How Can I Take Advantage Of Offshore Banking?

If you are looking for:

• Offshore services
• An offshore company
• Offshore banking
• Offshore trusts
• Offshore investing

You need to look into internet offshore banking.Offshore banking or offshore bank refer to the many investment and banking institutions available in other countries and jurisdictions other than where the depositor lives. The term offshore bank is for those banks located in low-regulation, or low-taxation jurisdictions.

While you may find a few internet offshore banks that are unscrupulous. For the most part these banks are sophisticated and stable with regulations tailored toward the needs of their clients. Many of these jurisdictions depend on foreign capital held in their banks as a primary economic factor.

One of the benefits of having an offshore banking account is that they are located in tax havens that provide asset protection and confidentiality. These jurisdictions also allow a looser restrictive rules when it comes to the types of internet offshore accounts available. Offshore banking will usually allow a reduction in tax regulations.

You will need to be sure the proper jurisdiction is selected for your personal and business needs. Each depositor will have different needs when it comes to offshore accounts. If you do your homework, it will be apparent that some unscrupulous banks would not be right for you and your business dealings. Anyone who knows anything about offshore banks, already knows that banks can safeguard their money from civil, economic or political strife. They are also confident that an offshore banking account will be an effective haven for assets and funds to be safe, secure, and kept confidential.

Internet offshore banking will also allow you to check your transactions and banking account balances online. This will also allow you to arrange for money transfers online. You will have the same privileges that you would with any regular internet banking site.

Not only are internet offshore banks a way to invest and protect your money, there are also plenty of exchange companies out there. These companies usually give better rates than the banks do. They offer different transfer systems and the speed of transfer is what you will mainly need to pay for. These methods are postal, bank to bank, telex, and telegraphic. Banks and exchange houses are usually in competition. Both are speedy, accurate and reliable, but the efficiency of a transaction also depends on the speed of the institution on the receiving or sending end.

Electronic transfer is undoubtedly the quickest method to send or receive money, though there will be delays if you are sending a currency that the other institution does not normally deal with. It is simpler and quicker to send money between banks that are affiliated. Many depositors have benefited from the safe, confidential, and the low taxation environment of an internet offshore banking account.

Living and Banking Tax Free in Panama

It probably won’t have escaped you that, although we are a global wealth building and wealth management newsletter with our roots in the United Kingdom,  in recent years we have developed a distinct Latin American bias. That is no accident.

It is in Latin America that we have found freedom, wealth, and privacy – in the form of governments that have no particular interest in keeping the residents of their countries under surveillance. They say power corrupts, absolute power corrupts absolutely. Well it seems to us that Latin American governments have power, but not absolute power – because their systems are less developed than those further north. So the fact that these governments don’t have the financial resources to employ high-tech methods of spying on their citizens is certainly a blessing.

The Republic of Panama stands out in Latin America as a major offshore tax haven and financial hub. Offshore bank accounts, IBCs (Panama Corporations), Private Interest Foundations and other similar privacy tools make for a business-friendly environment. The recently elected Martinelli government promises to continue with Panama’s liberal economy at least for the next five years (whether conservatives hold power after that will depend on whether Martinelli can deliver on his promises.)

But besides being a good place to incorporate or open bank accounts, Panama is a very liveable place. Sophisticated capital Panama City has some beautiful areas and, despite a real estate boom in recent years, remains relatively inexpensive. You can still get a good meal with a local beer for $5. But if you want to pay $100 for a top-class trendy sushi dinner, you can do that too. You have the choice.

Banking services in Panama are getting better too. Traditionally Panamanian banks have had a ‘take it or leave it’ approach to new business, and pressure from the US has made it particularly difficult for US citizens and residents to open bank accounts in Panama. One of my favorite articles about Panama banks is here. In the last year or so I have seen this changing, with more product differentiation and even something that’s never been seen before – Panamanian banks such as Multibank (the locally owned bank formerly known as Multi Credit Bank) and London-based international giant HSBC competing with each other agressively in the local market, trying also to steal away market share from more expat-oriented banks like Credicorp.

