Frequently answered questions
Why go offshore?
- What does it mean to «go offshore»?
— it means to place assets (bank accounts, brokerage accounts, etc.) outside of one’s home country. Going offshore also includes forming an offshore structure such as a company or trust, and placing domestic assets and real estate into that structure.
- What is asset protection?
— generally speaking, it is a transfer of the ownership from an individual to a legal entity, like an offshore company, staying in control of the company. By this, it becomes more difficult to find who is the owner of assets.
- Is it legal to transfer assets and funds offshore?
— no law prohibits transferring funds and assets offshore. The breach of law may be not disclosing the information to the tax authorities. However, there are different methods of reducing tax liabilities by introducing an offshore entity into your business structure.
- How to choose a jurisdiction for incorporation?
— before choosing the jurisdiction to incorporate, we recommend you to seek the advise of a qualified professional and to seek the up-to-date economic and statutory information on jurisdictions you are interested in. Generally, most important factors in choosing a jurisdiction for incorporation are political and economical stability of the country, good corporate law, well developed communication means, high reputation.
- Once incorporated, is it possible to redomicile to another offshore jurisdiction?
— of course, it is possible. Most jurisdictions allow transfers of offshore companies in and out the country.