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To Our
Main Directory Find other Information about Offshore Company Formations and Offshore Banking The Premium Advantage Account Learn about one of the best bank ~ asset management accounts now available ~ that can be established with a simple application ~ Tax Free offshore investing The
Panama
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IBC
Panama
Company
Second
Passports
Dominican
Using
an
Tax
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Offshore
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The
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The
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The first question from a client usually centers around the legality of setting up an Offshore-structure. The answer is quite simple. Such entities are perfectly legal. Most Tax authorities do not like them, but they are perfectly legal. Tax authorities try to do every thing in their power to dissuade citizens from moving their money offshore because it becomes difficult, if not impossible, for tracking, reporting and seizure once funds are outside the client’s home jurisdiction. In addition, creditors or courts have a very difficult time getting their hands on such assets when trying to settle a lawsuit. The tax authorities do not say, in print anyway, that such structures are illegal. In fact, it would be theoretically unconstitutional to prevent by law one’s right to invest or place funds where one wants. The authorities simply want to force or coerce the citizen to divulge such structures so they can assess taxes. To be sure, as more and more people have in fact set up these structures in recent years, the tax authorities are trying to constantly change the tax code. For US citizens, This has involved the dialog box on schedule B, which specifically asks if one has ownership of a foreign bank account, offshore structure or insurance policy. If you say “Yes”, of course a red flag is raised when you send back your tax return. If you say “No”, and are discovered to have such ownership, then of course they have you for perjury. There are of course legal and legitimate strategies for everything. So, it really depends on what the client wants to accomplish when contemplating the establishment of such a vehicle. We work with our clients to ensure that they are aware of any potential issues before hand so we can map out a strategy that works best for them. Regardless of the structure established, it is the client’s responsibility for any reporting requirements that may be applicable to them. Our office, and the institutions we work with, do not send any information to third parties. Offshore companies and foundations are
most commonly used for the following:
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