to specific coun-tries, this becomes much less of an issue. Parties will have to work through these countries’ courts in order obtain that information, which is often costly, time consuming, and associated with a very little rate of success. By moving money elsewhere, you can keep your wealth pri-vate and protected more effectively.
Why Do People Choose Offshore Asset Protection?
There are a number of reasons why people choose offshore asset protection, both in terms of circumstances and financial strategy. Most often, the strategy is used by people who fear that lawsuits and investigations will leave them paying out to parties who should not have a claim to their wealth. Offshore asset protection can keep large portions of their wealth safe and not in-cluded in those lawsuits, helping them keep their money. When done correctly, offshore asset protection can also help to grow that wealth as well, depending on the strategy and types of assets purchased.
Are There Risks Involved in Offshore Asset Protection?
As with every financial strategy, there are always risks to be considered and mitigated, which is why so many people choose dedicated and professional accounting firms to help with their off-shore asset protection strategy. One of the major risks is an inexperienced firm putting your money somewhere not truly safe, or leaving it in a country that is changing its laws in a way that will make your wealth more vulnerable. In these instances, money you thought was safe can then be the target of people who are looking to take it.
If you have money or wealth that you would like to better control and protect, then offshore asset protection may be for you. Be sure to contact a professional and experienced accounting firm that specializes in offshore wealth protection and growth.
Esquire Group, a boutique international tax advisory firm specializing in tax consulting, tax planning and compliance and helping corporate and individual taxpayers with Offshore Volun-tary Disclosure Program, asset protection, and US expat taxes. To learn more about us, visit www.EsquireGroup.Com/about.