One thing everyone can agree is important is protecting what you have. If you can do that honestly, fairly, and relevantly, then you have something to treasure. Tax havens, wealth protection, and offshore asset protection are not just for the wealthy few who are out to take advantage of the rest of us; they are a way of making sure that what we have is protected and available to us in the future. There are legitimate reasons why protecting what you have is a good thing for everyone, no matter the situation.
This kind of thing can be quite tricky, though, because the regulations and ethics on what is legal and what isn’t when it comes to protecting your personal wealth differs from group to group and country to country. The country you live in may have different ideas about what can be disclosed or seized, and those rules may change rather often. Offshore asset protection is done to protect you, your family, and your employees from people who would prefer what is yours to become theirs, regardless of legality or morality. It is, of course, important that assets be protected legally by someone who is qualified and knowledgeable in the area.
There are a number of reasons why.
Asset protection that hides what you have prevents people from getting a clear picture of everything you have. In our culture today, we value openness of information, but we also value a certain amount of protection of privacy, and too often those things become unbalanced. It isn’t difficult for anyone who has even the slightest determination to gain a clear picture of your personal and financial information—and to come to a conclusion about how much of that wealth should be theirs. Offshore asset protection, in a country with laws that focus more strongly on the privacy aspect, can better keep you safe.
A vast amount of data on every one of us is collected and stored; any government or institution could potentially find out where you had breakfast this morning, let alone how much money is in your bank account. Worse than that, mistakes are frequently made about sharing or storing that information. Keeping some of your more valuable assets and information in a separate area adds security. Don’t keep all your eggs in one basket; use offshore asset protection.
Assets need to be protected from frivolous lawsuits or greedy creditors because sometimes personal wealth can be tied to a company or a corporation's assets, and other people’s jobs or assets may be linked in with the assets of another. If a corporation is seen as a target for a lawsuit, then this can affect other people’s personal property or an employee’s retirement funds. You are not just protecting yourself by working with an accounting company that understands offshore asset protection.
Offshore asset protection is not just for the very wealthy; it is for anyone who is interested in protecting a family, business, employees, or their future. Talk to an accountant who specializes in protecting your assets; they will understand.
Esquire Group, a boutique international tax advisory firm specializing in tax consulting, tax planning and compliance and helping corporate and individual taxpayers with Offshore Voluntary Disclosure Program, asset protection ( Esquiregroup/Offshore-Asset-Protection ), and US expat taxes. To learn more about us, visit Esquiregroup/About.