So these days, it is getting easier to open bank accounts, customer service is getting better (think shorter lines in bank branches), and probably most importantly for our global readership, internet banking and credit/debit card services are becoming much more developed.

One of my clients, for example, now has an airline miles credit card linked to his Panama company account and spends tens of thousands of dollars every month buying goods for resale all over the world. The goods move through the Colon Free Trade Zone and are sold on worldwide. The credit card works in US dollars without surcharges, allows 30-50 days interest free credit, and as a bonus my client can fly almost anywhere he wants to go for free, using the miles accumulated.

At the same time, Panama banking privacy is good, and the country is one of the few that still allows offshore corporations with bearer shares, much to the chagrin of the G20. But they can’t say too much because Panama has one huge strategic card to play – the canal – which the Chinese would happily buy up at any time. But that’s another story…

Further resources: Peter Macfarlane has authored an e-book entitled “EIGHT IMPORTANT THINGS YOU SHOULD KNOW ABOUT GOING OFFSHORE IN PANAMA THAT YOUR LAWYER MAY NOT TELL YOU!” You can obtaihn this ebook free, right here and now, simply by visiting our Panama Banking for Corporations and Foundations page. You’ll also find further information on banking in Panama together with a range of other worldwide financial centres in our Practical Offshore Banking Guide.

Q Wealth Report

Why anti-tax haven legislation of evasion works

Six weeks after the bill’s anti-offshore provisions were introduced as the “Foreign Account Tax Compliance Act” (without hearings or any chance for opponents to be heard), the legislation that I warned you about at the time, was passed by the House.

The bill does not alter the fact that under U.S. law it is still legal to bank, invest and do business offshore. But it does add costly and cumbersome layers or new reporting requirements.

The greatest threat to offshore freedoms lies in the very real possibility that many more offshore banks and financial institutions will refuse to accept Americans as clients rather than submit to the highly unusual extension of U.S. laws to foreign financial businesses and advisors which in effect would force them to act as IRS spies.

Under this extremely punitive bill, all foreign financial institutions, banks, foreign trusts, private foundations and foreign corporations could be forced into providing information about U.S. account holders, trust grantors, and American owners associated with these legal entities. As if they did not exist, the legislation totally ignores the current extensive reporting requirements of federal law that already apply to all such entities.

As it passed the House bill, H.R. 4213:

• Impose a 30% withholding tax on payments to foreign financial institutions and other entities unless they acknowledge the existence of offshore accounts to the IRS and disclose relevant information including account ownership, balances and amounts moving in and out of the accounts.
• Require individuals and entities to report offshore accounts with values of USD50,000 or more on their tax returns.
• Extend the statute of limitations to six years when offshore accounts are unreported or misreported (the current statute of limitations on tax audits is three years).
• Require advisors who help set up offshore accounts to disclose their activities or pay a penalty.
• Require electronic filing of information reports about withholding on transfers to foreign accounts to enable the IRS to better match reports to tax returns.
• Strengthen rules and penalties with regard to foreign trusts, including rules to determine whether distributions from foreign trusts are going to U.S. beneficiaries and reporting requirements on U.S. transfers to foreign trusts.
• Clarify the definition of outgoing U.S. dividend payments that are received by foreign persons so they cannot be disguised as other types of distributions in an effort to avoid U.S. taxes.

Tax havens, and why you may want to use them

The art of taxation consists in so plucking the goose as to get the most feathers with the least hissing. ~Jean Baptist Colbert

Yes indeed, but fret not as there is help for you. There can be salvation from being plucked by the greedy hand of government, and it comes in the form of tax competition. Tax competition is when national governments pursue a policy of lowering taxes with the intent to encourage the flow of investments into their country or to ensure that financial resources do not flee from their jurisdiction.

