Overview: Offshore Havens
The topic of offshore havens conjures alluring images of secret bank accounts in exotic locations-far from the prying eyes of the IRS. In this section, we will discuss the real world of the offshore havens. We’ll show you what can and can’t be accomplished to save you taxes and the legitimate strategies available for asset protection and privacy planning.
The offshore havens exist because of a powerful demand by individuals in many countries to shelter their accumulated wealth from a variety of perceived threats. In the United States, these dangers are often the product of a lawsuit system, which unfairly targets those with property or savings. In all other countries-with fewer lawyers and lawsuits-the threat of litigation is not the primary concern. Instead, asset protection and privacy issues are related to the political and economic climate which pose risks with varying degrees of severity.
For more information see Article “Are Secret Accounts and Offshore Havens Gone for Good?” by Robert J. Mintz