For many, going offshore is the equivalent of buying some form of otherwise impossible to obtain insurance – insurance against overpayment of tax maybe, or insurance against the erosion of assets and wealth as a result of litigation, divorce or business dissolution perhaps.
The general term applied to the taking of such action against the issues described above is ‘offshore asset protection.’ When it comes to the question of when to go offshore for asset protection purposes the answer is always ‘sooner’ rather than ‘later’ and in this article your offshore asset protection questions will be answered relating to ‘when’ and ‘how’ to go offshore…
Basically there is no such thing as taking offshore asset protection action too soon – especially if you want to go offshore for some form of direct wealth protection reasons.
This is because if ever you are sued or dragged into the judicial system for one reason or another it is then too late to do anything about protecting yourself or your assets.
In fact, if you attempt to take such action even though you are certain of your innocence, you will be committing a crime known as “fraudulent conveyance” by attempting to move assets to individuals, entities or locations better protected from potential judgment after you have been advised of a pending law suit.
So if you have decided that going offshore is going to be right for you, you are usually best advised to take action immediately because taking action too late is…well…too late!
How to Go Offshore for Asset Protection?
In the world of offshore advice, services and solutions there’s a saying that everyone lives by and it is this: -
“if you’re going offshore, do it right.”
Because if you do it wrong - despite your good and legitimate intentions - instead of protecting your assets or reducing your tax bill you run the all too real risk of finding yourself drifting in the offshore world ever closer to government and regulatory compliance traps and tax burden nightmare scenarios.
So, please remember that if you are going offshore you should do it right and to that end we will always reiterate that your questions relevant to your specific tax, legal, and financial needs should always be addressed to practicing members of the relevant professions.
Finally, via our offshore advice service page you can have immediate access to qualified individuals who can and will structure the most applicable offshore solution to meet your own personal asset protection needs.
