- Protect your PERSONAL INCOME from taxation
Let's make this totally clear: Hiding information from
your government is not the way to go! Even if you do
business in another country, you are still liable for income
tax on your personal income. However, there are
legal ways of obtaining financial freedom and thus
freedom from income taxation. But not on your personal
income, like your employment salary or your pension, unless
you want to take some very drastic measures, such as
canceling your citizenship.... But you have other options!
If you need help to fight back against your taxman for taxes you are liable for from the past, you need help from two sources:
A sharp accountant who can identify all the options you have
for taking full (and legitimate) advantage of the current tax laws
and help you claim and retrieve excess taxes you paid in the past.
The most powerful assistance you can get in this area is from
The National Audit Defense Network, in the USA and in Canada.
A sharp attorney that can assist you through an audit
(where you absolutely don't want your accountant to be present!),
if you have to "host" one. If you don't have an attorney yet,
you should get one through the
Pre-Paid Legal network.
Other than that, you can generate some very substantial tax benefits for yourself by working with an Offshore Trust as a business partner! You can legally create significant tax deductions for yourself by transferring assets to an Offshore Trust. Please continue with the paragraph below for more details!
- Protect your PERSONAL ASSETS from creditors
By establishing an Offshore Trust and transferring to this Trust the ownership of your assets, no creditors can garnish or confiscate those assets for money they claim you owe, regardless the judgments and court orders they may possess to that effect! Even through a personal bankruptcy, assets belonging to your Offshore Trust will remain untouched.
There are some important restrictions on this, though:
The Trust must be a "Discretionary, Irrevocable, Pure Trust", which means that you cannot legally own or control this Trust. If you do, it will not hold tight in court, and you could create trouble for yourself. However, there are ways to ensure that you achieve the goal without challenging any laws!
Creditors that have liens on your property or belongings must be bought out before the ownership transfer; otherwise, it will no serve the purpose.
Assets that are known to the public as your possessions cannot be freely transferred at a time when you have any claims or lawsuits or judgments pending that could challenge your future ownership of those possessions.
For remaining unaffected of your possible bankruptcy, the Trust must be located and registered in a different country than your own.
Protect your PRIVACY in financial matters
The transactions on your bank accounts and credit cards are no private matter. The banks in the USA, Canada, and Australia (and most other western countries) are obliged by law to report to your government what is going on in your accounts! For offshore accounts, however, this is not the case... There are countries that secure your privacy by law!
Be aware, however, that it is not enough that you simply establish a bank account with a credit card in a foreign country, offshore or not. Even if you can remain anonymous. This is particularly true if you are a US citizen or resident! If you are, you are liable for reporting ALL INCOME from the entire planet to the IRS, and if you don't, you are risking fraud charges and jail terms... So, please resist those tempting offers to establish a cheap offshore bank account, even if it is anonymous. If you go ahead and use such an account as suggested, you can bring yourself into severe trouble...
Protect your ESTATE from heir restrictions, taxation, and probate
If it is important to you to know that your Estate will be transferred to your appointed heir(s) exactly as you prescribe, you need it secured in an Offshore Trust so your heir(s) can avoid probate, taxation, and legal fees - all of which dramatically can reduce the value of your estate. Also, with you Estate secured in an Offshore Trust, there are no limitations on whom you can appoint as your heir(s), and no tax penalties for choices your government doesn't like.
The trick is that the transfer does not involve any change of ownership. Letting your chosen heir "take over" is a pure internal matter for your Trust administration.
Protect your TRADING & INVESTMENT PROFITS from taxation
If you do not like capital gain taxes on the profits you make from your investments in securities, bonds, business ventures etc., or the money you make from gambling or betting or any other money transactions, you need to make your trading transactions from the base of an Offshore Trust. This way, there will never be any capital gain tax liability on your profits.
The principle is that you work as an agent for your Trust, so whatever gain is generated belongs to the Trust and not to you personally. At the same token, all interest, all dividends, and any other proceeds from your investments remain tax-free.
Protect YOURSELF against LIABILITY, private as well as
You can cover certain aspects of your personal and professional liability through insurance. However, such insurances are generally very expensive, compared to what it costs you to obtain complete coverage of all liability risks by using an Offshore Trust to secure your assets!
By splitting ownership of assets and liability for action wisely between you and your Trust, you can make yourself invulnerable to liability claims!
Protect your BUSINESS INCOME from taxation
If you are running a profitable business, you might want to consider setting up the ownership around an International Business Corporation owned by an Offshore Trust as the key elements. With such a set-up, you become the one who determines what profit your business is making in your home country - and thus also the one who determines the amount of income tax you are liable for paying. And, yes, you can choose a zero!
The principle is extensive used by the multinational companies, but it can also be exploited by a home-based business! Please note that you will still have to file your tax returns, and you can set it all up without interrupting your current operations.
Protect your BUSINESS ASSETS from creditors
Your business assets are even more vulnerable than your personal assets, simply because running a business is more risky, financially, than living a private life. With an Offshore Trust and an International Business Corporation, you can secure your business assets, even in case the business should fail.
By using the concepts carefully, you make your business "bankruptcy proof" and literally enable yourself to declare bankruptcy any time - without losing anything but the name of the business!
This is your ultimate risk management concept for your business.