Offshore Investment and Energy Sector

Discusses abuses and issues in financial planning, including questionable compensation practices, bogus institutes and accreditations, bad products, annuity abuse, inappropriate life insurance sales, living trust mills, and related misconduct. Also answers questions about usually legitimate but developing areas such as life insurance premium financing, life settlements, charitable gifting strategies, etc. Includes discussion of asset protection scams.
Lindsey97

Offshore Investment and Energy Sector

Postby Lindsey97 » Fri Jun 11, 2010 2:57 pm

Offshore banking is becoming more acceptable today than years before. Thanks to the numerous benefits accruing from the same. Going offshore can allow the investors access a wide array of markets such as the clean energy in order to establish a firm footing in the today’s world economy. Offshore banks have become an essential part of the world economy. On an individual level as well, the offshore banks offer many benefits. The investors across the world mainly opt for offshore banks to save taxes, which are way lesser than the domestic banks. Sometimes the offshore banking locations are even called tax haven, due to the zero taxes applied. The cost of operating an offshore bank is low, which is passed on by the bank to the investors in the form of high return over investment.

One of the best advantages of using an offshore bank is protecting assets [moderator removes commercial link], which is not that possible with the help of a domestic bank. The offshore banks are liberal in terms of rules and regulations. Therefore, it is an ideal means of asset protection. The money invested in the offshore bank is free from the creditors or from the fear of nationalization of assets.

The offshore banks enable the investor to take advantage of the profitable situation prevailing in the offshore jurisdiction. If the investor’s country is inflicted with political and regional turmoil, there is a good chance of benefitting from the offshore accounts by taking advantage of the situation prevailing there. Today many sectors offer the option of investing offshore. One such prime sector is the energy sector.

User avatar
wserra
Quatloosian Federal Witness
Quatloosian Federal Witness
Posts: 6369
Joined: Sat Apr 26, 2003 7:39 pm

Re: Offshore Investment and Energy Sector

Postby wserra » Fri Jun 11, 2010 3:46 pm

Lindsey97 wrote:Sometimes the offshore banking locations are even called tax haven, due to the zero taxes applied.
...
The money invested in the offshore bank is free from the creditors


In both cases, only if you are willing to lie under oath, and thereby risk going to jail.

Is that what you advocate, Lindsey?
"A wise man proportions belief to the evidence."
- David Hume

User avatar
Cathulhu
Order of the Quatloos, Brevet First Class
Posts: 1233
Joined: Wed Apr 07, 2010 4:51 pm

Re: Offshore Investment and Energy Sector

Postby Cathulhu » Fri Jun 11, 2010 4:33 pm

The only offshore trolling I do involves salmon and later, a barbecue.
Goodness is about what you do. Not what you pray to. T. Pratchett
Always be a moving target. L.M. Bujold

Judge Roy Bean
Judge for the District of Quatloosia
Judge for the District of Quatloosia
Posts: 3541
Joined: Tue May 17, 2005 7:04 pm
Location: West of the Pecos

Re: Offshore Investment and Energy Sector

Postby Judge Roy Bean » Fri Jun 11, 2010 4:58 pm

Cathulhu wrote:The only offshore trolling I do involves salmon and later, a barbecue.


Mmmmmm . . . life is good! :D

(For even more offshore fun, try Tarpon. Warning: Get in shape!)
The Honorable Judge Roy Bean
The world is a car and you're a crash-test dummy.
The Devil Makes Three

User avatar
Cathulhu
Order of the Quatloos, Brevet First Class
Posts: 1233
Joined: Wed Apr 07, 2010 4:51 pm

Re: Offshore Investment and Energy Sector

Postby Cathulhu » Fri Jun 11, 2010 5:14 pm

Judge Roy Bean wrote:
Cathulhu wrote:The only offshore trolling I do involves salmon and later, a barbecue.


Mmmmmm . . . life is good! :D

(For even more offshore fun, try Tarpon. Warning: Get in shape!)


