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Why Use Offshore Financial Services And How To Do It?

In a recent study made in The Shark Investor more than 18% of the voters said that one of the main hurdles to their financial success are the high government taxes. In some West European countries for example the taxes exceed 50% of the middle class income. Pathetic.

Do you genuinely believe that your money is well spend and that you really need to pay that much?

Go Offshore To Save From High Taxes

Going offshore with your finances or business has one simple but great advantage - it costs less. Buying offsore web hosting is cheaper, hiring offshore developers is cheaper, making profits offshore is healthier for your budged. Keeping your finances offshore is the best legal way to aboid some taxes and be wealthier.

Offshore Financial Services
Photo by bestfor at Flickr

Kinds Of Offshore Financial Services

Chances are if you are reading this you are most probably interested in some of the following types of offshore financial services:

  • Offshore Investing. This activity is often mistifyed and demonized in the mass-media, but it offers opportunities to earn better return on investment that you can do in your country. This is possible because many countries offer tax reduction and other advantages for foreigners.

  • Offshore banking and bank accounts. These services offer you privacy which often can't be given to you in your own country. It gives an additional protection against freezing your funds by the government agencies.

  • Offshore company registration. Many small and not so small businesses prefer to register offshore again because of the lower taxes. In the offshore havens there are additional advantages - less regulations, especially useful for companies running investment business

  • Offshore asset protection. Usually goes together with offshore banking. Your funds are protected in a different country against confiscation, nationalization or freezing.

  • Offshore currencies. In the recent years a lot of electronic offshore currencies appeared to help people exchange money online with less fees and more privacy. Among the most popular offshore currencies are E-Gold, E-Bullion and Liberty Reserve

By combining different kinds of offshore financial services a knowledgeable person can entirely "export" their financial deals offshore.

The Risks In Offshoring

Unfortunately like everything in life, the sweeter a deal is, the higher risk it hides. Sometimes the offshore investment companies are just smart pyramid schemes ("ponzies"). Some offshore banks may disappear with your money and some offshore e-currencies turn out to be scams, backed with nothing.

In 2006 the most popular e-currency - E-Gold - received Cease and Desists order which decreased its value and made it almost impossible for the users to cash their money out.

The most important thing you have to do is to explore the reputation of the offshore service you plan to use. Prefer companies which have been working for years and have happy customers, have real offices that you can visit. Pick popular offshore destinations as Caymans, Bermuda and Bahamas because their governments are strictly watching the companies who offer such services on their territory.

The Cost Of Going Offshore

Investing offshore is not cheap and will be worthless if you have a thin wallet. Most offshore accunts require minimums larger than $100,000.

Offshore bank accounts and asset protection are affordable, but typically more expensive than local bank accounts.

Registering offshore company costs few thousand dollars.

The offshore e-currency services are pretty affordable and usually cheaper than the non-offshore alternatives.

Going offshore is not a simple choice, but you can do it step-by-step. Start with using offshore currency services and debit cards. Then maybe you can open offshore bank account and a company. And if you are really wealthy - open an offshore investment account.

Published at Dec, 31 '69 , Read 9557 times.

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User comments:

Mr. Thomas at Sep, 04 '08 14:06
Learn how to operate offshore, get access to a private portfolio with amazing returns, private banking and much more. Check out the Venture Resource Group - We also have a private tour set up for those who are serious and would like a VRG rep to give them a call -
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