Asset Protection Planning and Off Shoring

Asset Protection Planning and Off Shoring

We all have heard about countries like Switzerland, Hong Kong, Singapore, Bahamas, Maldives etc. as offshore heavens providing maximum flexibility and secrecy for asset protection and privacy planning. Individuals with huge asset portfolios or those who want to avoid fat tax bites find these offshore heavens as the ideal solution for protecting their assets.

Offshore heavens recognize and appreciate financial privacy as an important right of individuals and hence they have the systems of either low taxes or no taxes as some of the common characters. Furthermore, these destinations have strict banking or financial information secrecy rules in place to safeguard are individual private wealth information against unauthorized access, disclosure or dissemination.

Various banking and insurance companies and other third body companies are not consented to either acquire or use individual personal financial information without his or her due consent. This further bars the type of cross-selling and information peddling for activities like financial services marketing, etc.

On the other side, individuals leverage globalization by off shoring assets to countries with credible and safe jurisdictions. This enables them to reap increased privacy i.e. no reporting and disclosure requirements and hence continued benefits of no taxation. To enjoy convenient access & smooth transaction of their money through off shore banking, they are adapting legitimate offshore asset protection approaches to avoid litigation. Business protection specialists and several law firms also provide advice on foreign law for individuals seeking legitimate tax-neutral and convenient offshore asset protection.

According to business protection specialists an Asset Protection Trust (APT) or the International Business Corporation is one of the most preferential arrangements for offshore asset protection. An APT in the form of a bank or brokerage account, foreign real estate and other business entities are safe and convenient forms of holding assets at offshore locations. Since an APT is subjected to local jurisdiction or bank policy, the information about the account settler or beneficiary is protected. A trust can transect stocks, make investments and other financial transactions anywhere in the world with complete anonymity of the owner.

On the other hand, International Business Corporations (IBCs) conduct offshore business and investment activity to legally hold and segregate disputed asset. Since International Business Corporations are recognized and permitted by law in almost every country, it is more convenient to open an account in the name of a corporation other than in the name of a trust. It provides tax diminution, exemptions and other benefits arising due to foreign areas of activities.

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