When and how to go offshore for asset protection purposes and the pitfalls to guard against:

 The first step in getting money offshore is to open an Offshore Bank Account. The real key is to be able to place funds into that account without creating some kind of paper-trail. There are serious concerns regarding privacy when two or more financial institutions are involved. Special consideration is needed when funding your offshore account.

In large areas across Europe and the States there are less guidelines today for Government or courts to request transactions or copies of such documents. In this new world of financial scrutiny there seems to be deeper and longer looks into offshore banking. It is very important to consider the downsides of actually sending money from your country of residence to a offshore bank. A wire transfer a few years ago to that offshore account probably would go largely unnoticed however that same transaction today could create a Suspicious Transaction Report (STR), in which would be forwarded to the National Intel Unit for further discovery. I would suspect that these transaction guidlines have only stiffened since theTerror Attacks on 9-11.

Save this blog for recent updates on keeping your money trail a secret.

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a young torvalds
In 1991, Linus Benedict Torvalds was a second year student of Computer Science at the University of Helsinki and a self-taught hacker. The 21 year old sandy haired soft-spoken Finn loved to tinker with the power of the computers and the limits to which the system can be pushed. But all that was […]

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AUSTRALIA’S largest tax investigation is shifting into its enforcement stage, with the Australian Crime Commission on course to recommend serious tax evasion or money laundering charges against up to 38 individuals. The commission’s tax haven investigation is split into nine core groups of suspects, each with links to the Swiss-based tax adviser Philip Egglishaw.
Charges have […]

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Tax Commissioner Michael D’Ascenzo has taken aim at the tax haven dealings of large businesses after tracking inflated import payments and “very large royalty flows” to related offshore companies.
The Tax Office says corporate profits are disappearing offshore because of complex acquisition structures, service arrangements, commissions and royalties.
It is trying to keep pace with a massive […]

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TAX exiles will be forced to return to live in Britain before they will be considered for a peerage in a key change to the vetting procedures for the House of Lords. The Times has learnt that the tightening of the rules by the House of Lords Appointments Commission has been triggered by the Scotland […]

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Loopholes in the Unlawful Internet Gambling Enforcement Act may render it ineffective in preventing online betting
It’s a safe bet that the passage of anti-Internet gambling legislation by Congress has effectively ended the party for Gibraltar’s PartyGaming (PRTY.L) and other online betting companies based outside the U.S. The bill, named the Unlawful Internet Gambling Enforcement Act, […]

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The US government is tipped to propose a system to identify and stop payment to gambling sites, say specialists. The news comes after the US Congress passed a bill cracking down on internet gambling, sending shares in UK gambling sites plummeting on Monday.
By Monday close, Partygaming shares fell 58%, 888 Holdings tumbled by 26%, and […]

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The natural bonding of the Internet and Offshore stems from the fact that both, of their nature, manage to avoid tax. Businesses which can operate on the Internet without, so to speak, touching ground in a high-tax jurisdiction will naturally migrate to offshore or low-tax jurisdictions; while businesses that already have offshore existence will find […]

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BANKS will soon be asked to dob in Australians using offshore tax-haven accounts in the latest Tax Office strategy to control the growing challenge of overseas tax evasion.
Australians operating through Vanuatu will be under the greatest scrutiny because it has been identified as the most popular tax evading destination. “We’ve actually profiled a number of […]

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Fresh from squeezing more tax dollars from income trusts, Finance Minister Jim Flaherty says Ottawa is scrutinizing offshore tax havens and “significant tax avoidance” by some Canadians. At last count, Statistics Canada estimated Canadians have stashed $88-billion out of the country.
Mr. Flaherty wouldn’t say whether Ottawa plans to crack down on offshore havens but said […]

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