Some may have The David or Cellini to hide, some may want to hide their fortunes from their spouses, some may want to create a company to conceal their activities, there are many reasons for setting up an offshore company.
Having an IBC or a bank account offshore is not illegal! The illegal part is not declaring your income in your home country, just like I explained in one of my previous post The wise man and the foolish man OR smart ways to repatriate your offshore funds.
All of us must have heard or learned at some level about the recent leaks of secret banking information. As you know this was one of the biggest days in investigative journalism and will go down in history as one! After 30 years of careful investigations, The International Consortium of Investigative Journalists (ICIJ) obtained and went through “piles and piles” of files they gathered, which are said to be 160 times larger than the US State Department documents that were leaked by the Wiki leaks in 2010. Over thousand names were released, information from more than 120,000 thousand offshore companies and trusts was revealed, exposing many hidden dealings of con men, politicians and rich people over the world!
It is estimated that the figure of deposits in tax havens could be around US $ 32 and more conservative calculation puts it at no less than US $ 8 trillion, which, at the average, would roughly make as much as the U.S. and Japanese economies combined!
If you are interested and want to know more, you can read a full ICJC report here.
Smuggle gems or create a phony lawsuit - How and Where to stash your cash…
Who wants to play around a bit?
The Center for Public Integrity working with CBC news have created this great interactive tool (Interactive: Stash Your Cash) using which you can see many ways how to hide the income, that you should in reality declare. This tool shows that there are many loop-holes and consequently many ways how to skirt the law, should you desire. This is a very simple six-step process showing how to "stash your cash". It guides you through the whole process from choosing the right haven to creating a secret identity and from opening the right bank account to how to move your money.
Thank you for reading my post! And you are welcome to leave comments, feedback, suggestions for other posts or contact me for more information.
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