Offshore Financial Freedom 3

339 Pages·2016·1.511 MB·English

by  Top Secret Publishing

Offsh

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OFFSHORE AND ASSET PROTECTION GUIDE 2
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TABLE OF CONTENTS
OFFSHORE GUIDE..............................................................................5
OVERVIEW OF OFFSHORE LOCATIONS............................................12
HAVENS - WHERE TO BE (AT LEAST ON PAPER)...............................18
ANDORRA, PRINCIPALITY OF............................................................23
ANGUILLA..........................................................................................26
ANTIGUA AND BARBUDA...................................................................32
AUSTRIA............................................................................................34
BAHAMAS..........................................................................................35
BARBADOS........................................................................................51
BELIZE...............................................................................................53
BERMUDA..........................................................................................56
BRITISH VIRGIN ISLANDS.................................................................67
CAMPIONE D'ITALIA..........................................................................77
CAYMAN ISLANDS.............................................................................81
COOK ISLANDS...............................................................................125
CYPRUS..........................................................................................128
DELAWARE, U.S.A...........................................................................130
GIBRALTAR......................................................................................131
GUERNSEY......................................................................................145
HONG KONG....................................................................................149
IRELAND..........................................................................................152
ISLE OF MAN...................................................................................155
JERSEY...........................................................................................161
LIBERIA...........................................................................................167
LIECHTENSTEIN..............................................................................174
LUXEMBOURG.................................................................................179
MADEIRA.........................................................................................184
MALTA..............................................................................................187
MARSHALL ISLANDS.......................................................................193
MAURITIUS......................................................................................194
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NEVADA, U.S.A................................................................................197
MONACO.........................................................................................203
MONTSERRAT.................................................................................206
NAURU............................................................................................212
NEVIS..............................................................................................215
NETHERLANDS................................................................................218
NETHERLANDS ANTILLES...............................................................232
NIUE................................................................................................236
PANAMA...........................................................................................237
PUERTO RICO.................................................................................271
ST. KITTS ........................................................................................274
ST. VINCENT AND THE GRENADINES .............................................291
SARK ..............................................................................................293
SEYCHELLES...................................................................................295
SINGAPORE.....................................................................................300
SWITZERLAND................................................................................304
TURKS & CAICOS............................................................................311
UNITED KINGDOM...........................................................................316
U.S. VIRGIN ISLANDS......................................................................319
VANUATU.........................................................................................326
WESTERN SAMOA...........................................................................332
WYOMING, U.S.A.............................................................................336
VANUATU.........................................................................................337
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OFFSHORE GUIDE
Why Go Offshore?
Many people think of offshore banking and investment in the same vein as
illegal money laundering. Nothing can be further from the truth. Over the last
couple of decades, many places in other parts of the world have responded to
the desire of many Americans to keep their money outside the United States.
This is due to a variety of reasons, such as:
Asset Protection and Privacy
Nowadays, it is clear to even the casual observer that too much information
is available to too many people about others. Numerous data bases, accessible
by anyone, contain the most private data about us - age, place/date of births,
family and job information, medical data, and of course, financial data; How we
pay our bills, who we owe, how much we earn, what we spend our money on,
what and where we save, what we wear, what we do in our spare time, even
who we associate with.
To most Americans used to a free society, this is very disturbing. They have
watched government grow to tremendous proportions in the last half of the 20th
Century. Many have also felt the sting of governmental intrusion if they've ever
been investigated by an agency like the Internal Revenue Service. Perhaps they
became delinquent on a student loan or child support payments and all of a
sudden an expected tax refund or part of a paycheck disappears! They have
become a victim of lack of privacy. Nothing is sacred and nothing is safe from
prying eyes. You never even know if the eyes are authorized to be seeing your
information.
Fortunately, politicians and business people in other countries saw the need
for better privacy and tailored their laws accordingly. Switzerland used to be
thought of as THE world center for financial privacy, but this is no longer true.
Changes in Swiss law, made to combat international crimes like drug dealings,
have resulted in many people losing confidence in Swiss banks as 100% free
from outside intruders. While these institutions and many of their products
remain valuable, sophisticated investors are also looking elsewhere.
Some may ask, "What is it that my money has to be protected against?"
The United States has become one of the most litigious nations in the world.
Lawsuits are filed by hordes of attorneys for the most bizarre reasons. And
many of them become judgements that someone is obligated to pay. Even if you
are an innocent bystander or non-participant in a tragic event, you can be
brought into the sphere of liability and end up owing money. Take the recent
case against McDonald's, where a woman was burned by hot coffee and got a
giant judgement in her favor. Now all the fast-food restaurants are warning us
about how certain drinks are served "Very Hot". Is this news to anyone?
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Besides wacky lawsuits, there are always the usual money-grubbers like
ex-spouses, spendthrift children, out of control tax collectors, etc. It is all too
ways for someone to take your money, often directly out of any of your accounts.
