You may believe that offshore assets are only for the very wealthy, but with the rise of the internet and the globalization of financial markets, just about anyone these days can “go offshore.” In order to keep your offshore assets protected from over-taxation, erroneous law suits, and fraudsters, it’s important to employ instruments of asset protection.
One way to protect your assets from greedy hands is by establishing an offshore trust. An offshore trust is a very simple agreement that helps create distance between you and your hard-earned assets. You can establish offshore trusts in someone else’s name – known as a beneficiary – so that your assets aren’t easily traceable to you. The beneficiary is named in the trust as someone who will benefit from the assets being entrusted to them, usually upon the death of the grantor or by receiving the profits that are generated by the asset that are listed.
The main point of an offshore trust is to keep your assets as difficult to trace back to you as possible, and thereby making it more difficult for someone to take them from you. If you’ve every worried about a frivolous lawsuit or a greedy ex-spouse, establishing an offshore trust adds another layer of offshore asset protection.
Offshore Bank Accounts
An offshore bank account can also add another layer of offshore asset protection. An experienced firm will help you set up an offshore bank account in a country where information privacy laws are respected and enforced. You may also be able to keep your account in non-US funds, thereby legally bypassing US tax laws. The good thing about many offshore bank accounts is that they come with an international debit card, so you can access your funds from ATMS internationally.
As the world becomes increasingly globalized and trade and financial markets expand across borders, many entrepreneurs and marketers are choosing to incorporate offshore. The benefit of incorporating offshore for offshore asset protection is that it can protect yours and your company’s privacy from the prying eyes and deep pockets of the IRS.
Incorporating offshore does not have to be any more expensive or time-consuming that incorporating within domestic borders. You’ll want to hire a firm of international tax lawyers and consultants to help you establish and incorporate in fully legal ways.
Protect Your Assets by Hiring Professionals
International taxation may not be the sexiest of subjects, but when it comes to protecting your hard-earned offshore assets, you want to hire a firm that lives and breathes it. International tax consultants will help you make smart and long-term thinking decisions about offshore asset protection so that you and your loved ones can enjoy the fruits of your labor for years to come. They’ll advise you on tax compliance laws, offshore trusts, offshore incorporation and bank accounts, and any other areas that could help you protect your assets from invasive governments, frivolous lawsuits, and greedy criminals.
They will also provide you with strategies to diversify your investment portfolio. Even if you think offshore asset protection isn’t a major concern, the international diversity of your investment portfolio is key to ensuring that you comply with the financial regulations of both your home country and the country where you keep your assets.
One of the biggest threats to a person’s offshore assets is a lack of preparation. Always prepare for the worst so that if it comes, you’ll have the best offshore asset protection to keep your wealth intact, and your future secure. In many ways, asset protection is like insurance: you have to have it before disaster strikes, otherwise you risk losing your wealth, your livelihood, and your future.
When it comes to offshore asset protection, don’t leave anything to chance. Consult with experienced and legitimate professionals about executing a long-term offshore asset protection plan. Being smart with your money and assets means preparing for the worst and doing so with the advice and legal expertise of professionals. From offshore trusts to offshore incorporation, portfolio diversification to offshore bank accounts, there are many ways that you can protect your offshore assets from lawsuits, over-taxation, criminal activity, and so on. Don’t let your hard-earned money go to the hands of someone else. Keep what you have earned by setting up offshore asset protection plans.