Where can I find information on how and why people use offshore accounts for asset protection?
I hear lawyers advertizing on the radio that they can help you with “asset protection and offshore accounts”. How and why do people use offshore accounts for asset protection?
Public Comments
- yes i recommand you
- its a tax scam, dont do it. you will get into LOADS of trouble with the IRS if you try to hide assets in an offshore bank account. It may be a "laywer" or it may not, even laywers try to break the laws.
- offshore banks have Privacy policies protected by law. therefore the banks are forbidden by law from identifying customers, accounts and amounts in the accounts. It is used to hide money from the gov't, spouses, creditors, or to launder proceeds of crime.
- Beware of those ads. On one hand, offshore accounts are often used by criminals and tax evaders (remember the Enron offshore partnerships?). On the other, con men and identity thieves often promote such schemes to get their hands on the money of greedy or gullible individuals. In either case, both the IRS and the State Department are using carrot and stick methods on governments which allow such accounts, and the domestic promotors of the schemes.. In several cases the IRS has obtained lists of the "investors" from the sponsors.