The days of hiding cash are over -- inflation is too high (REAL inflation, not the
BS you read in the newspaper), and currency is succumbing to greater and
greater control each day. Many reputable sources predict that paper money will
soon be gone altogether. All transactions will be required to be done
electronically, leaving a permanent trail and record for the snoops to see.
Asset protection is widely used by people in high-risk businesses and
professions -- doctors, lawyers, entrepreneurs, engineers; anyone who can get
sued for something relating to their work. With large verdicts by confused judges
and juries always a possibility, tens of thousands of hard-working Americans
have made the decision to keep their assets offshore. Even those in relatively
low-risk jobs use offshore strategies because they discovered a little-known fact;
finance and investment have become international; opportunities and yields are
often greater outside the United States, without compromising safety.
Applicable Laws
Many Americans believe that offshore banking and investment is illegal. Not
true. While there are regulations about taking cash outside the country, other
forms of money can legally be transferred to foreign sites. Much of what makes
an offshore haven attractive is its bank secrecy laws. Different places have
different laws. Some highlights:
The Cayman Islands
The Cayman Banks and Trust Companies Regulations Law prohibits the
disclosure of customer information outside the Cayman Islands.
The Confidential Relationships Law of 1976 says it is a criminal offense for
any person to make an unauthorized disclosure of information obtained in the
course of express or implied professional confidence. It also provides that any
person requested to provide evidence to use in a foreign proceeding (like a U.S.
court case) must first give seven days notification to the Attorney General of the
Cayman Islands and then must apply for directions from a judge of the Grand
Court of the Cayman Islands.
The Bahamas
A person who has acquired information in a professional capacity who
discloses to another any information relating to identity, assets, liabilities,
transactions, or accounts or a customer, can be found guilty of a crime.
Switzerland
Deliberate, intentional, and negligent violations of trust by a bank employee
can be punished as crimes.
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Hindering an investigation regarding the source or the whereabouts of
assets which are known or ought to be known to have been obtained through
criminal acts, whether the criminal acts were committed inside or outside
Switzerland, is a crime.
Any person who in the course of carrying out his profession of accepting,
managing, investigating, or transferring third partys' assets, fails to exercise the
due care necessary to identify the beneficial owner of such assets is guilty of a
crime.
Cook Islands
Any person who discloses information derived from an inspection of the
records of an international company can be found guilty of a crime.
Principals of international companies (president, treasurer, etc) can be
anonymous.
United States Legal Issues - Civil
The Uniform Fraudulent Transfer Act (UFTA) and its cousins can affect
transfers made to offshore entities (like a trust). If the person transferring has a
creditor at the time of transfer and the UFTA applies, the creditor can undo or
"unwind" the transaction. These include:
1. A transfer made by a debtor with actual intent to hinder, delay, or defraud
creditors;
2. A transfer made by a debtor for less than reasonably equivalent value at
a time when the debtor is either insolvent or would be rendered insolvent;
3. A transfer made for less than reasonably equivalent value by a debtor
engaged in a business where the remaining assets of the debtor were
unreasonably small in relation to the business or the transaction;
4. A transfer made for less than reasonably equivalent value by a debtor
who intended to incur or believed or reasonably should have believed that it
would incur debts beyond its ability to pay as they became due;
5. A transfer by a debtor to an insider made for an antecedent debt at a
point where the debtor was insolvent as the insider had reasonable cause to
believe the debtor was insolvent.
United States Legal Issues - Criminal
Tax Crimes:
26 U.S.C. Section 7206 (4) says that any person involved in removing or
concealing with intent to defeat or evade assessment of tax can be found guilty
of a felony.
The Money Laundering Control Act (18 U.S.C. Sections 1956, 57) - makes
it unlawful to move funds in or out of the country when the person knows or
should know that the funds are proceeds or part of unlawful activity; makes it
unlawful to engage in a monetary transaction involving criminally derived
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proceeds in access of $10,000; These unlawful activities can include; drug
trafficking, environmental offenses, and banking related offenses.
Conclusion
The honest citizen, one who is merely interested in sheltering their assets
from snoops, inflation, and bogus future lawsuits, has nothing to worry about.
Drug dealers and other criminals face stiff penalties if caught.
Strategies
This guide will give you a very basic idea of the many asset protection
strategies available. It is by no means all-inclusive. Also, strategies in asset
protection, like in other areas, are continually changing. You must develop
sources of good information and resolve to stay current in this exciting field.
The Foreign Asset Protection Trust
The asset protection trust (APT) is one of the best methods for managing
one's investments. What is a trust? A trust is a legal device where title is
changed from the person who starts it, called a "grantor", to the person who
manages and controls it, called a "trustee". The trustee controls and manages
the assets for the "beneficiary" - the person who will get title in the future. The
change in title is what allows the asset to be protected - the grantor no longer
has legal ownership; therefore, a foe such as a judgment creditor cannot take it
away.
