Offshore banking is perhaps the most effective way to protect your assets. When your assets are held offshore, they are protected from creditors in the United States. The accounts are placed in the largest and most well established banks in the United States Law or the judgments of the United States Courts. In order for a creditor to retrieve your offshore assets, the creditor would need to begin a new lawsuit in the offshore jurisdiction. This would be extremely expensive and they would likely be discouraged and forced to seek a settlement. Even if they chose to continue a lawsuit in a foreign jurisdiction, they would face a number of challenges including: hiring foreign counsel, the likelihood that the statute of limitations has already run, and the enactment of foreign statutes and law that will not allow their cause of action to continue. The majority of foreign banks will not disclose any information about you or your assets held there, further protecting your assets and your privacy.
Advantages of an offshore bank include:
- Encourages lawsuit settlement
- Tax Neutrality
- Foreign Law
- Diversification of your financial portfolio
If you would like to arrange a discussion regarding these matters in more detail, please feel free to contact our office to discuss your objectives.