Living, Working, and Banking Offshore and More
Living, Working, and Banking Offshore and More
There are many who are ready to retire to a tropical paradise or are interested in doing business outside of their country of origin. In either case individuals and corporations will want to know about living, working, and banking offshore. It will be important to know about tax advantaged offshore jurisdictions. It will also be important to know which jurisdictions are the best for which business purposes, and what legal structures can be used to protect individual privacy and protect assets.
It is possible to move offshore and it is entirely possible to remain in ones homeland but move business interests, money, and other assets offshore. As with most endeavors a bit of foresight, planning, and good advice will go a long way towards success in living, working, and banking offshore, and more.
It Is OK to Separate Home and Business
One does not necessarily need to live, bank, and do business all in the same offshore jurisdiction. Thus the choice of where to live, or perhaps have a second home, can often be made separate from other considerations. Depending upon the person's degree of active involvement in business affairs it may be wise to make sure that transportation and internet access are up to date in the tropical paradise where they choose to relax and fish every day.
What Is Available Offshore and How to Go About Setting it Up
The first step is to get good advice. You do not need to reinvent the wheel. You can also shop around a bit. Many will take a much needed vacation to an offshore destination and use the opportunity to meet with someone expert in setting up offshore solutions. There are also quite a number of online sources of information from many different offshore jurisdictions. Having someone who speaks the same language is important. It will be important to think through what one wishes to do before starting out.
Offshore Options
Banking
Many open offshore bank accounts in tax advantaged jurisdictions. An individual or corporation can do this directly or can bank through a number of offshore entities such as corporations, foundations or trusts. All of these entities need not be in the same country. Deciding on what to do and why is important before setting up a bank account.
International Business Corporations
An international business corporation or IBC can be used to actively run an offshore business or as a vehicle for holding bank accounts and other assets. Using bearer shares or nominee shareholders in such an offshore entity can help provide a degree of privacy and financial security not seen in many "on shore" jurisdictions.
Foundations
A foundation such as a Panama private interest foundation has no owner. It can control a wide range of assets such as corporations, bank accounts, homes, planes, boats, and more. It has beneficiaries. The beneficiaries are typically not publically known. Such an offshore vehicle can be used to provide asset protection and personal privacy as well.
Trusts
An offshore trust functions much like trusts in many jurisdictions throughout the world. They are a legal means of passing inheritance to ones heirs with a minimum of tax consequence. In many instances the placing of assets in an offshore trust will provide a much less encumbered transfer of assets than a similar vehicle might in ones country of origin.
Competent Advice
It is important to seek competent advice when looking into how to bank, do business, and protect assets offshore. Many of the most important decisions are made when deciding which offshore solutions to use and how to configure them.
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