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2007-08-05 17:22:05
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Article by Rhiannon Williamson |
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You can read all you like about the legalities and complexities, benefits and risks of going offshore but I'm 99% certain that what you really want to read is the definitive answer to your most pressing question which is can I save tax by going offshore?
The fact of the matter is - it is possible for some people to save tax by going offshore - why else do you think all your politicians, pop stars and celebrities have offshore structures in place to protect their assets?
Sure, they are protecting their assets from litigation maybe - but they are also looking after their financial butts to ensure they never overpay their tax bill by a single penny because - did you know - you are under no obligation whatsoever to pay more tax that you are legally obliged to?
That sounds obvious doesn't it - but many, many people do actually over pay their taxes annually.
Now before we get on to looking at whether you can save tax by going offshore there are a few key facts that you have to bear in mind.
First things first going offshore is 100% legal for the vast majority of people as long as they live in a free society. What confuses people is their obligation to report their offshore activities. So, while it is probably 100% legal for you to go offshore, what is not legal is going offshore for criminal purposes or going offshore and failing to report your activities where there exists a legal reporting requirement.
If you are in any doubt whatsoever assume that a legal reporting requirement does exist! And always, always take professional advice because whatever you do with your finances, their security, your security and your freedom are of paramount importance.
Now, back to the question at hand - can you save tax by going offshore? Possibly, because whilst tax evasion is illegal, you are still living within the letter of the law if you go offshore for tax reduction, tax deferral or even legitimate tax avoidance reasons.
Because the nation you live in, the nation you pay tax to and the nation you are deemed domiciled in can all have a bearing on your tax status you absolutely have to take personal and professional advice about the options available and of benefit to you. And what's more, you really should take advice as well - because you have no moral or legal obligation to over pay your taxes by a single penny!
Rhiannon Williamson writes about going offshore and understanding the features and benefits of offshore bank accounts, offshore companies, trusts and investments. Her website http://www.ShelterOffshore.com has all the offshore information you could possibly need.
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Save Tax
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Offshore
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http://www.shelteroffshore.com
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