subject: Lee Byers Asks if Can You Gain Anonymity & Confidentiality with an Offshore Bank Account Anymore? [print this page] Lee Byers Asks if Can You Gain Anonymity & Confidentiality with an Offshore Bank Account Anymore?
There has been a global crackdown on the offshore financial and business marketplace over the past decade or so. International legislation has been forced through to make operations within jurisdictions more transparent from a taxation point of view; additionally, with the rise in global terror threats, pressure has been placed on nations and companies to stop the money laundering that is associated with major crime on this scale.
Governments have used the excuse of stamping out international crime to erode an individual's right to privacy, confidentiality, anonymity and even freedom of choice when it comes to money matters, in a bid to keep all money onshore and within reach of tax authorities and big brother's' ever more invasive and intrusive gaze.
There are those who state categorically that this is no bad thing, that anyone operating within the law would never require privacy for their money matters anyway. But we believe in freedom of choice, and that everyone acting within the law has the right to privacy so, can you achieve anonymity and confidentiality with an offshore bank account anymore, or have things gone so far now that the world is watching your every financial move?
A standalone offshore bank account is no longer sufficient to protect you, your privacy, confidentiality and right to anonymity fact. This is proven by the very fact that there are employees of banks out there who will blow their own institution's security to sell on private customer data to the highest paying tax authority. Again there will be those who argue that if you have nothing to hide, why would you want to hide - but to such people we would like to point out that those who operate within the law but have very legitimate and perhaps personal reasons to keep their banking activity and money matters private, should be free to do so.
Take as a theoretical example a high net worth individual who works in a public facing role or in a position of authority, and who is therefore a soft target for a weak claim from someone after making a fast buck off the back of the high net worth individual's success. If that person can see what they can attack and access, they will take a punt on the legal claim even if they know they've got less than a shaky leg to stand on. Take as another theoretical example, someone who is in direct professional competition with another who wants to keep his developments, transactions and financial successes quiet to protect his business. Take as yet another theoretical example someone who has done quite nicely thank you and who is married to a cheat or who has a less than supportive family behind them such an individual may also want to keep their money matters safe and secure. Why should any of these people be forced to give up their right to banking privacy?
And yet they have had all the layers of privacy and protection stripped away by legislation after subsequent regulatory change. The EU Savings Tax Directive, intervention by the OECD, country specific action by governments and tax authorities all have rendered the use of an onshore or a privately held offshore bank account 100% useless for anyone seeking any form of privacy, security or personal confidentiality
The only piece of good news out there is that there are ways to structure the ownership of assets and bank accounts within solutions such as offshore companies and trust funds to build in the layers of opaqueness required by private individuals, whilst ensuring they remain 100% on the right side of the law. If you want to find out more, get in touch with us and we will put you in direct contact with a leading authority on these matters he will be able to advise you, based on yours or your business's personal situation, with regard to what works from your taxation, compliance, reporting and functional point of view.
If you want a more secure solution to the management of your wealth and your money matters, seek qualified advice get in touch.