If you own a business or you’re just a regular worker in a high-tax country, you can definitely save some money by paying less tax or sometimes none at all by taking advantage of so called “tax havens.” Tax haven is defined by wikipedia as the “existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in tax avoidance.” In other words tax havens are places where foreigners can house their assets, do business and pay little or no taxes.

First I should put out a caveat to those who are thinking, “hey this is great, I can just move all my business dealings to a tax haven country and I can avoid being taxed by my government”. Not so fast! It isn’t quite that simple to easy for some people to avoid the long reach of the tax man If for example you are living in a country that levies taxes on worldwide income then a whole lot of what I am going to introduce to you in this post is not going to be of that much use to you; at least not on a personal income tax level. Even if you intend to run an offshore business you might run into nasty anti controlled foreign corporation (CFC) laws. Two countries that quickly come to my mind which tax the worldwide income of their citizens and corporations are: The United States & Canada. Most countries assess taxes based on residency, not citizenship. For Americans, however, there’s no escaping the long arm of the IRS.

Americans living outside the country are exempt on their first $82,400 of foreign earned income, but the most recent 2006 tax cuts boosted taxes by up to 20 percent for expatriates and made it possible for the IRS to dip into foreign retirement accounts for the first time. It is the highest such increase in 30 years, and ex-pats pay it on top of their host country taxes.

For Americans abroad, the only way to fully take advantage of tax havens is to renounce American citizenship, which over 500 people, almost all of very high net worth, did last year.

Take a look at this table of mean income tax rates as a percentage of income (In the year 2005)

If you live in any of those countries I bet I don’t have to tell you why it might be a good idea to look into some legal method of alleviating your tax burden. Perhaps looking into tax havens is right for you. It all depends on your unique circumstances and financial requirements and goals. You should definitely consult with a tax expert as well as an expert in the “offshore” finance arena before you embark upon this journey.

I will make your journey a little bit easier by doing a bit of research for you. I am going to go through a list of popular tax haven nations and outline the pros and cons. This should at least give you a bit of a direction as to where you need to focus your research on. Yes, I do recommend that you do some heavy research before you even seriously consider trying to outwit the tax man. For the sake of brevity I can’t review every tax haven in the world, so instead I will focus on some of the more popular ones. I will avoid tax havens countries that have so called “sold out” and given into too much into the pressures of the high-tax countries to limit you privacy and financial freedom. So without further ado, here are the countries in all their tax free glory.

Tax Havens:

Andorra

Pros:

1) Andorra has zero tax liability for both individuals and companies on internally and externally derived income. Plus it also maintains absolute discretion with foreign tax authorities.

2) The miniature state has miniature regulation and virtually no government

3) It has a high standard of living. It is the choice of those who enjoy a mild alpine climate, winter sports, and political and economic stability

Cons:

1) Immigration permits are very difficult, but not impossible, to obtain

2) This micro-state is so small that it lacks an airport. The nearest airport is in Barcelona, Spain (Adorra is located between Spain and France)

3) A minimum of two shareholders are required and at least one shareholder must be of Andorran nationality owning a minimum of 67% of the company’s share capital. This alone is a big negative, but if you intend to become a resident then it would obviously no longer be a problem.

4) High incorporation fees. I found that most incorporation services companies charge around 6000 euros or more.

5) The share capital must be fully paid up in advance of incorporation. This amount must be deposited with an Andorran bank in a designated company incorporation type account. The bank must then release a special certificate, addressed to the designated notary, responsible for concluding incorporation formalities

6) Annual board meetings should be conducted in Andorra

7) Andorra has been blacklisted by the OECD. Being black listed by the OECD for failure to cooperate is going to make using their corporations and banks difficult

In light of the above negative I would only recommend this tax haven for the “well to do.”

Belize

Pros:

1) No tax on internationally earned income for IBC (International Business Corporations)

2) The only English-speaking country in South America (definitely something I like)

3) Fairly reasonable IBC incorporation fees: Roughly $1500 to incorporate with ongoing costs of around $900 per year.