Trust which afford the greatest protection are created and administered in
countries other than the United States. Why? Because they are not subject to
the control of U.S. law or courts. Often, the person who got a judgment here has
to start all over again in the country where the trust is, IF they can do so in time -
the statutes of limitations in most offshore havens are very short, often 1-2 years.
This means that if the creditor takes longer than that to find the trust, by the time
they do it might be too latel
Who acts as trustee? As referenced above, the laws of many of the offshore
havens are very strict. Trustees are usually affiliated with banks or other large,
well-regulated institutions. Contrary to myth, most trustees in offshore havens
are honest and reliable; when you have small countries taking in BILLIONS in
foreign investment, you can be sure that the government and institutions there
will not allow wide-scale rip-offs to occur. In fact, because of the vast amounts of
money flowing to such jurisdictions, competition is keen. Better laws and
customer benefits seem to be the result.
Cost
Depending upon the particular haven, the amount of money to be put into
the trust, and the type of advisor the person is working with cost is generally
anywhere from five to fifteen thousand dollars to set up the trust. In addition, the
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trustee usually gets an annual fee. As with anything else, you get what you pay
for.
Control
The key to protection of the assets is getting off legal title, as when the
assets go into the name of the trustee. How then, does the grantor retain
control? What happens to the funds once title to them is transferred?
Most trustees are eager to accede to the wishes of the grantor. This is how
they make their living. Most foreign trust laws allow for a person called the
"Protector". This most often becomes the person who created the trust. A
protector has no legal title to the funds, so he cannot be ordered by a U.S. court
to dissolve the trust and bring the funds back to the United States. The trustee,
however, pays close attention to the "wish list" the protector gives him - how
funds are to be managed and invested. Mechanically, most of the time the
trustee opens an investment account with a company which has no U.S. legal
ties, and is then not subject to control by a U.S. court. Just like with a domestic
broker, the foreign broker makes trades, except that his marching orders come
from the trustee who is following the desires of the protector.
Offshore Banks
Foreign banks offer a variety of services, many of which are superior to
what the small to medium depositor will be able to find in the United States.
Many offshore investors have less than $100,000 in foreign banks. The "Bible" of
international bank selection is "Polk's Directory of International Banks", found in
most college and city libraries.
Issues one should consider when choosing a bank include:
 How it accepts instructions (fax, phone?)
 Does it issue a universal credit card? Visa, MasterCard)
 Does it issue a debit card?
 Does it have a branch in the U.S.?
Avoid banks with a U.S. branch at all costs, because your security is
directly threatened - the U.S. government and courts have the power to get at
the bank's records through its U.S. sit us.
The best countries for bank secrecy include:
 Bahamas
 Bermuda
 Virgin Islands
 Caymans
 Isle of Man
 Panama
 Singapore
 Switzerland
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Miscellaneous Foreign Asset Protection Structures
 Limited life companies
 Limited duration companies (Similar to LLC's in the United States)
 Swiss Annuities
List of Offshore Havens
Bahamas - Close to the U.S., English as the official language, based on
British law, banks have no reserve requirements, no corporate or personal
taxes.
Barbados - Close to the U.S., English as the official language, based on
British law, low taxes.
Belize - Close to the U.S., English as the official language, based on British
law, a relative newcomer to the offshore industry.
Bermuda - Close to the U.S., English as the official language, based on
British law.
British Virgin Islands - Close to the U.S., English as the official language,
based on British law, no income or capital gains tax.
Cayman Islands - Close to the U.S., English as the official language, based
on British law, very strong economy.
Cook Islands - English as the official language, based on British law, trust
companies there are aggressive in getting and keeping Asset Protection Trusts.
Isle of Man - English as the official language, close to England, based on
British law, no capital gains tax.
Luxembourg - English spoken but not the only language; based on German
and French law.
Panama - English widely spoken, very friendly toward corporations,
reasonable tax structure.
Switzerland - English widely spoken, a long term, stable banking center.
As stated above, this guide is only intended as a starting point for your
offshore research. The field literally spans globe and the sophisticated investor
needs to stay current. Below is a list of sources for further and more detailed
information.
 Kaysing, Bill, Privacy, Eden Press, POB 841 0, Fountain Valley, CA
92708;
 Goldstein, Arnold, Asset Protection Secrets, Garrett Publishing, 384
So. Military Trail, Deerfield Beach, FL 33442
 Goldstein, Arnold, Offshore Havens, Garrett Publishing.
 "Offshore Investment", The Offshore Institute, POB 66, Douglas, Isle
of Man;
 "Financial Times", FT Publications, 14 E. 60th St., NY, NY 10022.
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