Written by peter
Sunday, January 4th, 2009
Many people when they hear the wording ‘offshore company’ relate it with crime and tax evasion and don’t think it is something that would apply to them. Although this is true in some jurisdictions there are many law abiding citizens who maintain offshore accounts all over the world. Most offshore banks enforce very strict rules and safety structures to prevent unsavory characters from opening accounts with them, after all these banks have to maintain a good reputation if they want to remain operating.
There can also be restrictions imposed on the type of industry in certain countries. For example, most countries don’t permit anyone to open a bank, insurance company or other financial institutions that are highly regulated.
If you should die unexpectedly, having an offshore company means that your estate will be put through a protracted probate process. Even if you have written a will, foreign countries will still look over your business dealings in detail before they let your relatives take your assets.
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