Offshore Part 1
Starting with profit, we will take each reason separately. Because of high taxation, Australia will be used as an example to illustrate the point. Australian workers pay taxes on their wages and pay a goods and services tax of 10% on things they buy. that you should have some type of offshore account.
What money remains is deposited into a bank account and is charged bank account debt taxes and financial institution duty. The small amount of interest that might be earned also gets taxed. You are not alone if you think this is excessive. The banking taxes can be eliminated by opening and offshore bank account.
It isn`t, and probably never will be, illegal to have an offshore bank account. It is legal to move your money anywhere in the world you want and how you want. There are also no restrictions at all on the amount you choose to move.
sing the Australian example again, though there are no restrictions on moving money offshore, it is required to report any amount of $10,000 or more to the proper government authorities. On Australian tax return forms, there will be the question of whether you have $50,000 or upwards in offshore investments. As this limitation pertains to individuals, you can put money in accounts under the names of your spouse and/or children as well as your own.
Simply because it is profitable is the first reason you could consider offshore banking. You would be eliminating taxes, and gaining access to investments that only particular jurisdictions offer, eliminating any need for a structure. Finally, a tax neutral jurisdiction makes the compounding effect of money phenomenal.