The Panama Papers and the Paradise Papers are investigative journalism projects based on high-level leaks of sensitive information about where the world’s elite stash their cash when they want to avoid taxes and unwanted publicity.
Negative publicity about wealth held in secrecy jurisdictions to avoid taxes has ruined careers, triggered criminal tax charges, and generally exposed high wealth individuals and companies who skirt regulations to earn or hide unreported income.
Despite the unfavorable media attention, it is important to know there are some very good reasons to place your wealth in legitimate offshore tax jurisdictions and foreign bank accounts.
An offshore account is a financial product offered in regions around the world. Banks and investment institutions offer accounts in their countries of origin and also in jurisdictions around the globe that are known for their low tax rate and regulatory ease.
There are a flurry of reasons why offshore banking could be a good option for you. A destabilized economy in any country is a good reason to diversify your wealth in one or several safe harbors. Here are some reasons to consider an offshore account:
A foreign bank account or offshore company could be a smart addition to your wealth management portfolio as long as you maintain compliance with US tax regulations such as FBAR, FATCA, and other tax reports.
When you have questions about offshore tax havens and US tax regulations, speak with an experienced tax attorney.
The law offices of Robert J. Fedor, Esq., LLC provide skilled legal guidance on offshore tax matters, tax audits, and criminal tax matters, among other tax issues. If you have questions on local or international tax questions, contact us online or call us at 800-579-0997.