Well Meaning, ordinary Americans are discovering the vast asset protection, offshore and privacy opportunities previously only obtainable for the very wealthy. With growing government surveillance in the post 9/11 era everyone should be concerned about financial privacy.
Many financial web sites now provide ground breaking info on offshore financial contacts, bankers' secrets and tricks , and banking tools and ideas revealed for the very first time for the public. The info is easy to utilize and up-to-date, and enables little investors to bypass middlemen and set up their own accounts offshore and in Switzerland. By setting up accounts themselves, investors can save thousands of dollars in consulting fees.
In today's post 9/11 world, financial privacy is getting invaded at a rapid and alarming pace. The information contained in these websites can aid preserve your assets, but only in case you act on the instructions provided.
The info is obtainable on many associated topics, such as the names from the most crucial tax havens and offshore financial centers and their most common usage, and of course also the local contact names and addresses of banks, financial services, advisors, mail drops, accountants, company formation services, and other useful contacts.
There's cutting-edge info data on virtually everything an investor could wish to know about asset protection, anonymous and offshore banking, mail forwarding, international regulations and legal requirements for account holders, privacy, dual citizenships and second passports, tax avoidance, tax reduction and tax and asset haven associated matters, and much much more.
There are lots of reasons to make use of offshore accounts. Some individuals wish to hide income from spouses or greedy, sponging relatives. Entrepreneurs, whose incomes vary widely from year to year, may possibly wish to keep some of their assets overseas to be able to stay away from having them seized in case of bankruptcy.
Tax resisters and libertarians, who wish to live free of charge from the federal federal government, place their funds in asset havens to stay away from taxes. A fear of publicity might also lead the really rich to hide their assets from public view, to prevent being targeted by kidnappers, extortionists, and thieves. Newspapers and tabloids publish lists of the richest Americans, creating unwelcome publicity for individuals who wish to live private lives.
However, it's important to note that illegal activities can no longer be simply hidden by overseas banks. The Bank Secrecy Act (or BSA) requires financial institutions to assist federal government agencies to detect and prevent cash laundering. Financial institutions are necessary to maintain records of cash purchases of negotiables and file reports of cash transactions exceeding $10,000 (total daily amount), and to report suspicious activity that may be construed as funds laundering, tax evasion, or other criminal actions.
In an effort to stop terrorists from importing funds to be employed in terrorist acts within America, the 2001 USA Patriot Act produced several new rules for U.S. Banks in an attempt to stop secret cash transfers. A list of suspect banks has been produced and American banks are no longer allowed to wire cash to them.
Also, all new buyers opening an account at an American bank are asked if they are a U.S. citizens, and if not, if they're involved in politics abroad or connected to foreign political figure in any way. They should also supply their occupation and state if they plan to have foreign funds wired to their accounts.