Every year, laws and regulations change in terms of offshore jurisdictions. If you have assets in an offshore jurisdiction, or if you are considering doing so, then you should consider tactics and strategies for ensuring that your offshore strategy is updated regularly.
In this article, we will discuss some of the best ways to ensure that your offshore banking strategy is at its best in 2019!
1. Always Be Transparent
In 2019, transparency is key, and for that reason, you should review your offshore asset investments and be sure that everything is as transparent as possible. Be sure that you are properly reporting all of your finances for tax and legal purposes. This is a top strategy to ensure that you are keeping your assets safe in an offshore jurisdiction in 2019.
Remember, you never want to do anything that makes it seem like you are attempting tax evasion, trying to hide finances, that you intend on doing anything fraudulent, or that you otherwise have bad intentions. Always be transparent about your actions, and you will ensure safety in your offshore banking in 2019!
2. Focus on Asset Protection
It’s always tempting to look first for low taxation, but you should also be sure that you’re looking for asset protection. Not all offshore jurisdictions are made equally in terms of asset protection, so you will definitely want to be certain that you are choosing and using jurisdictions in which protection and security is a priority. It’s worth it to have more security, even if it means paying a bit more in taxes.
If you are desperate for a low tax rate, it can be tempting to oversee asset protection benefits, but we cannot stress how important it is to always, always, always play it safe when it comes to offshore banking in 2019!
3. Look for Online Banking
In 2019, you want to be sure that you are open an offshore bank account that offer online access and transaction capabilities. But please bear in mind, with technology comes safety and security threats. Be sure to open an account with a bank that focus on safety — an integral part of web-based services. Trusted online banking goes beyond protecting your assets to ensuring that you can easily access your funds from anywhere, at anytime.
Online banking is extremely convenient, but we encourage you to choose online banking for your offshore banking needs because it ensures your mobility and flexibility, 24/7.
4. Think About Freelancers
The gig economy is on the rise, and freelancers are looking for offshore banking more than ever. If you are a freelancer who is interested in offshore banking, then you should consider your unique needs. Are you trying to avoid taxes? You’ll want to be sure that you carefully look at jurisdictions and their distinct regulations to find out which one will be most beneficial to you, as a freelancer. Also, if you are a freelancer, then you will need to consider traveling. Will you be visiting a specific offshore jurisdiction on a regular basis? That could be an incentive for you to invest there. Just be sure that you’ve researched and are prepared to make a smart investment!
5. Get Updated with Regulation Changes
Offshore investing comes in a variety of forms, so no matter if you’re an entrepreneur, freelancer, or an individual, make sure that you are on your toes in 2019. Regulations are always changing, which means that even if you’ve invested for a number of years in one jurisdiction, then you could be in for a surprise if laws change of all of a sudden. It can happen!
For this reason, you want to make sure that you are always in the loop on the latest legal changes regarding the offshore jurisdictions where you’re invested. Being aware is a huge part of the battle. On the other side, you want to also be sure that you are a prudent investor who is always transparent, honest, and working to make great investments in great jurisdictions.
So, there you go — 5 ways to protect your assets offshore in 2019. Your next step would be working on a plan that can get you to your asset protection/wealth building goals and milestones.
As always, you can work on the asset protection process yourself, but hiring a trusted International corporation service provider is likely to be the way to go. With years of experience dealing with those changes, you can get advice based on the latest laws and regulations update. If you’re still considering, you can make use of our free consultation service to see whether hiring an agency makes sense in your case.