Why you Need an Offshore Company
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Diversify and Protect Your Assets
If all your assets are held in your own name in your home country you are exposed to any measures your home country might take to expropriate your wealth. Governments worldwide have a long history of stealing the assets of the productive through taxation or laws that effect what kind of assets you can own or trade in. The only way to protect yourself is to keep at least some of your assets in another jurisdiction.
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Protection from Lawsuits
Anyone in business nowadays needs to think about how to protect their assets from lawsuits. How vulnerable are your assets if you got a substantial judgement against you tomorrow? Any assets held by your offshore company could not be seized if you are unfortunate enough to be on the losing side of a lawsuit.
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Financial Privacy
An offshore Company affords a greater degree of financial privacy. Depending on the jurisdiction, you likely won’t have to file accounts. Details of the owners and directors can be kept private in many places too.
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Protection from Exchange Control
Through the years many governments have instituted exchange controls to try to shore up their currencies. In Argentina right now you can only withdraw $200 per month in foreign currency from your bank account. Argentinians travelling to foreign countries are subject to an extra 30% tax on what they spend overseas. This is added on to their credit or debit card transactions. The reality is this could happen anywhere in the future. If you have some of your assets securely held in an offshore jurisdiction you’ll be immune from this.
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Estate Planning Advantages
You can put a plan in place so that your rightful heirs receive their inheritance with minimal taxes and bureaucracy.
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Access to Overseas investments
Some investment opportunities are closed to people from certain countries. You will often see an IPO prospectus that prohibits investors from the USA or Canada, for example. This is because the issuers don’t want to spend the extra money and time to register the investment in different jurisdictions. I’ve never seen a prospectus that prohibits investors from Bermuda or Panama.
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Easier to transfer assets quickly
There might be occasions when you need to transfer ownership of your company quickly. This can be done by a simple share transfer from one person or entity to another. Some jurisdictions permit bearer shares where you can simply pass a share certificate from one person to another. The person physically holding the share certificate owns the company.
If you'd like an introduction to one of our Offshore banking partners email help@offshorefortress.com or click here
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We can help with your offshore strategy including:
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Offshore Companies
Offshore Bank Accounts
Second Passports
Residencies Abroad
Legal Tax Avoidance