PANAMA CITY – 9th March, 2020 – Offshore tax havens are scandalously characterized by the media in their attempt to sell newspapers and capture the public imagination. Glossy pictures of exotic Caribbean getaways, cabana hideouts, Panama hats, and greasy lawyers create the perfect scandalous narrative for magazine headlines.
The Panama Papers and other “leaks” tell tales of brazen tax evasion and illicit-wealth accumulating in offshore accounts held by the worlds rich and powerful.
The consequence of such stories is that they tell only one version of the reality experienced by a tiny minority. There is little discussion of the legitimate benefits and legal strategies more often used for offshore protection and financial diversification.
When was the last time the headlines read ”Retiree opens savings account in an overseas bank in hope of higher interest”?
The reality is, the typical offshore customer is not a member of the top 1% but is an average individual looking for advantages in corporate laws in foreign countries.
The truth is, it is much harder to hide your money and remain anonymous in some forgotten corner of the world.
That last half-decade has brought many new global transparency initiatives that have radically changed the industry. The Common Reporting Standard (CRS) and the Unites State’s version, FATCA has irrevocably altered the offshore formation landscape.
Going offshore is no longer about hiding your money from Uncle Sam, but is about asset protection, financial privacy, and diversification.
Surprisingly, tax havens are not limited to just Caribbean islands but are found in modern onshore financial centers like Scotland, Ireland, and the Netherlands all having corporate laws similar to the traditional Caribbean havens.
The illegal hyper-dramatized version of the offshore tax haven is dead, yet tax havens are very must alive.
Far from Hollywood’s version, your average offshore businesses are amazon affiliates, digital marketing experts, and family internet-based businesses and not cigar wielding fat cats.
Navigating complex global transparency policies and local tax laws make forming an offshore legal strategy essential. Gone are the days of adding an offshore company to your virtual shopping cart. There is no one size fits all solutions.
Every individual’s financial situation is unique that is why Offshore Protection offers customized tax-efficient corporate structuring and formation solutions together with legal, banking, and financial services to provide a holistic offshore approach.
Offshore Protection has worked with over fifteen thousand clients since 1996 and specializes in multi-jurisdictional offshore formation and account opening creating personalized offshore legal services tailored to the clients’ needs.
They offer a vast range of services some of which include ICO and crypto funds, offshore brokerage and investment accounts, eCommerce packages, offshore trusts, and second passports.
To learn more visit https://www.offshore-protection.com/company-formations-registrations
About Offshore Protection
Offshore Protection is an offshore corporate law center based in Panama City with offices in Belize and Hong Kong.
Offshore Protection has over 20 years of experience conducting business in over 35 jurisdictions specializing in offshore legal and management solutions. They offer personalized offshore financial and banking services as well as tailor-made offshore legal plans for clients looking to pursue an offshore strategy.
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