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After The Patriot Act – How To Take Back Your Privacy

Jan 27

Posted by admin in Finance, Personal Finance

In recent years we have seen a dramatic decline in personal privacy in the Land of the Free. Vast amounts of data including financial transactions and phone calls are being recorded on each citizen and since virtually all of our financial activities are tied to our Social Security Number this information is neatly compiled and easily available to the government, private investigators and even through the Internet.

As our privacy erodes, so does our ability to protect our assets. When our assets are easily visible they can readily become the target of an unfriendly third-party with an aggressive attorney.

But there is still a way to enjoy financial privacy and that is through the use of a private corporation that cannot be tied to your Social Security Number.

Corporations, in the eyes of the law are considered an artificial “person,” completely separate from the people who own and operate it but it is only in the State of Nevada that you can control your corporation and keep your identity a total secret.

What makes Nevada special? In a nutshell, there are two key components unique to Nevada that allow you to have a tremendous amount of privacy:

You can appoint a single trusted person other than yourself to act as the officers and directors of the corporation. This person is known as a “Nominee” and will be the person of record with the state, not you.
Stockholders of a Nevada corporation are not a matter of public record so ownership of the Nevada corporations is not known to anyone but you.

These powerful components allow you to dictate the activities of the corporation, such as holding assets, yet no third-party can link you to the corporation or your assets! In other words, if someone tries to locate your assets using your name and Social Security Number, he will not be able to link you to the corporation and so your assets within the corporation are safe from predatory attorneys.

Carlos Lee, MBA, is the senior consultant for Asset Protection Consulting Group.

Visit Asset Protection Consulting Group to learn more about how to bulletproof your assets against future lawsuits.

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Saving Taxes Offshore

Jul 16

Posted by admin in Taxes

Many believe that if you open a bank account offshore at any of the popular jurisdictions such as Panama or Belize, then that bank account would be out of the reach of home tax authorities and you can pretty much do as you please with it. Further it is thought by some that any earnings from said account need not be reported.

This line of thought is further bolstered by offshore hucksters who claim the above is true.

Fact is that opening a bank account offshore is not illegal but lying on your tax form is.

Remember those direct questions about offshore bank accounts and trusts on your income tax form? They are there for a reason. The government wants to know where your assets are so that they can tax them or seize them as they feel is appropriate.

On shore banks do not know the meaning of customer privacy and now function as agents of the government by reporting everything you do according to a bizarre set of reporting rules forced upon them.

Ferreting lawyers want to know how big and where your assets are too and this is easy for them to ascertain in the US or Canada.

It is well documented in the US that opportunistic lawyers actually prey on wealthy folks by crafting and instigating law suits knowing that many targets will settle out of court just to be rid of the trumped up problem.

Opening a bank account in Panama is fine but how are you going to get any sizeable amount of money into your shiny new account without sending up red flags all over the desk of your friendly tax official?

Your local bank is a snitch!

Governments under cover of excuses referring to terrorist threats and their possible money laundering activities now keep close watch on farmers in Saskatchewan and vintners in California in case they are doing something that is a national threat!

Privacy has never more threatened than it is today and as a direct result has never been more important. However privacy is now only for those who insist upon it, create it and defend it.

Forget about opening an offshore bank account as that alone will accomplish nothing.

Consider the proper creation of a competent offshore structure that is lawful, powerful and very, very private.

A good offshore structure will still do today what it has done for generations and that is to provide privacy and asset protection for assets which if left unprotected onshore may soon no longer be yours to protect.

And yes. Depending on the situation there may be some tax efficiencies as well!

The author has been involved in the financial arena for most of his adult life, latterly as the CEO of a successful financial services company which he sold a decade ago to devote his time to advising a select group of clients in prudent and cautious uses of offshore structuring. He has traveled extensively among many offshore jurisdictions over a span of 25 years and acquired hands on experience together with high quality contacts and resources in the better jurisdictions. He provides consulting services and can be reached at http://www.offshoreandprivate.com.

Writen By : Shikari Jones

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Use Of An Offshore Company For Asset Protection

May 17

Posted by admin in Investing

Introduction – What we are going to do here is explain to you some of the ways others have used Offshore Corporations. For purposes of this article when we refer to an offshore company or an offshore corporation we mean a bearer share corporation. It is the bearer share corporation that has the possibility of being anonymous. Not all bearer share corporations are as anonymous as others, the jurisdiction matters greatly. It seems the Republic of Panama has the best bearer share corporations in that the ownership of the corporation is based on who has the physical possession of the stock certificates. There is no requirement to report ownership anywhere so it is not recorded in any registry or database. There is also no requirement to record transfers of ownership of the corporation in whole or in part in Panama. Panama has no tax treaties with any countries and no treaties with any country regarding mutual enforcement or collection of civil judgments.

