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Some Thoughts on Financial Privacy and Offshore Banking for U.S. Citizens

Some Thoughts on Financial Privacy and Offshore Banking for U.S. Citizens

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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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05/13/2014

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 In the United States the founding fathers were careful to place in the Constitution, Bill of Rights,and other initial documents, certain rights to personal privacy and freedom. The FederalGovernment was primarily tasked with protecting the borders, and specific tasks related to nationalsecurity. Government powers were limited and personal rights and freedoms took precedence. Unfortunately, recently approved post-911 regulations regarding terrorists and criminals havenegated many of these protections in the financial area. The erosion of privacy and personal rightshas been particularly noticeable in this area. The number of new privacy limiting regulationshidden within the 2009-2010 Health Care Act are astonishing, and most remain unknown to thegeneral population. The citizens only learn of them as they are put into effect. One of the ways to improve your financial privacy is to open an offshore bank account. It is notillegal for U.S. citizens to have offshore bank accounts as long as you follow the legal reportingrequirements. Although often wrongly attributed to tax cheats and gangsters, offshore accounts can form ameans of asset protection to the common citizen and is now broadly used for that purpose. One of the reasons for having financial privacy is to avoid frivolous lawsuits. Corporate records,government records, and even social networks are filled with our personal information. Run aninternet search on your name and you will probably be surprised at the personal data on youavailable to anyone doing the same search. Couple that with the interconnected databases ofcorporations, banks, and various levels of government, and you can easily see how lawyers andtheir clients can have a ball going after these assets. Even a frivolous lawsuit that would likely bethrown out in court can cost you a large portion of your assets just in defending it. Unknown assetsare hard to attach and offshore accounts placed in the right countries are hard to attach evenwhen they are known. So if you want to legally protect your assets, an offshore account in some country that has a strictprivacy law could benefit you. Numerous countries are associated with such accounts, particularlythe Bahamas and the Virgin Island for U.S. citizens. They however have lost some of their luster inrecent years due to suspected ties with some unsavory investors. There are however fourcountries which constantly come up as top countries in which to hold offshore banking accounts.These four are Switzerland, Hong Kong, Liechtenstein, and Panama. Switzerland still has more offshore accounts than the majority of the rest of the world. Some of theprivacy of the Swiss banks has been eroded in recent years, but they are still popular due to theirpolitical, financial, and economic stability. Hong Kong has long been a financial center in Asia andcontinues to be an offshore haven. Liechtenstein's size (one of the smallest countries in the world)is not proportional to its importance as an offshore banking haven. It is noted for being the world'soldest offshore banking haven and continues to be rated highly for financial privacy. Finally, wehave Panama. Panama has a very strict privacy policy and is continually ranked at or near the topof recommended offshore financial destinations. Only in conjunction with your accountant can you determine if an offshore account would work foryou. Having an offshore banking relationship has become much more common than even in the

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