Are you tired of others trying to claim your assets? As an American Expat, I know I am. Have you been suffering from the ongoing battle between you, and your respective national government, in terms of ‘going offshore’? Nowadays it’s an increasingly tough fight.
A brief history. Panama has been known as a legal, safe, offshore domicile since the 1920’s. I have had my assets protected under a Panama Business Corporation (IBC) for years. Well, with the ‘War on Wealth’, things have changed.
I recently was notified that my corporate bank account was being closed. Panama’s Superintendency of banks has basically decided not to do banking business with Americans. Why? Due to various U.S. and the OECD intrusions, (FATCA, FTAs, dual-taxation treaties, Black and Grey lists, for example), Latin America’s most famous and trusted international banking center has shut we Americans, and some Europeans, out. What’s the use of having an offshore company if you don’t have banking ability? (By the way, my friends have told me that the same prejudice is happening to them in other offshore centers too.)
So I got on my Social Media networks and started looking for an alternative.
Have you ever heard of Mauritius? I hadn’t until an independent financial planner contacted me about setting up offshore there. Now, I had to Google Mauritius to find out it is a small island off the coast of Africa. I immediately thought this was another ‘Nigeria business’ scam. But I needed a solution so I did my Due Diligence and talked to the man.
What happened was a pleasant surprise. In a month or so, I had all my corporate papers and certifications. And, yes, a bank account to was included in the package. My banker is even helpful and friendly… Other advantages are that I didn’t have to fly to Mauritius set things up. The whole process was very easy. And everything is legal with complete anonymity. I know because I had my lawyer do the follow up.
And maybe most importantly, the total setup cost – without the bank deposit, was US$2,500. You probably pay that or more for your monthly house payment…
If you are having the same difficulties I had, I will be happy to share more about what I learned – for information purposes only. (I cannot and will not be your financial adviser.) Just email me at dennis.dean.smith @ gmail.com and we can go from there?
Whatever you do, good luck in winning your War on Wealth!
By Dennis Smith
Photo courtesy of worldatlas.com.