Some years ago the option to work and run an offshore business was only available to the select few, today setting up an offshore business can be relatively cheap and many people have the possibility to run their businesses legally from an offshore jurisdiction.
Tax Consultants Guide to Offshore
As with all taxes and financial advice each individual’s circumstances tend to vary depending on personal circumstances and the type of business involved. Many people have seen that it may be beneficial for them to run their business from an international position, increasing both profits and security. If you think you may be in a position to run your business from an offshore jurisdiction you will find tax consultants listed in our guide who will be able to help you.
Reasons for going offshore
There are many reasons for choosing to go offshore, some of the primary reasons are:
Tax Reduction
This is probably the most commonly considered advantage of going offshore, every business and individual will always be looking for legal ways to reduce their tax liabilities. A properly structured offshore arrangement can significantly reduce the levels of an individual’s or business’ tax liability.
Asset Protection
Asset protection is the act of positioning company or individual assets beyond the reach of an opponent or prospective creditors.
Asset protection is achieved by making assets unattractive or legally unobtainable by third parties. Society grows increasingly litigious and more and more business professionals are at greater risk of legal action, therefore protecting ones assets offshore can be very effective.
International Investment Opportunities
Currently there are many high return investment opportunities that are only available offshore. For example many of the world’s stocks are traded from outside your country of residence; therefore there could be a significant advantage in trading offshore. Specialist offshore tax consultants will be able to keep you informed about the latest developments and benefits of investing internationally.
Greater Privacy
As developed countries continue to increase the levels of surveillance that their citizens are under more people are becoming concerned about the lack of personal privacy. Moving business activities and assets to an offshore jurisdiction can help with individual privacy. Tax Consultants Guide would like to stress that the privacy afforded will not protect those engaged in criminal activity and terrorism.
Estate Planning
With the continued increase in individual wealth more and more of us are at risk of loosing a considerable amount of our estate in income and excise taxes. With well managed financial planning it is possible to reduce these liabilities and hand your estate to those that you want to with minimal tax and liability problems.