The Most Common Myths about Offshore Asset Protection

There are many myths and uncertainties about offshore asset protection. A combination of false information and media has taken the attention away from the benefits of this type of protection and focused it on the false truths. These are five of the most commonly known myths about offshore asset protection.

It’s Illegal

Offshore asset protection has laws to abide by. However, when these laws are followed, it is a very legal and very safe process. It only becomes illegal when procedures aren't followed and documents are improperly completed. This is why we do the hard work for you. Professional offshore accountants can help you understand the procedure and guide you through this protection process. When the correct paperwork is filed on time and the correct local and offshore laws are followed, you have a very legal and very safe means of protecting your valuable assets.

I Have Nothing Valuable Enough to Protect

Physical value is only one point of view. Offshore asset protection is put in place to protect anything that you do not want to lose. This can range from family heirlooms to cash to personal keepsakes. Offshore asset protection removes the direct link between your name and the items you are protecting. In the case of a lawsuit or identity theft, your items are not at risk of being stolen or removed from you if they are not located directly under your name.

I will have to Physically Move my Protected Items

Offshore asset protection involves a set of legal and binding documents that places your items under the jurisdiction of another country. This does not mean that the item needs to reside in that country. It can, if you would prefer it to, but most do not. It simply means that you are using that particular country`s laws to protect yourself and your valuables. Your items can remain with you under your care while under foreign protection.

It's Complicated

It is not complicated if you understand the process. Much like filing taxes, you become more familiar with offshore asset protection as you work with it. This is what the pros specialise in. Professional accountants go the extra mile to make it as smooth as possible for their clients. They handle the paperwork under your direction and answer any and all questions that you may have. It is only complicated if you do not fully understand it, and they make sure that you do.

I Will Lose Control of my Possessions

Your valuables and possessions belong to you and will always remain in your control. You dictate your protection and how you wish it to be carried out. You will never lose control of what you own or when you can manage it. Offshore asset protection is meant to help you keep your valuables, not lose any part of them.

Offshore asset protection is way to add that extra layer of protection to your possessions. It removes that direct link between your name and your valuables. In the event that somebody was to audit you, these items would not be locatable, hence allowing them to remain in your care. You do not need to be wealthy to utilize this type of protection. If you have something you wish to protect then talk to a professional about ways that they can make that happen for you.

Esquire Group, a boutique international tax advisory firm specializing in tax consulting, tax planning and compliance and helping corporate and individual taxpayers with Offshore Voluntary Disclosure Program, asset protection, and US expat taxes. To learn more about us, visit www.EsquireGroup.Com/about.

I'm a freelance copywriter and I write on a variety of topics.