To make the scenarios work effectively the offshore corporation must be formed by an attorney so there is attorney client privilege covering the formation of the corporation. If one uses a corporate agent the attorney client privilege is absent and the corporate agent could easily be compelled to reveal who formed the offshore corporation in question. If one took an attorney to court to get into the records concerning an offshore company formation the attorney would likely go to court kicking and screaming attorney client privileged communications all the way and give a heck of a fight to protect his client which in turn protects the livelihood of the attorney. If a corporate agent was use the corporate agent would need to retain an attorney to try to protect the records. The corporate agent has a case is weaker in terms of protecting you since attorney client privilege is a pillar of law in just about every country. The question of how much money the corporate agent would spend to protect your records is a scary question at best. You do want the security of dealing with a lawyer and having attorney client privilege. In Panama corporate agents do not exist, only a lawyer may form a corporation. Buying a corporation from an agent who bought it in turn from a lawyer does not make things any better in terms of the corporate agent still exists as a weak link in your privacy and security.

Panama also does not tax capital gains and offshore derived income without even a need to file any income tax returns if all your income was offshore derived.

1 ? Use the offshore company to hold real estate. This works best when the real estate is free of mortgages and any other encumbrances. The title is transferred to the anonymous bearer share corporation and so recorded in the government registry. Now no one can tell who currently owns the property. This is a useful tactic employed by people residing in high crime countries where property owners are at risk for kidnapping, home invasion robberies/kidnapping, extortion and blackmail. It also works as a deterrent against frivolous litigation since most attorneys would run an asset check before filing a case to make sure there is something to collect and real estate is very hard to run away with.

2 ? Use the offshore corporation to write a mortgage against real estate. This can be a first mortgage, second mortgage or third mortgage, etc. This so to speak removes equity from a property not leaving one as a target for kidnapping, and frivolous litigation.

3 ? Use the offshore corporation to write a loan against property such as heavy equipment, boat, airplane, etc. This removes the equity from the item thus removing it from being a focus point for attorneys interested in filing a frivolous lawsuit. The loan can be a subordinate loan or a senior loan.

4 ? Use the offshore company to own your boat. Register the boat in Panama like the major cruise lines do. This way snoops and criminals don?t know who owns that nice boat and this removes you from being a target. If you use a corporation with the words charter in it they will think it is a rented boat.

5 ? Use the offshore company to register your airplane. Provides anonymity and asset protection.

6 ? Use the offshore company to own art, coins, stamps, jewelry or other collectibles. Document and receipt the transfer to the offshore corporation.

7 – Use the offshore corporation to make loans. The loans can be secured or unsecured. They can have regular payments, interest only with balloon payment at end of term or whatever terms the corporation decides upon using.

8 ? Work for the offshore corporation. The corporation can be a professional services company and can hire your services out. You would then be an employee or independent contractor of the offshore company. The corporation can decide how much to pay you, what benefits to provide for you such as full medical coverage, legal insurance, company auto, office, what expenses to give you, the company can hold conferences for all or some of its employees in exotic locations like the Caribbean or Las Vegas, etc.

9 ? The offshore corporation can be used as an intellectual property company which holds copyrights, trade marks, software, and licenses.

10 ? The offshore company can invest in stocks, bonds, futures, commodities etc. with everything in the name of the anonymous offshore company.

11 ? Offshore companies can lease equipment, vehicles, machinery, real estate etc.

12 ? An offshore corporation can own the shares of other companies or legal entities

13 ? A offshore corporation can own bank accounts, trusts, fixed deposits, CD?s etc.

14 ? The offshore corporation can be used for internet businesses. The web site can be owned and registered to the anonymous bearer share corporation thus providing anonymity and protection from personal liability.

15 ? The offshore corporation can be used as a Bidding Entity where privacy is important thus concealing the true owners identity from the bid process.

