Going Offshore, Step #1
Many of the questions we’re receiving from readers right now have to do with how to “go offshore.” We’re all concerned these days with finding ways to keep our money safe.
Relocating your assets to another jurisdiction can seem a big, intimidating, even frightening idea.
But it doesn’t have to be.
First, what does it mean, exactly…to “go offshore”?
Strictly speaking, it means simply to do something in another country. For an American, going offshore means investing, banking, or doing business outside the United States. If you’re British, going offshore means operating beyond the United Kingdom. Etc.
Nothing so scary about that.
The trouble starts when you consider specific “going offshore” strategies–setting up a trust in another jurisdiction, for example, or opening a foreign corporation to hold real estate holdings, say.
Just as I recommend you start small with your retire-overseas thinking and planning, so, too, should you start small and simple when it comes to moving your assets offshore.
You don’t have to figure out an umbrella strategy of corporations and holding companies straightaway. In fact, most of the complex structures many offshore attorneys promote aren’t necessary for most people, not immediately and not long term.
In fact, maybe all your going-offshore plan will ever require is an overseas bank account. So start there.
Plant your first offshore flag by opening a bank account in a jurisdiction you’re comfortable with.
Keep in mind that the country where you choose to do your banking need not be the country where you’re living, where you’re doing business, or where you hold citizenship. These are all separate agendas.
Two top banking options right now are Panama and Belize.
I also personally like Andorra.
Kathleen Peddicord
