Offshore banking is very popular with individuals and legal entities alike. However, you will not find an absolute tax haven like those that existed some 30 years ago: all offshore jurisdictions are now compelled to comply with the requirements of international regulators, which means that confidentiality is no longer absolute. This makes many people ask whether their offshore account is secure and whether it can be traced in any way. Let’s take a more detailed look at the issue.
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Can Anyone Trace My Offshore Account?
People used to open offshore bank accounts to protect their capital from creditors, courts, or sanctions – and optimize their taxes. And though aggressive tax optimization schemes are a thing of the past, protection is still there. But how reliable is it? Offshore jurisdictions are subject to automatic information exchange along with other countries – does it mean that your account can be easily traced?
The Goal of Opening an Account
Let’s see how efficiently you can achieve different goals by opening an offshore account.
Your top concern is confidentiality.
A few decades ago you could have 100% confidentiality, but it is no longer so: the beneficial owner cannot remain absolutely incognito. Still, you can combine your offshore account with some other instruments to get the highest degree of privacy possible these days:
- Set up a trust in a reliable offshore jurisdiction
- Invest in the property owned by a fund, trust, or other legal entity
- Hire a nominee director to run your business
- Set up a partnership
- Establish a foundation or an offshore company to hold or protect your assets
Get in touch with our experts to obtain a customized solution for your case!
Tax optimization is your first priority.
Offshore bank accounts usually work very well if you need tax relief. However, this is not so in all circumstances:
- For example, offshore banks turn down US citizens as they do not want to be responsible for providing the information to the Internal Revenue Service (IRS)
Book a session with our experts to find out the details about Puerto Rico, Germany, Singapore, the Cayman Islands, and other recommendable jurisdictions. Follow the above link and try our online chat for a quick start!