Offshore Banking
Many people dream about expatriating themselves from the United States for a variety of reasons. Some may be looking for action and adventure, while others want the easy life lazing about a sunny beach drinking tropical drinks and stretching out their retirement dollars in a Caribbean banana republic or Eastern European ex-Soviet republic. But people looking to leave the United States on a permanent basis and take their estate with them, might find some unpleasant and unexpected problems from the federal government regarding their tax situation.
There are only two countries in the world that would stoop low enough to tax their citizens wherever they live in the world, even if the citizen is a near permanent expatriate. One of the countries is Libya. Guess what the other is? The good old US of A. Imagine, you are self-employed and living in, say Phuket, Thailand, where you’ve been for several years. Should you have to pay taxes to fight wars, build roads, pay politicians’ salaries back home, and subsidize farms in America, simply because you hold a passport from the USA? The federal government certainly thinks so, and is more than willing to either hunt you down, or wait for you to finally show up on their radar. Luckily, there are plenty of ways for average people and wealthy people to emigrate with their hard-earned funds and never look back.
Tax havens have long been the preferred manner for expats to hide their money from the IRS, although over the years, of course, some have come and gone, while others still remain the tried and true classics. Of course, everyone knows about Switzerland, Hong Kong, and Monaco, all which boast total secrecy in their banking, but also all of which remain extremely expensive to live in. Naturally, one does not necessarily need to live in the same country as his money, and these countries are fine for the big fish, but what about the smaller guy, the average Joe who just wants to take his retirement or hard earned cash and live a life of peace and tranquility that used to exist in the United States, but seems to be growing less possible each day.
Still, there are some affordable countries that offer modern, private banking, along with a lifestyle and cost of living that is doable for almost any American with a decent amount of savings, income, or pension, to go along with an adventurous spirit, a desire to be actually free in the world, and willing to give up the occasional creature comforts of America. The following are some countries that are the up and comers in the private, offshore banking field, which almost anyone can afford to live in, and be free of Uncle Sam’s hands in his pockets.
Belize: Located on the Yucatan peninsula, and just a few hours drive south from Cancun and Cozumel, Mexico, Belize is an English-speaking country, and home of the second largest coral reef in the world. In terms of infrastructure, Belize is very much the Third World, but its banking system is geared toward cultivating foreign business. Belize offers a great tax-free residency program for foreign retirees, and its government is quite friendly to offshore investors. The cost of living here is quite reasonable, and people interested in nature, beach living, Mayan ruins, and scuba diving should find this small Central American country an intriguing option.
Nevis: Almost unknown to the layperson, people who know offshore banking are certainly aware of this Caribbean island. For 20 years, Nevis has offered one of the best tax-free havens in the world. Its government and courts are all strong backers of the banking industry, and accounts, trusts, and asset entities can be arranged quickly and painlessly. Of course, its location is also quite enviable to those wishing fun and sun in a laid-back Caribbean paradise.
The Cayman Islands: For years this tropical wonderland was home to a huge percentage of the world’s assets, and it guarded them well with secrecy and care. Unfortunately, many of the banks’ clients were drug kingpins, and the US and UK pressured the Caymans into relaxing their secrecy laws a bit. Even so, the islands remain a favorite of hedge funds, mutual funds, annuities, and are a tax-free haven for bank accounts, trusts, and businesses.
Dubai: Bursting on the scene recently as a vacation and tourism attraction, Dubai is also becoming known for its safe and secure banking, and highly favorable tax situation. Dubai is certainly the most modern destination on the Middle East, with sophisticated offices, telecommunications, and infrastructure, not to mention double tax treaties with numerous countries. Some other benefits to Dubai are: few restrictions, fees, and taxes on moving money in and out of the country, strong money laundering laws, and no taxes on foreign-owned income and business profits. It’s no wonder that Dubai is quickly becoming a popular financial destination, as well as a favorite for the vacation crowd.
No matter which party is in power in the US, the federal government continues to grow and grow, and the tax situation remains mostly the same. Inflation, health costs, gas prices, and the standard of living in the United States continue to rise at an incredible rate each year, but many working people’s salaries allow them less and less buying power. Still, there are plenty of countries that cater specifically to the needs of people who need offshore accounts, and also can provide a good quality of life for those who wish to emigrate and live full-time outside the US.
Offshore Banking Consultants
Cloud Offshore will help you to open an offshore bank account or perform an offshore company formation. The offshore bank accounts include Visa debit cards and Internet banking. Cloud Offshore maintains a shelf list of premade offshore companies so that you can get started immediately. Cloud Offshre specializes in companies in the Seychelles and the British Virgin Islands.
