Where is illegal to move assets offshore?
- Thread starter AndrewT
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That is a really great question so I'm posting on here in the hopes that some attention can be brought to this question! It was posted a while ago and I would enjoy reading the answer to this question myself if anyone could help us out that would be great. If anyone knows the answer please put your thoughts down and suggestions.
It will depend very much on the reason for why you move the assets and when you do it! For instant if you incorporate a company offshore and put your assets into the company before any creditor's, lenders or similar have and claim on these assets, everything is legit. But if you you do this after it isn't legal. Not sure if it makes sense, otherwise feel free to reply.
I think that a problem that many people have is that they are try to mix business and personal. This is why we see so many questions about taxation of foreign companies. The goal is to make an offshore company that is not connected to you personally in any recognizable way. This is the premise of offshore protection.
You have to create these entities using nominee directors, and create bank accounts that are created with numbers and not names. You have to also use channels to separate you from the deposit of offshore funds. Offshore attorneys (often very inexpensive) are you r best allies in︀ this regard. You lawyer will protect your privacy and your position offshore (if you have︁ the right one).
You have to create these entities using nominee directors, and create bank accounts that are created with numbers and not names. You have to also use channels to separate you from the deposit of offshore funds. Offshore attorneys (often very inexpensive) are you r best allies in︀ this regard. You lawyer will protect your privacy and your position offshore (if you have︁ the right one).
Below you can find some great visual information about how to protect your assets and what you may want to consider in order to get your things get done right.
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It's not possible to hide who the owner is︂ this way. Real numbered accounts no longer exist, and using nominees won't help 🙂
But with︃ an offshore trust you can essentially do the same, and it works really well even︄ if you get sued.
But with︃ an offshore trust you can essentially do the same, and it works really well even︄ if you get sued.
Using nominees will protect you from be listed at the public register. However, somehow assetprotection has right, because if you are using the standard nominee director and shareholder services from most "cheap" providers you will have 0% protection. But if the nominee's are located in a country i.e. Cyprus and they are actually lawyer's you will be protection long way the road.
You defiantly have to visit your local tax lawyer before moving assets around like that. There will be some paperwork that has to be done i.e. contracts legal stamps and so on.
Trust in any offshore jurisdiction can be used. Most often Cyprus, Panama, Curacao, Seychelles, Mauritius & Bermuda are some of the top destinations for such.
I don't think there's a country that doesn't allow a business to be setup upon their lands. Of course it will depend on the business owner if he/she will accept the Tax rate for that country but overall I think its not illegal since you are doing it the right way with the right documents I presume.
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