4) Only one Shareholder is required. There is no public record of the Shareholder. IBCs require only one Director who could be a corporation, and need not be resident in the country. Meetings of Shareholders and/or Directors may be held in any country, at any time and they may attend meetings by proxy. No requirement to file accounts or to have accounts audited. Public filing limited to certificate of incorporation, memorandum and articles of association, registered office and name and address of registered agent

Cons:

1) Unreliable electricity as well as telephone and internet services. This would not be to much of a problem if all you need is an IBC. However if you intend to open up a bank account in Belize I could definitely see this becoming quite a pain.

2) Somewhat questionable political stability. they had a regime change in recent years and the new regime did not honor economic citizenships and passports of the previous regime. This is definitely not something you want to hear. However, it remains to be seen how things will turn out.

Costa Rica

Pros:

1) A Costa Rican S.A. (Sociedad Anonima - Translates into “Corporation”) is free to engage in many types of business activities, both in Costa Rica and in other countries and it pays nothing on what it earns outside of Costa Rica.

2) Costa Rican corporations provide a low profile alternative because many high tax countries like the U.S.A. do not consider them as offshore companies! Though a little exotic, Costa Rica is nonetheless a secure alternative that does not suffer the problems associated with membership of the high-profile offshore club.

3) Like Panama, Costa Rica’s corporate laws allow any person or entity to control a company without the name actually appearing in the public records. Just as with Panama corporations our Costa Rican law office can set up the corporation without the real owner’s name ever appearing in the record

4) Reasonable incorporation fees which generally are in the area of $1600. Shop around and I’m sure you’ll find some good prices.

5) Costa Rica has a flexible corporate regime and bank secrecy is enshrined in law. A high degree of corporate anonymity is possible; there is no legal requirement to reveal beneficial ownership of companies

Cons:

1) Bearer shares are not permitted but actual ownership of a Costa Rican corporation is invested in whoever physically has the stock certificates in their possession since the shares can be endorsed over to that person. Companies here are structured as what are known as joint stock companies which means there have to be at least two shareholders.

2) Local laws require that a yearly tax report must be filed, but if there is no domestic income to report, there are no tax consequences.

3) Corporate name choices can only be in Spanish and carry the S.A. suffix at the end. Somewhat restrictive but not such a big deal.

Nevis

Pros:

1) There are no income taxes, social security taxes, capital gain taxes, withholding taxes, stamp, or duty taxes.

2) There are no gift, death, estate, dividend, distribution, or inheritance taxes.

3) No minimum authorized capital; bearer shares permitted.

4) A business license is not required.

5) Officers, directors, and members are not identified.

6) Plaintiff bringing civil suit must post US $25,000 bond.

7) Statute of limitations for civil suits is one year.

Cons:

1) Not too many well-established international banks. There are less than 10 banks in Nevis. Most likely the bank you will deal with in Nevis has an Offshore only Banking License. This means they can only conduct transactions with non-resident of Nevis.

2) Nevis has double-taxation agreements with Denmark, New Zealand, Norway, Sweden, Switzerland, and the United Kingdom

3) Nevis is not a modern country. It is an island subject to weather, internet outages, phone outages etc

Seychelles

Pros:

1) An International Company is exempted from local taxation

2) There is no requirement to file financial statements, but a company must keep records to reflect its financial position.

3) A Seychelles IBC need not appoint a company secretary, although it is customary to do so. The secretary may be a natural person or body corporate, be of any nationality and need not be resident in the Seychelles. Also the minimum number of shareholders is one

4) Same day incorporation.

5) There are no exchange controls.

6) Bearer share corporations are available.

Cons:

1) Seychelles IBCs are normally incorporated with an authorised share capital of US€ 5,000 with par value. This being the maximum for the minimum licence fees. The authorised share capital may be expressed in any currency. The minimum issued capital is either one share of no par value or one share of par value.

