A Primer On Offshore Asset Protection
One of the often-overlooked advantages of having an offshore asset protection strategy is in how it can enhance your ability to protect what you have – by placing ownership of such assets in a jurisdiction other than your home country.
If you have a positive net worth or any valuables to protect, then you do need a good asset protection plan – something which will offer you peace of mind as well as effective protection for what you have worked hard to achieve.
In collaboration with APGI, S.A., SovereignLife has published a concise 10 page e-report entitled Asset Protection And YOU! – a primer on offshore asset protection and why you need it.
It provides an excellent introduction to this subject and is available for immediate download free of charge.
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I have had many bad experiences with HSBC INTERNATIONAL BANK, Jersey Islands. They sit on your funds and do not act on your instructions untill remined many times and then make excuses for the delay. WORST BANK IN THE WORLD.
Would be interested in hearing your views on Nevis Multiform Foundations. Thanks.
Byram, I’m intrigued by your comment. In fact, it sounds like a lot of comments I get from people involved in “scam” banks – banks that are supposed to be receiving large deposits on behalf of the account holder. The scam usually involves either a winning or inheritance of some kind – which is, in turn, deposited into a “bank”. Trouble is, this bank (and the website link) is not a bank at all – simply a front to make the scam look more real.
If you’ve been asked for any processing fees or large amounts related to clearing or processing your deposit, then I suggest the bank you are complaining of is not HSBC at all, but some fiction put up on the web.
FYI, HSBC Offshore’s official website is: http://www.offshore.hsbc.com
If you’ve been given a link that is different from that, then I suggest you look carefully at it. Also, the story you relate doesn’t really make sense. HSBC operates a very efficient and effective online banking system – so if you really ARE with them, then you should be able to simply login and transfer your funds. No delays. No problems. Anything else smells fishy to me.
Judy, I don’t have any personal experience with this particular form of structure – but you can read more about it, along with all the offerings in Nevis, HERE
David,
Can I get you opinion on the following article:
Guatemala Banking Versus Panama Banking
http://www.panamalaw.org/guatemala_banking_vs_panama_banking.html
And as Belize, recommended by APGI, SA, is a member state of the OECD:
http://tinyurl.com/y9l59y2
how safe exactly would it be to bank or hold assests there?
Unless someone currently resides in the UK, and assiduously reads the newspapers (especially between the lines!), watches the news, and generally has time to keep up with current affairs, it may be difficult to comprehend the scope of the police state that we are currently living in.
Every day that passes, more and more laws are passed, more and more regulation is foisted upon us. A good deal of this comes from the EU (a major subject that I will not get started on here). Our national government has also introduced thousands of new “offences” in the last few years. So anyone who swallows the line that “if you are innocent– you have nothing to worry about” may be in for a nasty shock. The point of this ramble is that EVERYONE should be waking up and thinking of either “escaping” or at least protecting their freedom and their assets.
A very interesting document, David.
In relation to your reply to Byram:
“If you’ve been asked for any processing fees or large amounts related to clearing or processing your deposit….”
can I get you thougts on the following:
http://tinyurl.com/ydgad9z
particularly comments regarding fees towards the bottom of the page?:
“There is an additional 3% charged on all funds deposited into the account.”
Scam?
Andrew, although I have no experience and cannot comment on PanamaLaw – I can say that the fees they quote for handling incoming funds do not represent a scam – rather their estimation of what it’s worth to manage this process on behalf of their clients.
This is quite a different scenario to what I was answering in regards to Byram’s post – where I suspect an actual scam.
Andrew, it’s difficult to be objective regarding one banking jurisdiction over another – in particular if comparing Panama with Guatemala. Although a cursory comparison may appear to favour Guatemala – due to less treaties – Panama has the recognised “edge” as a financial centre. However, nothing is set in stone, and just because one country has not signed up to a particular treaty yet, doesn’t mean they will not sign up in the future.
Personally I would not choose to bank in Panama, and even less inclined to bank in Guatemala. Remember, banking is quite a personal thing, and there are a not of variables to take into consideration. Likewise, I have not had experience in banking in Belize, but I’ve been assured it works well.
Thanks for the advice David: I have just one question: I am a day-trader and looking in trading the UK markets. I wanted to know if I use HSBC bank, I wanted to know the tax limitations of banking with them from the US. Thanks.
Jeff, the quick answer to your query is that according to US tax law any income is taxable, earned from anywhere in the world. I don’t know how that relates to share gains, whether they are taxable or not (as I’m not in the US) – and that would depend on the definitions used for “income” and “capital”, and whether capital gains are taxed. Also, as a US resident/citizen you are required to report the existence of any offshore bank account with a balance of over $10K.
Hello from Russia!
Can I quote a post in your blog with the link to you?
Yes, you most certainly can!