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Why Consider Offshore Banking for Your Personal and Financial Privacy in This Post 9-11

Why Consider Offshore Banking for Your Personal and Financial Privacy in This Post 9-11

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Published by myownmind
Whether you're a personal wanting for additional or less exposure on-line, or a business person
looking to manage and monitor what is being said on-line, we have all solutions for you. Want to
observe what is being said on-line for you and your family or especially for your kids? Don’t worry,
we cover all of them! Full info about us:
http://securitycenteronline.com/7557/20034/pdf
Whether you're a personal wanting for additional or less exposure on-line, or a business person
looking to manage and monitor what is being said on-line, we have all solutions for you. Want to
observe what is being said on-line for you and your family or especially for your kids? Don’t worry,
we cover all of them! Full info about us:
http://securitycenteronline.com/7557/20034/pdf

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Categories:Types, Business/Law
Published by: myownmind on Feb 09, 2012
Copyright:Attribution Non-commercial

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02/09/2012

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 The point is, by moving assets offshore, you regain control. Within the United States, you mustplay according to federal rules - rules that get a little less citizen-oriented every year. Offshore,there are entire jurisdictions organized to play by your rules. You design the game, and you get tobe the winner There are major concerns concerning privacy. You will hear a staggering number of horror storiesfrom people whose lives have been indelibly marked by corporate and governmental intrusion. If you're like many Americans, you probably assume that the Constitution ensures yourunalienable right to privacy. Unfortunately, you're wrong. The Fourth Amendment - the nationalguarantee most often cited when people talk about confidentiality - specifies only that "the right ofthe people to be secure in their persons, houses, papers, and effects against unreasonablesearches and seizures shall not be violated and no warrants shall issue, but upon probablecause...." The men of 1787 who drafted this legal tenet clearly meant to protect privacy as it pertained toproperty. They wanted a right to unthreatened ownership of land and personal possession. Ourfounding fathers lived in a world where people shared common norms of morality. They didn'tneed to sort through the questions that plague a global information-service economy. They didn'tneed to worry about how one man might decide to use (or share) private financial informationabout another. They didn't foresee an era in which sophisticated communication systems couldinstantaneously interact, calling up, comparing and exchanging information about you or me withina matter of several seconds. In other words, they didn't foresee the 21st century post 9 /11. Today, the greatest threat to yourindividual privacy has nothing to do with property theft. It has to do with access to information about you and your activities. Where you live and work, thenames of your children, your medical and psychiatric history, your arrest record, the phonenumbers you dial, the amount of money you earn, the way you earn it, and how you report it toUncle Sam after if s yours - these are the information tidbits that will undoubtedly remain stored inlots of different places as long as you keep your money within U.S. borders. An offshore financial involvement offers you and your family the one and only escape from thisgovernment-endorsed conspiracy. Just as you can legitimately make more money oversees thanyou could ever hope to earn in this country, you can also look forward to enjoying your foreignprofits in an atmosphere of complete confidentiality. In money havens scattered from Hong Kongwest to Aruba and south to the Netherlands Antilles, you can benefit from iron-clad secrecy lawsthat strictly forbid any bureaucratic review of your personal financial records. That means you canlegally guard your assets from the overzealous inspection that has become part and parcel of U.S.banking and investment portfolio management. If you're like most upper- and middle-income Americans, the federal government alone maintainsnearly 150 separate files on you. According to one recent analysis, Uncle Sam currently hascomputer tabs on 10 billion files, a virtual treasure trove through which an army of eagerbureaucrats can search and snoop. The state in which you reside probably holds another dozen or
 