2) Seychelles Tax Information Sharing Agreements – They are involved in some twenty such agreements. They will exchange information in criminal matter relating to revenue including those relating to taxation, customs duty or trade tariff. This doesn’t speak to well for those concerned with privacy.

3) Somewhat poor IT and telecommunications services

Monaco

Pros:

1) There is no personal income tax or capital gains tax

2) Great place to live offering everything you could possibly imagine along with beautiful sea-side scenery

3) It has a highly developed banking sector catering to the well-to-do, so as you can imagine the level of service is quite high, but be warned that this level of service comes at a price. Banking secrecy is also taken serious over here.

Cons:

1) Expensive! Very expensive for the average rich man. This is the exclusive playground of the super rich.

2) Very tiny country which results in quite high real estate prices.

3) In 2004, Monaco was forced to join the EU’s Savings Tax Directive regime, and agreed to impose a withholding tax on the interest income of EU residents at the same rate as Austria, Belgium and Luxembourg (initially 15%) and to hand over 75 per cent of such revenues to the Member State of the EU resident concerned. Monaco also agreed to exchange information on request in criminal or civil cases of tax fraud or similar misbehavior. The new regime came into effect from 1st July 2005, and it remains to be seen what kind of impact it will have on Monaco’s banking sector.

*In general Monaco will not be an attractive jurisdiction for companies or people wanting to find a classical offshore tax haven. But if you’re just plain rich, and want a very civilised place to live, Monaco is for you*

Uruguay

Pros:

1) Uruguay is a much more stable democracy when compared to some of the other Latin American countries

2) Offers two quite interesting offshore structures: SAFI (low tax) and SAZF (tax free)

3) You can even start your own offshore bank for as little as $500,000. Limitations apply, such as not being able to do business with the locals. This limitation is applied to all offshore banks.

4) Uruguay does not suffer from the usual tainted appearance of a traditional Caribbean offshore haven

5) A SAFI Corporation needs to file accounts which must be audited by a local accountant, but a SAZF does NOT.

Cons:

1) As you can see above, in Uruguay your SAFI must file accounts that must be audited by a local accountant, but for the most part this isn’t so expensive and is not quite such a burden. But, this definitely cuts down on privacy.

2) SAFI & SAZF fiduciary structures are more expensive than most IBCs offered by your typical offshore tax havens.

Panama

1) Offshore-derived Income is not taxed and does not need to be reported (no tax returns to file). You can have a Panama Corporation, and/or Foundation that banks in Panama and has an office in Panama and yet will not pay any Panama taxes if all the income is derived from offshore.

2) There is far less red tape and less interference from local authorities. Panama has one of the freest economies in the world and the freest in all of Latin America.

3) The government of Panama and its laws actually encourage foreigners to invest and live there.

4) A stable economy with the US dollar as currency. No currency conversion costs. No currency devaluation problems or issues like most of the little tax haven countries have. In Panama the ATM machines spit out US $20 bills. Even USA coins are used in Panama

5) Government investment incentives that slash tax rates and fees for entrepreneur.

6) Panama enjoys a stable, democratically elected government. Panamanians love to vote and turn out is usually very high.

7) No tax treaties! Yes, Panama is not a signatory to any tax information sharing treaties. This is a big bonus for privacy because foreign governments cannot use “fishing expeditions” to pry into your financial privacy.

8) Great banking system. Panama is home to many very large multi-national banks. It also has an excellent inter-bank clearing system very much like the “ACH Fed Wire” (automated clearing house) .

9) Bank privacy is written into Panama’s laws. That means that if a bank employee discloses confidential client information without a Panamanian court order they can go to jail. Panama’s bank secrecy laws are even more stringent than Switzerland’s - some say.

10) Bearer share corporations are allowed. That means that whoever physically holds the share owns the corporation, hence the term “bearer share”. This one is a no-brainer; definitely a plus for those concerned about privacy.

