The ways of assets protection
June 15, 2016
The sensational incident with “Panama Papers” has shown an offshore business in a new light. Offshore companies and their owners were discredited in the opinion of the public.
Among them were powerful politicians, governmental figures and famous businessmen. Some of these people were engaged in offshore business illegally and this fact aroused indignation all over the world. The governments in all countries took a decision to be more vigilant with offshore.
For instance, Indonesian Government is examining those people who were declared in the offshore papers. The special Tax Amnesty policy in Indonesia helps to analyze assets leak and assumes returning of money back to the residence country. Especially it concerns Singapore where a lot of Indonesian people save their wealth in offshore companies and banks. Other countries have taken similar measures to avoid illegal leak of money. It shows us the great influence of “Panama papers” on the world economy and policy.
Unfortunately not only offshore owners have been involved in the worldwide scandal. Offshore jurisdictions still feel consequences of such impact in decreasing of companies’ incorporation. We and other international service providers need to take measures for providing competent consultations to clients who want to do business legally.
For example, one of the best jurisdictions for company incorporation is Cyprus. We advise Cyprus to our clients for many reasons. First of all Cyprus doesn’t refer to so-called “tax haven”. Secondly, Cyprus offers the low corporate tax – only 12.5 percent. Thirdly, the economy in Cyprus is stable and perspective for development of any kind of business.
But the most difficult question for assets owners is how to protect legally their wealth that belongs to them by right? Opportunities for this purpose are very limited, so we don’t have many variants for assets’ protection.
What are the ways of assets’ protection?
If you are reading this article now, you are looking for some ways of assets’ protection. And we are ready to show you 5 options that will correspond to your needs.
One of the simplest ways to protect your assets is a refusal of nationality. If your local country has a strict legislation and a high level of taxes, choose another jurisdiction and immigrate. Other country can offer you the lower tax rates and a lot of possibilities for saving wealth.
- Double citizenship
Some countries allow a double citizenship, for instance, the Cayman Islands and Dominica. People with double citizenship can use entrepreneurial and investment privileges in their second residence and can travel between countries without problems. But sometimes there can be a difficulty with a double taxation and conflicting laws.
- Disappear and hope for luck
If you like to risk, you can try to disappear from financial reporting and don’t pay taxes or to hide assets in offshore jurisdictions. Perhaps you will have a good luck and nobody finds out about your trick. In thus way you will have a chance to receive assets’ protection. In thus way you will have a chance to receive assets protection.
- Cooperation with your Government
In some situations trusting everything in your local country is a good idea. If your Government tries to develop an economy and entrepreneurship, creates profitable conditions for a business and investments, it make sense for you to cooperate with your Government. Perhaps your actions will be approved and noticed and it will bring numerous advantages.
- Legal company incorporation in offshore
The most reasonable, safe and useful way to protect your assets is to set up an offshore company by means of the professional experts who will help to do it legally and without troubles. You just need to choose the jurisdiction and then you will have an own company and bank account if it is necessary.
As you know everywhere there are advantages and shortcomings. Options mentioned above are good in combination with each other. Remember that conditions for assets protection are changing all the time and not for the better. Immigration and offshore incorporation are becoming more difficult and expensive. Don’t delay your important issues!
As usual we can advise you to take professional consultation from the lawyer regarding taxes. If you are looking for business incorporation, we can offer you our help in company registration and opening a bank account abroad. From our party we’ll do everything for your assets protection!