It is common knowledge that almost all the big companies and the richest people in the world use offshore banking to supplement their expanding waistline. Nobody wants to see an inept government scam their hard-earned money, but the problem arises when the governments themselves reward these fat cats for their failures.
CEOs and CEOs of large corporate banks have knowingly used foreign subsidiaries to restructure their organizations to be more “tax efficient.” Then afterward, most got a second chance by trickling tax-free bonds into various overseas bank accounts around the world. Now that these banks have failed, taxpayers are forced to pay even more to shore up the ‘investment banks’ and bank bonuses they never asked for in the first place.
Government crackdowns can come and go, jurisdictions will come in and out of favor, but one thing about offshore banking that is very clear is that it will not go away any time soon. The OECD may put pressure on Switzerland or the Cayman Islands, but this does not mean that they have closed other emerging jurisdictions that are rising to take their place, or even those that no one has heard of … yet.
It’s time for the little one to recover. Why fight a losing battle against large corporations with lower overheads and an offshore base designed for taxes that pays a fraction of the rate you pay? Fat cats don’t want you to bank abroad because they don’t want an “exclusive” privilege shared among the “hoi polloi.”
The truth is that moving abroad is one of the things that can really “make or break” a business, and it is not limited to the old man’s club. Many companies, especially those serving an online or international market, have legitimate and urgent reasons for banking offshore:
– The ability to send and receive important payments without having to resort to red tape.
– The segregation of risk between different parts of a company or between business partners.
– Low or no tax on employee salaries and the purchase of new equipment or real estate.
– A business (eg online gambling) that is not legal in one country can be legally operated from another.
These advantages can often make the difference between a mediocre business and an extremely profitable one. Ready to take this decisive step and catapult your business in a big way?