For more information on offshore companies click here: http://www.panamalaw.org

Writen By : Gissela Martinez

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Secrets Of Offshore Banking

Apr 5

Posted by admin in Taxes

This is an introduction to offshore banking and incorporation a world that you may or may not be familiar with. There are many countries that are considered to be tax havens of one sort or the other. Each jurisdiction has its own reasons in extending a warm welcome to non residents. The aim of this article is to introduce to offshore banking and give you an idea of the benefits of going offshore.

Offshore banking makes many people think of money laundering and many other illegal activities. However, most illegal activity happens onshore. Newspaper headlines are the main reason for these misconceptions. Legal activities are not headlines, so few reporters write about the above-board side of offshore finance.

Proof that using offshore banking and companies are not illegal is the large number of known international trading and finance companies that have an offshore presence. Some countries tax you on a global revenue basis. If you are a resident or a citizen of such a country it would be crime for you not to declare your offshore holdings. Declaration does not mean taxation. Consult with your tax lawyer to find out the latest legislation on this.

Is there really a secret to successful offshore banking? Yes, there is and it is very simple. ?Knowledge? is the secret key.

To set up your offshore infrastructure, it is necessary to start by exploring the low tax and asset protection opportunities that are offered in various countries. These can range from low tax to 0 taxes, tax treaties, special corporate structures, free zones etc?. Studying the aforementioned will allow you to put together a complete offshore solution.

There is no one size fits all packaged solution. Every business is unique. Everyone who wants to establish an offshore banking presence must take into consideration the countries that he will be doing business with to obtain the maximum benefit of going offshore.

What are the most common benefits to going offshore?

  • Tough bank secrecy and privacy laws

  • Fewer restrictions on financial transactions
  • Low taxation or 0 taxation
  • Asset protection

Even the United States and Canada can be tax havens. Though this is only promoted usually for non-citizens and non residents.

As you can see from the above, you have multiple reasons for wanting to explore all the possibilities that an offshore incorporation linked to an offshore bank account will give you. No matter which aspects of the offshore world you choose to use you will find the find that there are many benefits.

For more information about Offshore Banking please visit http://www.offshoreincorporation101.com where you will quickly and easily find valuable offshore incorporation and banking resources to get started immediately.

Writen By : David Elefant

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Some Simple Strategies For Protecting Your Assets

Feb 25

Posted by admin in Estate Plan Trusts

As elementary as it may sound, no matter how much money you make, you still need to find ways to hold onto it. There are many small steps to take that will add up to big savings in the end. If you value the assets you have accumulated, or if you feel you should be accumulating more, take this advice and make some minor changes.

Firstly, take a look at your life insurance policy. If you have no children or grown children or if you are no longer married, then you make want to reassess your need for life insurance. The whole purpose of a life insurance policy is to safeguard the people you are leaving behind such as spouses and children. If you have no spouse and your children are self-sufficient, it is unnecessary.

Keep your car. You paid it off, you deserve it! Most people feel that once the car loan is paid, they need to go ahead a get a new car with a new car payment. It is wise to keep the car you now own for at least a few more years, ideally three or four. Smart savers will even bank the money they were using for their car payment since they are used to paying it monthly. In a high interest savings account, that money will grow before your eyes.

Pay off the plastic! High credit card balances are the downfall for many consumers. With huge interest rates averaging 15%, large balances will steal your potential savings. One solution is to shop around for a better rate. Many credit card companies will offer a lower interest rate for balance transfers. Simply locate the card with the lowest interest and transfer your big balance. One important thing to remember is that paying down that card will save you lots of money in the long run. It is simple, the longer it takes to pay down the balance, the more interest will fly out of your pocket. What good is paying interest for you? No good at all. By paying interest you are shelling out money to the credit card company because of poor planning in paying off the balance so make those payments!

Yet another way to save your earnings is to raise your homeowners and car insurance deductibles. Although it is wise to consider how much you will need to dish out in the case of a claim, a higher deductible will save you money on your monthly payments. Look at it this way, a monthly payment is a guarantee, but a claim is not. As always, stay cautious and never think that you are exempt from claims, but raise that deductible anyway. In the case that you must file a claim, a $1000 deductible will hurt more than $500, but you can save up to 20% yearly in monthly payments by hiking that deductible.

Gregg Hall is an author living in Navarre Beach, Florida. Find more about this as well as a bulletproof asset protection at www.easyassetprotection.com

Writen By : Gregg Hall

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How To Protect Your Retirement Savings For Your Golden Years

Feb 25

Posted by admin in Estate Plan Trusts, Finance, Personal Finance

Retirement is a glorious time every working individual looks forward to. It is a time of freedom, rest, and relaxation. It is also a time to do what you did not have time or resources to do when you were working. Many retirees feel younger in retirement than they ever did in their younger years.

