On the 2008 campaign trail, Obama made his hostility toward offshore jurisdictions clear:
“There’s a building in the Cayman Islands that houses supposedly 12,000 U.S.-based corporations. That’s either the biggest building in the world or the biggest tax scam in the world, and we know which one it is.”
It made no difference that a similar building in Wilmington, Delaware, home to his vice president, Joe Biden, houses more than 50,000 corporations.
The political Left never misses a chance to put forth new explanations as to why individual Americans and businesses banking, investing or engaging in financial activity offshore must be suspected of crimes and tax evasion, (notwithstanding that it is legal to conduct all such activities).
Obama pending, it still is legal to...
- Use an offshore bank or other financial account.
- Create and donate assets to an offshore asset protection trust or family foundation.
- Form and operate an international business corporation (IBC).
- Acquire dual citizenship and a second passport.
- Purchase offshore life insurance and annuities that allow deferred taxes.
- Invest in offshore mutual and hedge funds, precious metals and real estate.
Offshore banks are - for the overwhelming majority - still solvent and functional. You can't say the same for European or American banks. However, The U.S. Congress, soon to be in increased control of the Democrats, could waste no time in helping President-elect Barack Obama to fulfill his campaign promise to "shut down the tax havens."
All this means you should plan now for your own offshore investing, banking, and other activity - while you still can. Sign up for Offshore A-letter and we'll immediately send you a copy of our just released report, Three Asset Protection Secrets Every Investor Must Know.
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