so active computer files on you. And the Census Bureau routinely updates its records. Any minuteof any day, its computer system can spit out your basic data: sex, race, ethnic origin, maritalstatus, employment situation and place in the household pecking order. Most important, it canlegally pass any or all of that information along to other interested branches of government. Then, of course, there's the Internal Revenue Service. The IRS knows how much money youmake, and where it comes from. The Social Security Administration probably knows more thanyou do about your employment earnings history. If you served in the armed forces, you'repermanently listed in the archives of the Veterans Administration as well as your service branch. Are you a borrower? If so, then at least one credit bureau (and probably several) keeps a file onyou. Lenders nationwide can request from any one of these independent business operations aslew of information about your income, debts, employment history, marital status, tax liens, judgments, arrests and convictions. Still another category of consumer investigation companies collect information about the healthhabits and lifestyles of likely employment and insurance applicants. How do these agencies gettheir information? Mainly from the friends, neighbors, employers, landlords and other casualprofessional associates of those they are investigating. What does the law have to say about this blatant invasion of privacy? What are your rights when itcomes to keeping your financial life confidential? You don't have many. And the ones you do have are steadily eroding. The bottom line is that whilethe U.S. Supreme Court has recognized your constitutional right to privacy in some cases, it hasrepeatedly failed to extend that right to "informational privacy." In other words, you have verylimited ability to curtail the collection, exchange or use of information about you or your personalfinancial situation. There are, in fact, laws that authorize the invasion of your privacy. One of them is The BankSecrecy Act of 1970 (Public Law 91-508). Its name is a deceptive misnomer because instead ofprotecting confidentiality, it gives our government outrageous authority to review and investigatepersonal and business bank accounts. The law requires all U.S. banks to maintain records ofdeposit slips and the front and back of all checks drawn over $100. Since it would cost so much tokeep these records on hand, banks are allowed to routinely microfilm all your checks - regardlessof value. So they do. All of them! The law also demands that banks maintain records of any credit extension (other than a realestate mortgage) that exceeds $5,000. Banks must report all cash transactions, deposits orwithdrawals, in excess of $10,000. They are required to ask you for your Social Security numberor taxpayer identification number before any new checking or savings account can be opened. Ifyou do not supply this number within 45 days of the request, your name, address, and accountnumbers are put on a list for inspection by the Treasury Department. Even more to the point, you would wonder why any American with the economic option of movingoffshore and into an atmosphere of utter financial privacy would choose to. Better and there are plenty of foreign financial centers willing to make you an offer that's hard to
 
refuse. To ensure your own financial privacy, you must do two things. First, you must minimize theamount of information that gets created about you. Second, you need to verify and limit access tothe information that already exists. That may sound like elementary advice, but remember, the experts say that we ourselves providegovernment and private industry with most of the data they maintain on us. In fact, one studyconcludes that more than 72 percent of the time, investigators obtains their information from thevery people they are monitoring. So, out of respect for the fact that you will probably want to keep some portion of your assetswithin the United States, take a minute and consider ways that you can protect yourself fromunnecessary invasion of privacy. Just to get you thinking along the right track, here are somepractical suggestions. First, be aware that that not all domestic bank are alike. They all fall under U.S. bankingregulations, but some are more privacy-oriented than others. For example, a number of financialinstitutions have recently started photographing and fingerprinting customers before completingeven the most routine transactions. Don't do business with that kind of place! Instead, look for abank that's willing to ensure the highest possible level of financial confidentiality. A good way to identify the right institution is to ask for a written contract that sets down the groundrules for your professional relationship. Make sure your contract includes at least these twoprovisions: the bank must notify you whenever anyone asks to see your records; and you reservethe right to periodically see and correct any records the bank may keep on you. A second rule of thumb is to conduct low-profile banking. Think about it. By reviewing nothingmore than your monthly checking account statement, an investigating agent could learn a lot aboutyou - where you shop, the restaurants you frequent, the names of friends and relatives, yourreligious and political affiliations, even the private clubs at which you have a membership. Inessence, the account provides a panoramic view of your everyday lifestyle. You should aim to reduce the clarity of that view. For instance, use your checking account for onlyordinary, everyday expenses - mortgage or rent payments, utility bills, car loans. Then, for moresensitive purchases, open and maintain a second account - preferably offshore. Better yet, handlethese through a registered trade name. Simply set-up a company and conduct your discreettransactions through its checking account. It's easy to implement this strategy. Your business mustbe registered, of course, either at the county or state level (or both). It's perfectly legal as long asyou register it and use it without intent to defraud, and it will give you a flexible, low-key way tolegitimately preserve your privacy. To keep a low profile, you should probably avoid the wide array of privacy-insurance gimmicks thatare around these days. Ultimately, things like invisible ink (meant to protect your checks from thebank's photocopy machine) and red checks (again, intended to limit reproduction) are only goingto work against you because they bring attention to you and your account. That's not your goal.You want to preserve privacy, so, you must try to blend in, become invisible within a system thatconstantly searches for the slightest deviation from routine procedure.

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