Protection Offshore

Practical and Practice issues for Professionals who practice in the area of taxation. Moral, social and economic issues relating to taxes, including international issues, the U.S. Internal Revenue Code, state tax issues, etc. Not for "tax protestor" issues, which should be posted in the "tax protestor" forum above. The advice or opinion given herein should not be relied on for any purpose whatsoever. Also examines cookie-cutter deals that have no economic substance but exist only to generate losses, as marketed by everybody from solo practitioner tax lawyers to the major accounting firms.
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Protection Offshore

Postby poker » Fri Sep 03, 2010 2:03 pm

Offshore asset protection involves registering all your assets in a foreign country where it is difficult for the creditors to reach. Offshore accounts are known for their [Moderator: link redacted since it is a promotion of a service] services. Asset protection schemes allow the assets to be closely guarded from those individuals who want to take advantage of your assets. By registering your assets outside the home country, one can ensure that his or her assets are away and not claimed by anyone legally. This is especially useful when one is facing divorce or any such litigation, where the chances of the assets being claimed upon are high.

Most of the creditors get discouraged as soon as they hear the term ‘offshore’. This is mainly so as the cost of pursuing a lawsuit in a foreign jurisdiction is way too high. Asset protection is essential as it only takes a single judgment for you to lose all that you have. Offshore investments have ceased to be a territory of the filthy rich but have now become a favorite option of the not-so-rich as well.

On availing asset protection, the complete character of asset changes. From something that can be easily seized and sold, it becomes an entity that cannot be seized or sold. Offshore asset protection helps the debtor by protecting him or her by creating certain types of trusts and entities in a country with debtor friendly laws. Unless the offshore account is used for hiding away ill-gotten wealth, it is completely safe and highly beneficial. The account holders also enjoy complete confidentiality and security assurance from the offshore banks.

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Pottapaug1938
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Re: Protection Offshore

Postby Pottapaug1938 » Fri Sep 03, 2010 2:50 pm

Welcome to Quatloos, Poker.

Most of this post is extremely elementary to most veteran Quatloosers, and tells us little if anything that we do not already know. If it is the preliminary to a sales pitch, please be advised that such sales pitches are extremely unwelcome here.
"We've been attacked by the intelligent, educated segment of the culture." -- Pastor Ray Mummert, Dover, PA, during an attempt to introduce creationism -- er, "intelligent design", into the Dover Public Schools

bmielke

Re: Protection Offshore

Postby bmielke » Fri Sep 03, 2010 3:48 pm

You have a link to "World Energy Capital" in your post, a google search reveals they are a New Zealand Bank. They cannot call themselves a bank because they are not registered. At least thats what I understand there Legal Statment to say.

For those interested the Legal Statment can be found: http://www.worldenergycapital.com/Legal.aspx

Here are the fees.

Fees

Account managment fees

The base currency of World Energy Capital OFC is the US Dollar. However accounts are available in Euros and US Dollars, and the company will keep funds in these currencies where the client has opened an account in that specific currency. In all other cases funds will be transferred into the currency of the client’s main account. Transfers can be sent and received in EUR and USD at exchange rates provided by our correspondent banks. Other currencies can be made available upon request.

These exchange rates, and any additional correspondent bank charges that may apply, will be charged exactly as they are applied to WEC OFC plus an additional handling charge of 2% for small amounts. Larger amounts may be negotiated directly. So, that clients may have an idea of their available balances, accounts will be provisionally debited by the published exchange rate plus 5% until the actual exchange rate is known, whereafter the real rate will be applied. The account opening fee applies only to the first account opened.



Fee Structure:

Account Opening Fee 650 USD
Monthly Maintenance 30 USD
External Transfer 60 USD
Internal Transfer 30 USD
Incoming Funds 20 USD
Debit Card 250 USD
Loading Fee 3% with a minimum of 7USD (maximum load USD100k or equivalent per quarter)
Hourly Intervention Rate USD140 – USD280 for non-standard consultancy depending on complexity


Now I don't have enough money to have an off shore bank account but $900 for an account and debit card seems steep to me, along with $30/month. But again all I have ever dealt with were US Banks.

To me this thread seems to be spam.

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The Observer
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Re: Protection Offshore

Postby The Observer » Fri Sep 03, 2010 4:02 pm

Which is why I removed the link in the original message. Quatloos does not allow spammers to push their message on the site.

And another thing to consider is the safety of depositing your money offshore, especially with a company that is not even pretending to be a bank. If they decide to run off with your money, how will you get it back?
"I could be dead wrong on this" - Irwin Schiff

"Do you realize I may even be delusional with respect to my income tax beliefs? " - Irwin Schiff

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Re: Protection Offshore

Postby ProfHenryHiggins » Sat Sep 04, 2010 1:35 am

Nor, as I understand matters, was the original poster especially accurate either.

Here's the reference I usually check first, regarding offshore accounts.
http://www.eagleresearchassociates.org/ ... panies.php

assetprotection

Re: Protection Offshore

Postby assetprotection » Tue Mar 29, 2011 4:54 am

Most commonly people who want to discover what offshore asset protection means are one step ahead of the rest. They are on the right path to equipping and preventing themselves from potential disaster. Essentially asset protection is about securing ones assets in case of litigation. Asset protection comes in various forms but one very popular form of asset protection is offshore asset protection as what is being mention here. :thinking:
Last edited by webhick on Tue Mar 29, 2011 5:06 am, edited 1 time in total.
Reason: Removed signature. No commercial links please.

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Prof
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Re: Protection Offshore

Postby Prof » Tue Mar 29, 2011 3:17 pm

assetprotection wrote:Most commonly people who want to discover what offshore asset protection means are one step ahead of the rest. They are on the right path to equipping and preventing themselves from potential disaster. Essentially asset protection is about securing ones assets in case of litigation. Asset protection comes in various forms but one very popular form of asset protection is offshore asset protection as what is being mention here. :thinking:


And, is frequently a stupid move. Nothing attracts the eye of the tax man, the bankruptcy trustee, the judge in the domestic relations court, like an offshore account.

Simply put, for most folks not represented by a battalion of airborne international lawyers, there are much better, much cheaper alternatives.
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Re: Protection Offshore

Postby Pottapaug1938 » Tue Mar 29, 2011 3:22 pm

Not only that, when someone is in court and tries to claim that they have much less in assets than is suspected, people usually start thinking that the person in question is hiding money offshore, and they begin to get REALLY upset. Then, too, there's also the chance that an offshore account which was thought to be well-concealed can be brought into view by a vengeful spouse/mistress/business partner, or someone else with an axe to grind.
"We've been attacked by the intelligent, educated segment of the culture." -- Pastor Ray Mummert, Dover, PA, during an attempt to introduce creationism -- er, "intelligent design", into the Dover Public Schools

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Re: Protection Offshore

Postby Cathulhu » Tue Mar 29, 2011 3:55 pm

Hey, give me all your money, and I'll hide it offshore for you. Really. Don't I look honest, for a drive-by spamming troll? You can trust me. I said so.
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Re: Protection Offshore

Postby notorial dissent » Tue Mar 29, 2011 9:03 pm

Pretty much in the same realm as the super secret constitutional trusts and the private corporations and the like promoters used to shill to the unwary promising them all sorts of protections and magic powers that simply just don't exist. Basically, if they can find it, or prove it exists, they can attach it, magic paper or no.
The fact that you sincerely and wholeheartedly believe that the “Law of Gravity” is unconstitutional and a violation of your sovereign rights, does not absolve you of adherence to it.


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