Ask around and you’ll probably find a number of people, maybe even a majority, who has at least heard about offshore banking. But if you prod them for more specific answers about it you may find many misconceptions or even absolute mistrusts.
Offshore banking often gets its reputation from media coverage about large corporations ‘hiding’ money to avoid paying taxes, thus placing the average citizen under greater burden to cover that share, or something to that effect.
The fact is, offshore banking holds benefits not solely for the massive multimillion dollar companies, but for individuals seeking other options beyond their domestic banking selection. Let’s face it, financial institutions in the United States and Europe are struggling with bad asset management and investment decisions. They’re requiring a massive influx of taxpayer funded bailout funds to keep from collapsing. Those would be tax dollars you will have to cover whether you agree with it or not and from recent polls, a vast majority do not. Offshore banks offer more protection for you and your growing wealth but, more importantly, they offer shelter from increasing tax requirements so you can retain more of what you’ve earned. You pay the income tax to the tax authority where the offshore bank is located, which offers many options.
Aside from the financial assets of offshore banking, many countries provide tough secrecy laws that their financial institutions must follow. This protects you and your financial assets from unwarranted and undesirable exposure to outside sources. In our growing information age and increasing Internet fraud, these protections are critical to financial longevity.
Though offshore banking is available to anyone, the best protection is to set up a corporation, which will protect your assets and investments. Many banks require some evidence of the account’s signatory’s identity and some require more. Of course, you will be able to find offshore banks that don’t require any evidence of your identity but beware of the risk that may be involved in this course and check their home country’s secrecy and security laws first.
Make an Informed Decision
Setting up an offshore banking account may have its benefits, and may be available to anyone, but it’s necessary that each individual or company do their own research to find out what is the right structure for their needs. There are a growing number of businesses that claim to be able to help set up these corporation and individual offshore accounts, and they offer these services at a far reduced rate than more legitimate and established companies, but what they may not inform their clients is that the offshore banks they deal with may not offer the same protections and asset management opportunities.
When you decide that offshore banking is something you’re interested in for your business, or to protect your personal assets that you’ve worked hard to earn, know that there are solid, reputable firms that can set up these accounts for you. WSR Corporation is one of these responsible agencies. By utilizing their corporation and offshore banking set up services, you are afforded the top level of security to protect your identity and your assets. They have been specializing in corporate law since 1973. Experience matters when it comes to your assets.
When you decide that you want to protect your wealth and assets, when you want to retain more of what you’ve earned, know that there is an option beyond your country’s borders and it is secure and legal. Contact a reputable agency like WSR Corporation to find out more.