Three reasons why you should use Offshore Asset Protection

Offshore asset protection is a way of protecting your interests, either by separating your assets from your local interests or by keeping your already offshore items protected in their local country. The laws and interests of other countries can work in your benefit for additional protection. When done properly, this is not an illegal operation. It does take proper knowledge and the correct paperwork to have this done legitimately. However, this is a common practice that is used legally on a regular basis around the world. The second myth is that offshore asset protection is only used by wealthy people who have assets to hide. Nothing could be further than the truth. Offshore asset protection is exactly as its name indicates: it is a means of protecting your assets under the jurisdiction of another country.

Protecting Property

Property is protected under different laws, depending on the country that you purchase it in. In North America, no matter where you purchase property, you are required to pay taxes to your local government. Offshore asset protection comes into play in a very beneficial way when it comes to ownership rights and inheritance laws. For both ownership and inheritance laws, you may find it simpler to own an offshore company name to protect your land assets under. By using the laws of the country you are seeking protective rights with, you can avoid complicated paperwork and overseas legalities of either your physical resident country or the country of the land ownership. In many cases, it is a simpler process to protect your property under the laws of the land it is purchased under. In some instances, it is a better choice to protect your property under the laws of another offshore asset company.

Protecting Valuables

It goes without saying that North America is a home of lawsuits. If you become subject to a lawsuit of any kind, all of your assets are reviewed in the event of a financial overview or settlement. The asset itself can also become part of a lawsuit by others wishing to claim it. It does not have to be of great financial value; it only needs to be valuable to the person wishing to obtain it. By using offshore asset protection, you are removing this item from its physical attachment to your own name. You still own the item being protected, but it is listed under an offshore company name that is separate from yourself. This now also removes any ties to you when a financial review is being conducted or a lawsuit is in progress. This does not physically remove your asset from your home. It only removes your personal name from the item you are protecting.

Protecting Finances

Something as simple as a divorce proceeding can result in the opposing parties obtaining access to your financial portfolio. Larger proceedings, such as corporation reviews, can affect not only your current financial status, but also your retirement income. Protecting your offshore asset protection gives an additional level of protection to your finances by removing them from your identity. Offshore protected finances are not listed in your public financial portfolio.

There are a large number of reasons to use offshore asset protection, from finances to personal valuables to land titles. It is not a matter of being deceitful. Offshore asset protection is a very legal process with very beneficial results. You are not physically removing finances or items; you are providing yourself with an additional layer of protection that ensures that your assets are under your control and away from harm's way. You are also ensuring that your assets are there for your future generations, protected under foreign law, and protecting 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 ( Esquiregroup/Offshore-Asset-Protection ), and US expat taxes. To learn more about us, visit Esquiregroup/About.

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