Publicity that portrays Brown, Obama and Sarkozy in a positive light while distracting voters from all the problems at home, caused by bankers in their home countries.
Scaring people off investing money in tax haven banks (ie, those banks in countries where banking secrecy is written into the constitution or law)
Of course, we in the offshore banking business cannot afford to dismiss the new OECD blacklists out of hand. But neither should we panic. And above all we should not be rushed into decisions that could cause problems down the line. Strategy for building wealth offshore should be well thought out for the long term. If you are one of the many who are concerned that your tax and offshore banking arrangements may not stand up to new scrutiny, then you should be taking some action now to put things right - but not by panicking. Simply by taking professional advice, from the right professionals, in a calm, cool and collected manner.
Tax evasion through offshore personal bank accounts really is a thing of the past. It's been 'passe' for years. It's not a particularly attractive business for any tax haven bank because it has the potential to cause lots of problems for relatively little reward. There are so many ways you can legally protect your privacy without having to rely on bank secrecy.
I never have and never will promote tax evasion. I believe in full compliance with all applicable laws. If you don't like the laws, pick another legal system by moving to a different country and your problem is solved. That is what I write about consistently, and we have done so for well over a decade. My view is that offshore banking is just one essential part of an overall long term strategy. Most of the clients I deal with these days are not motivated so much by tax (although that is obviously one of their concerns.) Most people are going offshore these days motivated more by security, asset protection, and the much better opportunities that exist offshore to profit from the recession. The word is out: you can work, invest, retire or live in the world's best tax havens.
My clients detest instrusive, Big Brother style governments. They subscribe to the view that attempts to redistribute wealth will simply end up redistributing taxpayers, who are increasingly voting with their feet. Our belief is that it's much better to be living legally tax-free in a low-cost, healthy, tropical paradise... earning your living or managing your investments over the internet from a secure country where banking service and secrecy still go hand in hand. Meanwhile you can watch on TV as things get worse and worse in G20 countries, rather than watching from your window!
I've always written that if you need to rely on banking secrecy to protect yourself, you might as well give up. By that I mean that if you want to protect your assets, you should hide them where they cannot be found. You should take care to avoid any and all paper trails leading to them. If nobody knows where to find your stash of cash, nobody will ask your offshore bank about you. That is true secrecy. If the taxman knows where your money is, it's already too late.
I imagine some people will be reading this article as first time readers of my articles, who are keen right now to know what banks and countries are safe to invest in. Well my basic advice is to wrap everything in secure offshore corporate structures (for example, Belize or Panamanian corporations). Do this through reputable professionals who respect security - not through internet merchants competing to provide the lowest price, who just want to sell you a stack of papers and then move on to the next case (until it is time to charge your annual renewal fee).
If you feel that your financial arrangements are not watertight, then now is a good time to start taking a look at them. Offshore banking is one important aspect of any overall international financial privacy and asset protection structure. Then, you should be looking at other wealth preservation and alternative investment strategies - for example, what about Gold, Silver and other Precious Metals Investments? Gold Bullion is one of the most secure, inflation-proof investments, and you can legally buy and store it offshore. Oh, and did I mention that there is absolutely no requirement to report physical gold bullion on your tax returns? Of course, gold coins are things, not financial accounts that are subject to reporting requirements.
Then there are many other things you can do to protect your assets and help them grow. Consider second residency or even a second passport if you can. By now we are getting more in to intangibles. Second passports can increase your security and flexibility. Then again, they could solve any OECD/G20 banking secrecy problems at a stroke! By changing your citizenship to a neutral country that does not tax its expatriates, you can give your asset portfolio and offshore bank account a new lease of privacy.
Of course, in this article I can only scratch the surface. It's important that anyone interested in this subject seeks first hand reporting and updating of news affecting your offshore investments. Don't just get your information from the internet. I myself spent last week flying around Europe for a series of meetings with high level bankers and tax haven government officials, because I know the things they say off the record often mean more than the committments they make on the record. I was doing this on behalf of my clients. You can do the same. Just as bankers are required to know their customers, it's very important for customers to know their bankers! With the right team on your side, the latest OECD efforts really are "much ado about nothing."
[expert=Peter_Macfarlane]
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