11) A diverse geography from mountain ranges to tropical islands, from a booming metropolis to vast jungle. This makes Panama a great place to retire to. In fact Panama has an excellent program for foreign pensioners who wish to retire there. It is called the “Pensionado program” and it gives numerous perks to foreigners who chose Panama as their place to retire.

12) Cheap real estate. Although some experts say that this is no longer true, it can still be debated, and you probably will be able to find reasonably priced properties, it just may no longer be the case for the Panama City. Also Panama has a low cost of living.

13) Panama has an excellent telecommunications and IT infrastructure.

14) The world’s best discount programs for retirees, with up to 50% off everything from public transport to movies, mortgage rates, doctor’s visits, electricity, restaurants and airfares. No doubt this makes Panama a very attractive place for the baby-boomers who now face retirement problems and increasing expenses at home.

Cons:

1) Due to its ostentatiously “offshore” status it is possible that many businesses may refuse to do business with you if they knew that your corporation is registered in Panama.

2) Big disparity between the poor and the rich. This country definitely does not such a strong middle class when compared to your typical Western Nations. Whether this is changing or will change with time I cannot say as I am not an expert on Panama’s social structure and dynamics. But one thing is sure, Panama does have a proportionally large population of poor people, some of which make less than $300 per month. Naturally this disparity in wealth and income can cause social tensions and is a breeding ground for crime.

3) Panama’s infrastructure is heavily pressured by extremely rapid progress and it is uncertain whether it can bear this heavy demand put upon it.

4) Left over stigma of “political instability” due to the whole Noriega affair.

5) Frankly, the traffic in Panama City just sucks! Then again if you’re not going to be traveling to, or living in Panama this isn’t going to be a problem for you.

Other than that I can’t find anything else wrong with Panama, and believe me I’ve tried. If you can suggest anything worthy of being added to this list, please give me a shout. As with all people I have my biases, and out of all the above mentioned tax havens I’d say Panama presents the strongest offering. However, I strongly recommend you consult with offshore specialists and a tax adviser in your own country before you make a move.

In case you’re thinking why I left Switzerland, you should know that Switzerland is NOT a tax-haven, not even by a stretch. The Swiss have strong bank privacy laws and low taxes, but I don’t think you can classify their country as a “tax haven”.

Ok, I think that does it for this very, very long post. I may introduce another post where I will add some other tax havens, but I believe I covered a pretty good range. I skipped over some of the typical high profile Caribbean tax havens as, well, these days it may not be such a good idea to use them because so many of them have “sold out” and have given into the demands of high-tax countries and international organizations such as the OECD and IETF. As you can probably guess the membership these two organizations (and others) contains mainly high-tax countries who abhor the tax competition.

SETTING UP OFFSHORE COMPANY

Offshore Formation - Offshore Company Formation and Set UpHello, i am a freelance translator based in Spain sick of having to pay almost 50% of my income in taxes. I have discovered this site as I am looking forward to setting up an advice to clients regarding the advantages and disadvantages of forming an in any possible global jurisdiction. Setting Can an accountant set up a on behalf of a UK national living in Thailand? Shez Hamill Bottom line is Branch office is not meant for setting delivery/development centers either for IT Services or BPO. Yes if a forign is providing these services in Free Formations . Offered to Accountants, Legal New Company Registration // New Set // Off The Shelf Limited Company // Offshore Company Formation Whether you are planning to set up an off-shore company such as an IBC (International Business Corporation) or an LLC (Limited Liability Corporation) you will find help and advice companies from $450 - Professional Center specializing in companies/IBC's and TrustIn challenging economical situation optimization of business becomes vital for survival of a company.

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The Advantage of Incorporation To You Is Even Greater If It Is Done Offshore

Ok, I realize that I am not clear…so here goes.

Normally, your taxes are calculated on your income, wealth, and any ‘capital’ gains you have made over the tax year. This calculation is easy to do when every thing is in your name or the joint names of you and another person e.g. your wife.

