It’s common knowledge that almost all big companies and the wealthiest people in the world use offshore banking to supplement their expanding waistlines. No one wants to see their hard earned money being swindled away by an inept government but the problem comes when governments themselves reward these fat cats for failure.
The CEO’s and chairmen of huge corporate banks have knowingly used offshore subsidiaries to restructure their organizations to be more ‘tax efficient’. Then afterwards the majority had a second go at the cream by dripping tax free bonuses into various offshore bank accounts worldwide. Now that these banks have failed, taxpayers are being forced to pay even more to prop up ‘investment banks’ and banker’s bonuses which they never asked for in the first place.
Government crackdowns can come and go, jurisdictions will go in and out of favor, but one thing about offshore banking that is abundantly clear is that it’s not going away any time soon. The OECD may put pressure on Switzerland or the Cayman Islands, but this does not mean that they have shut down other emerging jurisdictions that are rising to take their place, or even those which now has heard of…yet.
It’s time for the little guy to get his own back. Why fight a losing battle against big corporations with lower overheads and a tax-engineered offshore base that pays a fraction of the rate you pay? The fat cats don’t want you banking offshore because they don’t want an ‘exclusive’ privilege shared out among the ”hoi polloi”.
The truth is, moving offshore is one of the things that can really ‘make or break’ a business, and it’s not limited to the old boys club. Many businesses, especially those catering to an online or international market, have legitimate and pressing reasons for banking offshore:
- The ability to send and receive large payments without getting bound up in red tape.
- The segregation of risk between different parts of a business or between business partners.
- Low or zero tax on employee salaries and purchases of new equipment or real estate.
- A business (e.g. online gambling) which is not legal in one country may be legally operated from another.
These advantages can often make the difference between a merely average business and an extremely profitable one. Are you ready to take this make or break step and catapult your enterprise into the big time?
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