Secure Peace of Mind
People who have offshore investments, whether it’s in the form of property, vehicles, or bank accounts, need to protect them against over-taxation, identity theft, lawsuits, and financial ruin; however, offshore asset protection can mean different things to different people, and it may also depend on the country a person is living in. In general, it means protecting one’s assets from financial enemies who wish to take advantage of another person’s wealth through various means. These financial enemies could be creditor agencies, private parties, or even governmental offices, such as the IRS.
People who have offshore assets are particularly at risk of being taken advantage of; many people don’t know what kind of offshore asset protection strategies are available to them. Different countries have different laws, and the variances in laws may make it easier for people or agencies to seize an individual’s assets for any number of reasons.
For maximum offshore asset protection, people need to make sure that their assets are difficult to trace. For example, they can set up a trust fund in another person’s name to make it harder for someone to trace it back to the individual. People should never use their personal name when storing assets offshore, and they should always make sure that the assets are held in a jurisdiction where the laws prevent financial enemies from gaining easy access to the holder’s identity or information.
In today’s information age, it’s too easy for people to find out personal information on someone else. With very little effort, nearly anyone can find a clear picture of someone’s personal and financial information and take advantage of their assets. Detailed records of people’s lives and finances are kept by the government, the census office, credit bureaus, health authorities, financial institutions, internet companies – the list goes on. These records contain everything from information about tax returns, property deeds, credit reports, medical histories, marketing profiles, insurance applications, licenses and registrations, buying histories, bank account information, etc. It’s disturbing how much information is stored on a person, often without their knowledge or consent. In fact, in many countries, creditors, private detectives, and litigants can legally find out how much money a person has in the bank. That’s why, when it comes to offshore asset protection, it’s important for individuals to make sure their assets are hidden away from prying eyes and greedy hands.
Don’t Be a Target
People who are identified as wealthy and successful can often become the target of unwanted lawsuits, such as damage suits, divorce suits, nuisance suits, etc. These suits can have a very negative impact on an individual’s financial safety, can take years to settle, and may leave a person watching helplessly as their assets disappear. Offshore asset protection ensures that any assets one stores in another location are safe from these types of lawsuits; the assets can’t be traced back to the individual. No one wants to be the target of an expensive lawsuit, but they may find themselves embroiled in one or more. Offshore asset protection allows people to secure a portion of their wealth by making it undetectable.
Esquire Group, a boutique international tax advisory firm specializing in tax consulting, tax planning and compliance and helping corporate and individual taxpayers with Offshore Voluntary Disclosure Program, asset protection, and US expat taxes. To learn more about us, visit Esquiregroup/About.