Many people assume that the offshore world is accessible only to the super rich looking to increase their wealth, or to large multi national corporations looking to escape taxation.
But the truth of the matter is that the offshore world is accessible to everyone!
Placing money or assets offshore is a legal and often worthwhile undertaking and it is something that anyone living in, for example, the UK, Europe, Canada, Australia or America can do easily and with potentially great effect.
Before I continue it is imperative to point out that the suitability of entering the offshore world for saving, banking, asset protection or any other reason can only be determined on a case by case basis. While 'going offshore' might be the most effective way for one person to operate, it might be totally unsuitable for the next person because of their personal circumstances. It is essential that anyone considering going offshore seeks the advice of a professional financial adviser. This article does not constitute advice.
The potential benefits of saving money offshore, investing offshore or placing assets offshore are manifold, here are just 7 ways that you might be able to take advantage of all that's on offer?
1) If you're an expatriate living, working and paying taxes overseas, chances are you can secure your savings in a low to no tax offshore jurisdiction where they will grow tax free. Without the burden of taxation, savings will benefit from compound growth.
2) By placing money or assets offshore an individual can potentially protect their financial assets from domestic personal or business litigation.
3) The offshore world sometimes offers individuals a way to reduce or negate inheritance/death/estate tax that will become liable to be paid on their estate in the future. Certain offshore structures such as trusts can sometimes help in the struggle to legally avoid death duty.
4) Many offshore jurisdictions offer greater levels of personal privacy and also security which means a person's private or business transactions are dealt with confidentially and securely.
5) As offshore jurisdictions are less restricted by reporting requirements etc., people with a high risk tolerance who invest offshore often have access to more exciting and potentially better potential returning investment vehicles.
6) Domestic savings and investment policies are restrictive for some people; by investing offshore these people have access to the global investment market place which opens up many more opportunities to them.
7) Some offshore savings vehicles pay higher levels of interest than an individual could gain domestically.
Because the offshore world is so flexible and open and offers such a wealth of diverse opportunity for saving, investing and protecting isn't it time you seriously examined the options available to you?
Rhiannon Williamson is the publisher of ShelterOffshore.com - the online resource for offshore, expatriate and international investors.
For personalized investment and offshore advice, readers of Shelter Offshore benefit from the site's strategic alliance with deVere and Partners, the world's largest offshore financial advisory. Visit the deVere and Partners offshore advice service page to find out more.