Myth #1 : Offshore Asset Protection is Only for the Rich
While offshore asset protection is often used by people who are very well off or have large fortunes to protect, the truth is that almost everyone with some accumulated wealth can benefit from using this financial move. That is because offshore asset protection is not about gaining more wealth, which may require risky investments overseas, but rather wealth safeguarding.
Offshore asset protection is just that: a way for you to protect what you have earned from people, companies, and institutions who may try and get their unfair cut. By moving your money into something safer, you can ensure you and your heirs are guaranteed that money.
Myth #2 : Offshore Asset Protection is Tax-Free
Offshore asset protection is not always tax-free, but it can be subject to substantially less taxation than if you keep your money close to home. Tax rates in some of the world’s most effective asset protection countries also use extremely low taxes to remain competitive on the world stage, which means you will save money on the taxes, even if you do end up paying some anyways.
Myth #3 : Banks with an International Presence Will Have Access to Your Offshore Assets
While many of America’s largest banks do have substantial business dealings and presence overseas, this does not mean that they can have access to your offshore assets (esquiregroup.com/about). In fact, they may not be able to even have access to whether or not you have offshore asset protection, even if you use one of these banks as your home financial institution. Proper, professional offshore asset protection is set up outside of your financial institution, instead coordinated by financial firms that are dedicated to effective and efficient offshore asset protection procedures.
So while your bank may be in the country where your assets are being held, if you go through the right firms for your offshore asset protection, your money will be safe and safeguarded from prying eyes.
Myth #4 : Offshore Asset Protection Puts Someone Else in Charge of My Money
While you will have to disclose certain financial details to the firm that helps you with your offshore asset protection, you are not relinquishing control of your money. You are actually doing the opposite: giving you and your heirs more access and more control of your situation.
When it comes to offshore asset protection, there are a lot of myths and made up facts that are actually completely false. The process actually helps you and your family better safeguard your money, especially if you use a professional, experienced financial firm to help you set up your assets overseas.