And if you have taken a loan, then the lender can take all your possessions if you don’t return the money on time. Now, what about the advantage of incorporation?

However if your income was being received by a LLC incorporation company instead of by you directly, then the calculation of how much you were earning becomes a bit muddled. What if your house, car, furniture and yacht were owned by a limited liability corporation? Now the calculation of your wealth – what you own is a little muddled.

Many countries have lower tax rates and different methods for the valuation of shares – which you would now own in the incorporated company – instead of your wealth directly. Also, any one who has lent money – will now do so to your company. Not to you. And so will not be able to take your other assets except those that are owned by this company! That’s a benefit of incorporation. And that is how businesses go bankrupt and the shareholders only lose the value of their shares in that company – not everything they own.

For another level in the veil of incorporation, we do an offshore business incorporation. Once you form tax saving offshore companies, there are additional levels of confidentiality also. You can nominate on your behalf, directors or even shareholders, who will do as you say so that your name does not appear on any documents filed with the offshore tax haven’s government.

So not only does your tax calculations become beneficial, but you only need to let your family, friends or any one else know what you own or earn – by your choice. An offshore company incorporation or an offshore IBC [International Business Corporation]saves and protects wealth because:

1. What you earn and what you own are not easily identifiable.

2. Tax rates on shares of companies are often lower.

3. If in an offshore company, even your ownership of the company’s shares is mostly – depending on the tax haven’s disclosure laws – confidential. So conceivably you may not be taxed on those assets – unless you chose to do so.

4. Lastly, any lender to your incorporated company, or any person who is suing your company can only take what is owned by the company. Not all your assets.

The advantage of incorporation is big, even if you are a startup incorporation. A registration offshore company has even more advantages if you:

* Offer Professional Services
* Trade
* Own Investments
* Want a Holding Company
* Are Starting a Dot Com Business
* Own Property
* Are a Shipping Business
* Are an Employment Company
* Own Intellectual Property & Earn Royalty
* Own Assets e.g house, yacht, buildings, jewelery
* Work Abroad

Offshore Considerations. Erosion of Offshore Tax Secrecy

 Offshore Considerations

2009 was dramatic in the offshore world.  The IRS’ success against UBS eroded Swiss banking secrecy, effectively ending “going offshore” to hide money from the IRS.  Going offshore for asset protection from civil creditors, however, is still viable and effective, but must be tax complaint.

 Erosion of Offshore Tax Secrecy

• Facing a criminal indictment for encouraging and facilitating tax fraud, UBS settled with the US Government and paid a $780 million fine in 2009.  The US then served a “John Doe” summons in a parallel civil case, and UBS settled again, revealing the names of some 4,500 Americans with accounts they were assured were “secret”.
• The IRS is also investigating HSBC, Credit Suisse, Bank Julius Baer and others.  Banks in other countries will also be targeted.  The IRS announced that it is establishing field offices in Panama, Australia and China.
• The OECD (Organization for Economic Co-Operation and Development), a multi-governmental organization based in Europe, is pursuing its own campaign against “tax havens”.  In March, 2009, virtually all of the formerly “secret” tax haven jurisdictions, including Switzerland, Liechtenstein and Monaco, agreed to the exchange of banking information with foreign governments, including the US.  This ends decades and in some cases centuries of banking secrecy.
• Domestically, President Obama and prominent Senators have introduced proposed legislation targeting foreign accounts and Americans who own them.  President Obama’s legislation seeks to increase the IRS budget and manpower to pursue undeclared money offshore, including hiring 800 IRS special agents to investigate foreign accounts.
• Government officials of Caribbean and Central American jurisdictions have advised us that the Obama administration has already indicated to them that Tax Information Exchange Agreements (TIEs) are on the way and are non-negotiable.  Under these TIEs, the US Treasury Department can request assistance directly from foreign banks in cases of IRS civil audits.