“Offshore financial services provide a much needed, legal and in-demand service for individuals, companies, organizations, agencies and charities all over the world“– Paul Ebeling
The vast majority of the millions of people who use companies providing offshore financial products and services are not representative of those named and shamed in Pandora Papers.
They are hard-working, law-abiding individuals using fully legal and compliant solutions in order to seek out better returns, more options and greater flexibility.
In our yrs of dealing with cross-border investors the Key reason people keep money in an offshore account, which is an account in a jurisdiction different to the one in which the individual resides is convenience.
These accounts offer centralized, safe, flexible and global access to their funds regardless of where the person lives and regardless to where they may move to in the future, at the same time as offering an array of saving and investment options in a multitude of different currencies. These are important issues for those who live outside their country of origin, and who typically have transient lifestyles.
Plus, many offshore financial hubs offer tax neutrality, resulting in protection for firms that do business in multiple jurisdictions from double taxation. Many international investors use these hubs as they can offer a flexibility of corporate structures and issuance of a mix of share classes, easy incorporations and a robust legal system.
These international financial centers provide bona fide financial refuge for those in countries where there is economic, social and/or political turbulence, such as extremely volatile currency and expropriation of assets.
Financial privacy is sometimes needed to keep individuals and families safe, there is a difference between privacy and secrecy.
Exchanging information between government authorities for relevant tax matters is legitimate. Sharing financial information with anyone else is not. Privacy can be crucial.
Again, offshore financial services provide a much needed, fully legal and in-demand service for individuals, companies, organizations, agencies and charities all over the world. To open your account click here.
Have a prosperous day, Keep the Faith!