This satisfaction is well deserved to those who have spent their lives working hard to take care of themselves and their families. However, retirement can be a stressful time if not prepared for properly. It is unfortunate when people have to push back retirement because they realized that they did not have enough saved, and their plan was not unfolding the way they had imagined. In order to prevent a stressful retirement, take action during your working years to cushion your retirement and get the most out of it.

One way to boost your retirement savings is to max out your 401K contributions. While it may hurt your pocket at first, it is the best thing you can do to save for retirement. Since most companies match employee contributions up to a certain percentage, you are essentially getting free money. Once your budget adjusts to the little extra lost each paycheck, you will be grateful that you did it.

Starting a mutual fund or an IRA can also enhance retirement savings. To save without realizing it, utilize the automatic deposit option where the money comes directly out of your checking account on a scheduled basis so that you do not even miss it. Another way to make this work is to take any additional money in raises, gifts, inheritances, etc. and throw it into the retirement fund. In this way, you will never have seen the money and found inefficient ways to spend it. Once you build up some investments, consult with an advisor to make sure you are getting the most out of them. Sometimes moving things around can really advance your returns.

All of these steps toward better savings come at the expense of immediate gratification. Some may feel cheated because they are not enjoying their raise because they cannot see the long term benefit at the moment. This is where discipline comes in. One must not feel that their happiness is in jeopardy because they are not buying extravagances that others are. Vacations and cars and other expensive indulgences are nice, of course, but being a responsible adult takes precedence. Look past the short term satisfaction and visualize your retirement as the new prime of your life. Travel and other niceties will come in time. If you hold out you will find that the comfort of an well planned retirement brings benefits that far outweigh a little discipline in the short term.

Gregg Hall is an author living in Navarre Beach, Florida. Find more about this as well as a bulletproof asset protection at www.easyassetprotection.com

Writen By : Gregg Hall

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Have You Considered Expatriation As A Solution To Your Asset Protection Problems

Jan 8

Posted by admin in Personal Finance

The well know phrase, \”nothing is certain except for death and taxes\”, is often on the tongues of those Americans who are fed up with shelling out huge quantities of their hard earned cash to their homeland. In the great land of America taxes follow citizens around like a starving animal.

Unfortunately, there is no escape from this doom while living as a US citizen in America. In order to enjoy all of the perks of permanent residence and citizenship, one must reimburse the country. In other words, if you want to stay, you have to pay. But is there another option? Some say yes: expatriation.

The term sounds so evil, as if the citizen is denouncing all that the country stands for. However, in this context, it just means leaving the country and finding a new one to call home. The concept sounds simple, but it requires intense thought and consideration because it calls for permanence. Many have gone the route of expatriation, including John Dorrance III, heir to the Campbell\’s soup throne.

Expatriates move to another country, in Dorrance\’s case, Ireland, to start anew and be void of US federal income and estate taxes. For all, it is a profitable move saving them many millions of dollars. However, it is a trying decision to make for some leaving behind extended family and friends in the states.

There are a few requirements that enable the expatriate freedom from US taxes. One is that a spouse who shares property and/or assets must go along for the ride. A spouse who remains a US citizen will incur US taxes on shared property, defeating the purpose. Another requirement is that all income must be foreign, i.e., not from US soil. Once the spouse is on board, the destination is all that\’s left.

Some may choose a destination close to their heart, such as the homeland of ancestors. Others may go purely on fantasy and plant themselves on a beautiful island to bask in the sun. Others still may be unsure of where to dig in their new roots. For this reason, the decision of expatriation takes time, concern, and consideration.

After choosing your destination, you must ensure that they will welcome you with open arms. Countries differ on their citizenship policy ranging from quick payment to time accrued in order to obtain citizenship. These details must be ironed out before the process of expatriation begins because necessary steps must be taken to make certain that citizenship will be available upon arrival to your new home.

With careful consideration and much thought out planning, expatriation can be a new start for some. Some will begin the process with financial aspects in mind and end up with a new and exciting place to call home an some additional income on top of it.

Gregg Hall is an author living in Navarre Beach, Florida. Find more about this as well as a easy asset protection at www.easyassetprotection.com

Writen By : Gregg Hall

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