Why Should You Go Offshore?

Keeping your assets at home can be an open invitation to confiscation. The government is now at war with money laundering which funds terrorist and drug trafficking operations. The motivation is clearly admirable but the means are less than desirable. The war against money laundering operations requires that stringent financial records are kept. The right to confidentiality and privacy of financial information is sacrificed in its name. Furthermore, your assets can now be frozen and confiscated by government agencies once you are alleged to be connected to drug trafficking or criminal activities. This has led to abusive and unjust asset forfeitures. There have even been allegations that some government agencies use asset forfeiture as an excuse to fill short term budget deficits when their operations have bled them dry.

Our society has also grown so complex that so many laws and so many regulations have had to be put in place. More laws and more regulations mean more room for committing crimes, wittingly or unwittingly. Imagine yourself being targeted for a lawsuit or a heavy fine because you were not aware that replacing your original prescription container with another is criminal. In this day and age, you are greatly vulnerable to lawsuits and other legal proceedings.

Divorce is just such a very common legal proceeding that has become the bane of many. Without active asset protection efforts at the outset of the union, the more affluent spouse is usually cleaned out. An individual can work so hard to acquire assets but when his marriage is dissolved, he doesn't leave with what he put in but rather what the laws deem he deserves to have.

And your woes do not stop there, of course. Uncle Sam takes a hefty chunk out of your income through punitive taxes. It is increasingly becoming obvious that in this country, you are not allowed to keep most of what you earn. To build enough equity for you and your family's security, you will have to work yourself into an early grave to offset what the taxes are costing you. It is ironic that the harder you work, the more your taxes become.

All these are the reasons why you can't keep all your assets at home and why you may find it best to have some assets in Panama or anywhere offshore. When you do go offshore to Panama or other countries, you obtain a tax shelter for your assets. The money you save can then be used for more income-generating ventures. Going offshore to Panama or other territories also ensures that your privacy is protected. You can be sure that your financial profile cannot be clearly plotted and you will not suffer as greatly if your assets at home are unjustly forfeited or disposed of.

Smythe Bradley is an expat living in The Republic of Panama. He has published many articles on offshore asset protection in panama, panama visas and residency, as well as many other expat issues.

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