Read This First--Why Go Offshore-

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Read This First--Why Go Offshore- Powered By Docstoc
					Introduction 鈥?What we are going to do is show you some reasons for going
offshore. This article is written in September 2010 and is timed to the current political,
legal and economic trends.
  Information Sharing With Other Countries 鈥?We can put you into a jurisdiction
where there is not going to be any sharing of information for tax purposes. Hong
Kong is in general the best jurisdiction for this.
  Hong Kong Bank Accounts and Hong Kong Corporations
  Belize does work but not for those from all nations. It will work for USA and
Canada for instance but not for UK people, so best to inquire about Belize.
  Bank Accounts in Belize
  Civil Court Cases 鈥?We have solutions for those involved in civil lawsuits (past,
present or future) where you money will be kept safe out of the reach of creditors and
this would include allegations of fraudulent conveyance. The Belize trust is the best in
the world for this at this point in time.
  Belize Trusts and Belize Bank Account
  Asset Protection - In general it is a most difficult and laborious process for a creditor
to take a civil matter offshore to another jurisdiction. If these practices were easy to
effect and enabled the creditor to get an easy financial recovery no one would use that
jurisdiction for asset protection and the countries know this and want to stay in
business. The creditor needs to get a final decision of judgment from the foreign court.
Then the creditor has to know where your funds are 鈥?bank name, account name
and account number. Then the creditor has to be able to show a direct link from the
offshore entity (corporation, trust etc) to you. Since we use anonymous bearer share
corporations and anonymous trusts this is going to be let's say extremely difficult.
Then the creditor has to show that it is his money or money he has a right to, in the
offshore bank account and that you had no right to keep this money from the creditor.
This might be easy in the home country but the offshore tax haven courts are going to
have a much higher level of scrutiny to protect the person banking there. The money
in the offshore bank account also has to be let's say 鈥渁 vailable 鈥?for lack of a
better word. If the money went to an offshore corporation because a piece of offshore
real estate was purchased the creditor cannot just ask the court to return the money
because the recipient (corporation) of the money no longer has the real estate. No
equity. So you can see the circumstances can become involved, expensive and drawn
out. To make matters worse (better for you) there is bank secrecy and anonymous
corporations are involved so the lack of transparency makes it extremely hard for the
creditor to build a case in that he has no facts to link together. The general goal of the
creditor is for the creditor to come to the offshore jurisdiction and try to post a bond to
freeze the money without you knowing about it. This is often called an 鈥渆 x parte
鈥?proceeding in that it takes place in a closed court without you present. Of course
this is a travesty of justice. The idea is for the creditor to show the court that if you
found out about the action you would remove the money and thus cause irrevocable
harm to the creditor in that he might never ever again find the money. This works fine
when the lawyers can get bank records and establish ownership of corporations. The
lawyer from the home country has to hire local counsel in the offshore jurisdiction.
This is costly to say the least. Now the creditor is paying for two sets of lawyers. With
the lack of transparency (anonymous corporations and trusts) combined with bank
secrecy the lawyers have an almost impossible task of convincing the court that these
funds should be frozen pending a trail. The effect is they will probably never get the
account frozen without notifying the corporation or trust registered agent (yes you
always have a local registered agent) that there is a proceeding and asking the
corporation or trust to appear to defend itself. Notice is given, usually 30 days. At that
point in time there is nothing preventing you from removing your funds to another
jurisdiction and ignoring the lawsuit. This means the adversary must start all over
again at great expense in the next jurisdiction. This is why is so rare to ever see such
cases ever get filed. When the amounts are say over $20,000,000 it can be cost
effective for them to try. The problem then can be the trail ends with a large cash
withdrawal, or a purchase of gold, diamonds etc which is not trackable. These are
some of the reasons why banking offshore using anonymous structures works so well
as long as you pick the right jurisdiction and structure and that is what we do for you.
  Anonymous Corporations and Trusts 鈥 ?We use anonymous bearer share
corporations. Your name does not appear in any public registry or database. With a
trust it is similar your name never appears in any public registry or database. The
beneficiaries of the trust never appear in any such database either. In one of the
jurisdictions we use there is not even a publicly accessible database. This is to protect
you from lawsuits, extortion, blackmail, kidnapping etc. If no one knows what or
where your assets are it makes you less of a target. This is especially true when it
comes to real estate holdings.
