| The phrase "Oh, what a tangled web we weave when first we practice to deceive" comes to mind, when I consider high interest offshore accounts. If you're not loaded, and you're stuck in Boise, Idaho for the forseeable future, high interest offshore accounts are probably not for you. The risk to reward ratio is too great. If you're internationally mobile, with a business that can be run outside your home country, read on.
I get a fair few enquiries about offshore acounts on TigerTom.Com. Most people just want the free ebook. Even if they ask a question, I rarely hear from them again. And I think I know why. They're being cagey with their personal information. They think their tax service will get them. They're running themselves ragged trying to be secretive. They're plotting how a high interest offshore account will help them avoid tax, and save lots of money. While they still live in their home town, carrying on with their local business. If you're not tied to your home country, and your business is not with the locals, read on.
Any other country that is not your country of residence may be considered offshore and many of these countries provide as much or more safety to you and your banking needs. If you are resident on one country, and doing business in others, there is scope for tax avoidance. It really depends on:
If you are in receipt of money, goods or benefits from persons or businesses in the country you are resident, you are liable for tax there, and no offshore skullduggery will get you out of it, long term. You will leave a paper trail, and sooner or later you'll have to pay the piper.
When you go online you will find multiple sites offering high interest offshore accounts, but remember it is important to evaluate them carefully before making any deposits or providing personal information. Some things to look for before opening an offshore account are the benefits you will receive regarding privacy, taxes, security. You will also want to see how long the bank has been in business. You can choose a bank that has a strong credit rating, and which you are familiar with to open your high interest offshore account, which may not be the case for the banks in your new country, but any abroad such as those in Gibraltar, Liechtenstein, British Virgin Islands, Channel Islands (Guernsey and Jersey), Isle of Man, Malta, Nauru, Turks and Caicos Islands, Panama, Seychelles, Montserrat, Saint Kitts and Nevis, Switzerland, Bahamas, Barbados, Bermuda, Cayman Islands, Dominica, Hong Kong Singapore or Labuan, or Malaysia. Consider asset protection. When you look for high interest offshore accounts, have in mind that there are some ways to get your assets protected from any form of liability. Although it depends greatly on the chosen jurisdiction, you could get a professional to help you manage business transactions and assets so that you are protected from liability. Unfortunately, many people are under the opinion that high interest offshore accounts are not necessarily safe because they are not in their home country. This simply is not true and some high interest offshore accounts are actually better and safer than the ones in your native land. |
