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Debunking Offshore Banking Myths

By: Roberto Vincenzelli

There are a plethora of horror stories on the internet about criminals utilizing offshore banking and companies to cover up their illegal activities and make it hard for the authorities to catch them. It seems you only hear about offshore banking when it makes the news for the wrong reasons. This article will attempt to shed light on the offshore banking industry and show you it's not necessarily full of criminals only.

Probably the biggest misconception is that setting up an offshore company is difficult. This simply is not totally the case. While it is true that opening an offshore company, or establishing an offshore banking account can be difficult depending on type of company or account you are opening, for the most part the process is not that difficult and some can even be accomplished within a matter of hours. Companies that are more complex in their operating will of course take a bit longer to establish and set up.

Myth #2 is that all offshore jurisdictions were created equal and it doesn't matter which one you use. Nothing could be further from the truth. It takes diligent research to find an offshore banking destination that meets all of your requirements. Typically a person will want rock solid banking secrecy, favorable tax laws on foreign income as well as political stability. Not every country can offer these sought after benefits. For this author's money Panama or Switzerland are the preferred choice but every person needs to make the decision for themselves.

A great many people also fear that establishing offshore companies or bank accounts is an illegal act for citizens of the United States. This is a false belief that prevents many from investing offshore. It is not illegal for United States citizens to invest offshore. As a matter of fact, there are many large companies that are based in the United States that have switched part or all of their company offshore in order to receive more of the tax benefits offered from these jurisdictions.

The people that fall into this incorrect thinking are not to blame. They are only reading or hearing about offshore banking in the news and you only hear about it in the news when a crime has been committed. Offshore banking is a great way to minimize taxes when investing, offers a degree of asset protection and privacy that you simply can't get in your home country.

Of course, it's not in a government's best interests to advertise offshore banking as a method to reduce your tax load because they want to keep all of your money in their economy and help maintain their positions of power. Rest assured those very same people are utilizing offshore banking to their advantage right now. There are some rotten apples that take advantage of the offshore banking industry to perform crimes but this does not mean offshore banking is for criminals.

Article Source: http://www.gcyarticles.com

To have a professional Panama law firm open an using offshore bank accounts account or learn more about using offshore bank accounts please visit Panama Offshore Legal at OffshoreLegal.org.

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