  Multiple Currencies 鈥?Today the world is in financial crisis. There are no real hard
backed currencies anymore. The Swiss Franc was the last to go. It is best for you if
you can hold at least four different currencies. If one currency drops the others will
rise. They can't all drop at the same time. We strongly suggest holding several
different currencies to protect yourself from fluctuations in the value of currencies.
Hong Kong lets you hold ten currencies in your bank account. Belize allows four.
Some of the currencies are favored over others because the underlying nation has a lot
of raw materials. Two of these are the Australian and Canadian dollar. Currency
diversification is the key to success when it comes to holding cash these days.
  Gold 鈥?In Hong Kong you can buy gold right inside your bank account using the
online banking. They use the London spot prices. They use the bid and ask prices with
a spread limit of 3%. It is wise to diversify your holdings with some gold. If
currencies start to drop gold should rise. It is easy to buy and sell the gold. It is done
online in moments. No problems of reportage, storage or transportation. If the gold
increases in value there is no capital gains tax imposed by Hong Kong. There is no
risk of confiscation. The USA made gold ownership illegal in the 1930's with a forced
government buy back at low prices. Could the USA do this again. They could buy
gold back at say $600 an ounce (I am being generous could be much lower) making
private ownership illegal. Once they start the rumors of a gold ban and confiscation
the prices will plummet. After the confiscation or gold buy back was over they would
let the prices on the open market rise without suppressing them. Easily it could hit
$3000, possibly $5000 an ounce. This would enable the treasury to multiple their
holdings tremendously and make the nations financial strength seem a lot stronger.
This would make selling gold near impossible unless you used the underground at
very low prices with risk of confiscation and prison. The sellers of gold are never
going to talk like this. Do you trust Obama? Do you think he is not capable of doing
something like this? How many of his supporters have gold? Quite few I would think.
  Bank Insurance 鈥?In Hong Kong, the Hong Kong government (think China) offers
bank insurance for your entire deposit, no limits. This is being done during the
financial crisis. We expect this to continue for some years. We know of no other
jurisdiction with anywhere near as strong bank secrecy offering bank insurance. We
think this is better than the already stretched too thin FDIC. The FDIC is not the
government just a private corporation which can go bankrupt and probably will some
day in the not too distant future. The FDIC also limits the size of the deposit they will
insure.
  Interest Rates 鈥?Today it is hard to get good interest rates anywhere unless you go
to a weak currency or a less favorable jurisdiction. Most USD accounts are paying 2%
or less. Hong does pay 2% on large balances time locked for two years but remember
they offer full bank insurance from the government. The price tag on that is 2.5% to
3% of the amount insured per year.
  Bank Reference Letters 鈥?The banks we work with do not require bank reference
letters. These can be treated as suspicious transactions with reports filed to the
government bank authorities and who knows who they share this data with. Bank
reference letters make a trail to the new bank account. Many banks today because of
such reportage issues refuse to issue bank reference letters. With us this is not a
problem since we never require bank reference letters.
  Apostille 鈥?Many banks require one to have identity documents notarized and then
apostilled. The apostille offices are always part of the government. Documents need
to be notarized before going to the apostille. The notarization process is not scary, the
apostille process is. Some governments have started to treat these requests for an
apostille as suspicious and ask the reason for the apostille. None of our banks require
any apostille.
  Taxes 鈥?The jurisdictions we use do not tax offshore derived income or capital
gains. They also have no inheritance tax. The net effect to you is no offshore taxes.
We have clients in 60 nations around the world. For us to know the tax laws in all
these nations we would need 60 lawyers working only on taxation to do the job right.
We have no such staff and know of any offshore law firm who does. Some of you may
have tax benefits from going offshore, some of you may not. It depends on the
jurisdiction, corporate structure, what you are doing, where the income is coming
from and many other variables to numerous to mention. For the above mentioned
reasons we do not give tax advice pertaining to your home country.
  Visiting the Bank 鈥?None of the banks we use requires a personal visit.
  Questions 鈥?Feel free to ask questions and discuss your individual needs with us.
Thanks.
  http://www.panamalaw.org

				
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