It is amazing how they try to paint the offshore financial industry in a negative light.
They use words like Secret. Dirty. Sham. Shadowy. Illicit. Fake. Covert. Questionable.
They go so far as to try and blame the Enron scandal and Greek financial crisis on Offshore Finance.
The classic presumption is that if you go offshore– foreign bank account, overseas safety deposit box, foreign trust, foreign corporation, etc.– then you MUST be doing something wrong.
This is an absurd conclusion and only highlights how brainwashed most people have become.
The truth is some people not only want privacy, but for the sake of the safety of their children need it!
Obviously there are people who use offshore jurisdictions to hide their scams or fraudulent activities. But this is not unique to the offshore world.
The #1 tax haven in the world is none other than the United States of America. More ill-gotten wealth is hidden and money laundered in Wall Street banks through Delaware corporations than any other place on the planet.
Just think about what they are saying. They’re basically saying that nobody has the right to financial privacy… and that enjoying a ‘benefit’ is somehow evil and wrong.
The truth is, moving money and assets offshore is not illegal. It’s perfectly legal, as long as you pay tax on the income and make the appropriate disclosures.