You missed out this time on our small, intimate Meet the Men Who Made Their Clients Millions event in Bantry, Ireland. Maybe next time.
Anyway, one of the topics of discussion was ‘Mass Production versus Custom Tailoring’. The decision to go offshore is very personal, and is something you should not entrust to mass production. It requires custom tailoring.
In other words, you don’t necessarily want to structure your offshore set-up with the help of the company that pops up first on Google. Mostly, these companies are so-called ‘corporation mills’ who have slick advertising but little regard for the financial well-being and privacy of the client.
You probably won’t read this advice anywhere else – because the best, most convincing, well written websites and “offshore” literature is put out by the biggest outfits. But we like to tell it as it is, even if it upsets some people.
It is just common sense to assume that your private financial affairs will invite more scrutiny if you are a customer of an outfit that actively sells offshore banking services thousands of people. And if that offshore banking outfit has problem clients who are up to no good (a typical problem when they take on all and sundry for fast profits) then those people’s problems will very quickly become your problems!
Let me give you a practical example of another typical problem with mass production offshore asset protection. Once upon a time there was a European Private Bank. They employed a special guy who did nothing but appear at seminars for wealthy people. He pitched offshore bank accounts, annuities, and other “tax favored” products of his bank. The bank had a great website where the tax advantages of these products were fully explained. For instance (modified for simplicity), you could put say EUR 100,000 in an annuity that earned 4% a year. You got paid EUR 5000 per year as a “tax free return of capital” until the EUR 100,000 was paid back.
By then, 20 years later, you might be dead! But when you died, your heirs inherited the EUR 100,000 death benefit – also completely tax free. It was a nice way to move assets offshore where they were judgment proof, and killing two birds with one stone, earning EUR 100,000 tax free.
In my opinion, products like this were borderline legal at the time. However, due to the heavy marketing the rules of the game were changed. This business came to an abrupt end. Why? Because the “authorities took notice” and eliminated this particular loophole for annuities.
That is one of the main reasons that we don’t “name names” when we talk about offshore banks in our public articles. This information is reserved for paid subscribers. You will find banks named (including contact information and other details) in our Practical Offshore Banking Guide that is available for instant download in our Members Area.
We purposely choose to deal with low profile but secure offshore banks – not ones that actively target foreigners or have great internet marketing skills. And that, dear reader, is why I suggest – if you haven’t already – you invest the small $87 fee required for a year’s membership of Q Wealth. You can sign up online right now.
Still, if you’re not quite sure yet, why not check out without any charge or obligation our Free Offshore Banking Course?