More And More Americans Look To Protect Their Wealth Offshore

America, the land of the free, as it was rightfully referred to in the past, and certainly a beautiful place in so many ways, is in the process of destroying the very foundation it was built on. It truly appears to have lost its way. The size of debt and unfunded liabilities in America is higher than in any other country in the world. No other country is plagued with the level of litigation that America faces.

Nine out of ten lawsuits filed worldwide are filed in the US. The US tax code is so convoluted and extensive that even the highest paid and most qualified tax attorney in America can hardly ever give you a straight yes or no answer when asked for tax advice. Frankly, I sometimes wonder how even the most honest American taxpayer can stay out of jail.

It should not come as a surprise that wealthy Americans have learned to protect their wealth from this concentration of risk by jurisdictionally diversifying their assets. In other words, they set up offshore trusts, companies, foundations or insurance structures to legally protect and grow what is rightfully theirs elsewhere. However, in consideration of all the recent IRS scare tactics and the hype in the media, it may come as a surprise that the number of Americans looking offshore is on the rise.

The government’s desperate drive for tax collection

The US government and its various agencies – with the IRS certainly in the lead – are desperately trying to keep their wealthy taxpayers in check, putting offshore constructions under their regulatory microscope in hope of maximizing tax revenues. This hunt for tax cheats has been loudly publicized and employed to create the impression that every offshore account must be a scam.

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