Can't until after July. Broke my back. But life is still good; in order of reverse importance, got recliner, got coffee, got cat, got adorable spouse who brings coffee and buys recliners, and as always, the fish will wait. I've never gone for tarpon (wrong seas), but the local sturgeon in the Columbia are possibly as much fun--my dad got an 8 footer a couple years ago, which came close to killing him, and since it was breeding size, had to catch and release. But to see them dance on their tails just below the Bonneville Dam in May, when they start getting frisky, is something never to be forgotten. Literally awesome.
Goodness is about what you do. Not what you pray to. T. Pratchett
Always be a moving target. L.M. Bujold

User avatar
Number Six
Hereditary Margrave of Mooloosia
Posts: 1114
Joined: Fri Aug 29, 2008 7:35 pm
Location: Connecticut, "The Constitution State"

Re: Offshore Investment and Energy Sector

Postby Number Six » Fri Jun 11, 2010 5:29 pm

I am sure there are legitimate reasons for having a bank outside the jurisdiction of the U.S., if done legally, through a licensed expert in the field, but I cannot imagine any reason for an offshore account unless you are wealthy. People who think they are being smart by saving a few dollars in taxes, can experience far greater expense in the long run. "Penny wise, pound foolish" is the rule for them.

I think Irwin Schiff had some offshore accounts as did Lynn Meredith. I assume those accounts were seized. I heard of a fellow with an illegal offshore Carribean bank account who received a surprize call from the bank in the offshore haven. "We're seizing your money and if you complain, we will report you to the authorities". What recourse would the account holder have in such a situation? Dubious chances of getting his/her money back.
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)

'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)

User avatar
Cathulhu
Order of the Quatloos, Brevet First Class
Posts: 1233
Joined: Wed Apr 07, 2010 4:51 pm

Re: Offshore Investment and Energy Sector

Postby Cathulhu » Fri Jun 11, 2010 5:32 pm

That's exactly the problem I foresee for the "sovrun banks" in future; when a house of cards collapses, someone always takes the money and runs.
Goodness is about what you do. Not what you pray to. T. Pratchett
Always be a moving target. L.M. Bujold

User avatar
Pottapaug1938
Supreme Prophet (Junior Division)
Posts: 4964
Joined: Thu Apr 23, 2009 9:26 pm
Location: In the woods, with a Hudson Bay axe in my hands.

Re: Offshore Investment and Energy Sector

Postby Pottapaug1938 » Fri Jun 11, 2010 6:03 pm

Number Six wrote:I am sure there are legitimate reasons for having a bank outside the jurisdiction of the U.S.


I've considered getting a Canadian bank account, because I often buy quantities of Canadian coins at a large discount, but the banks won't take them unless I have an account there (I usually get rid of them at Scout camp or at corner stores, which are charged, by their banks, for rolled coin and are delighted to get mine without paying any fee). If I find one that doesn't charge monthly fees and suck away my account balance, I may set up such an account so that I don't have piles of Canadian money in my house.
"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: Offshore Investment and Energy Sector

Postby bmielke » Mon Jun 14, 2010 6:32 pm

Pottapaug1938 wrote:
Number Six wrote:I am sure there are legitimate reasons for having a bank outside the jurisdiction of the U.S.


I've considered getting a Canadian bank account, because I often buy quantities of Canadian coins at a large discount, but the banks won't take them unless I have an account there (I usually get rid of them at Scout camp or at corner stores, which are charged, by their banks, for rolled coin and are delighted to get mine without paying any fee). If I find one that doesn't charge monthly fees and suck away my account balance, I may set up such an account so that I don't have piles of Canadian money in my house.


That would be one reason I could see needing one, another would be if you had a source of Income in another country, like if you owned a business in Europe or something.


Return to “Financial Planning, Estate Planning and Asset Protection Scams”

Who is online

Users browsing this forum: Common Crawl [Bot] and 0 guests