The Caymans are better than Switzerland for offshore banking
The Caymans are known as an island of rest, relaxation and luxury vacations. This archipelago of islands is usually not associated as a nation of finance and offshore banking, unlike Switzerland or Offshore banks in the Bahamas. You can learn more here: international investing blog
However, long after you visit the gorgeous and beautiful islands that can be found here, you will still be staggered by the Caymans offshore banking! Popular media portrays offshore banking as underhanded and shadowy. Some nations feel that anything offshore is associated with something seedy. In spite of this, banking internationally is more common than many believe. There is nothing illegal about it either, as long as you are open with the tax man in your own country.
Since George Town is the capital, it is the center of the financial markets in the Caymans. The Caymans have an autonomous government. It has its own system of banking privacy laws as well as a no-tax jurisdiction policy. The local government adheres to standard international laws for all offshore tax haven countries.
Is there significant advantages to using the Caymans for your offshore banking?
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Your income is tax free here! So you don’t have to worry about most any kind of tax, including company dividends tax! All this is yours if you have a special trust arrangement there.
Of course, one of the best advantages besides free taxation is banking secrecy. You can rest easy knowing that your private information is safely hidden away. America doesn’t give you this kind of freedom of choice. Are you thinking “What about the IRS!!” right now? Well, yes, it’s true the IRS is very interested in your earnings and income. Your financial situation overseas does require reporting. According to the laws of the land, the only way a bank can be forced to turn over your private information is in the event of a Supreme Court verdict. That gives clients confidence that they will not be hassled by any legal entities. You are safe as suspected tax evasion is certainly not going to merit the Supreme Court’s attention!
Don’t forget that your assets are much more protected in an offshore environment. When you hold assets in America you are always at risk of losing them. Lawsuits make this especially the case, depending on what field your profession is in. All the same, some business persons have avoided that menace by creating an international corporation distinct from lawyers and civil mandates. An offshore bank account gives the holder an open door to many international markets that would otherwise not have been open to them. Competitive rates are issued on these things in the international markets investment certificates. It also makes the estate planning process go much more smoothly.
With advantages like these it’s no wonder that 50% of the world’s wealth is located in offshore institutions. The Caymans are an excellent place to start banking offshore if you are just wetting your feet in the field. It is truly one of the Caymans’ most important and most profitable industries. To find additional words of wisdom in this topic check here for a Banking Worldwide .
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