If you are considering co-signing on a loan for someone to help them out, you need to be very careful. There are horror stories out there from innocent people like yourself that just wanted to help out a friend or family member. As result though they ended up with a ruined relationship and damage to their own credit. If you have been able to... Read more
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Offshore banking is the utilization of banking services located outside your country of residence. The good news for high income earners looking for a tax break is that there are still several banking centers that offer rock solid banking privacy and protection laws. Having an offshore bank account provides the depositor with financial, legal and tax advantages when the offshore jurisdiction is selected properly. The Bahamas, a former tax haven, now has strict banking laws that allow bank officials to report on their clients to authorities who ask. Panama, on the other hand, has total banking secrecy laws in spite of the International Monetary Fund policing each country to report suspicion of illegal activity to local authorities. Bank secrecy laws prohibit bank officials from disclosing information about their clients lest they face fines, termination from employment or worst of all, imprisonment. Panama also offers clients uninhibited asset growth by providing services which require little or no capital gains or income tax. Putting your money in a Panamanian bank is a great way to grow a nest egg tax free. Panama bank accounts can be set up for as little as $695USD and come with all of the expected services one would expect such as online banking, ATM cards and checks. Another offshore banking haven is the Cayman Islands, which had a reputation for near perfection banking secrecy. Bank officials who report client information to the CIA, Treasury department and even the International Monetary Fund are supposed to face imprisonment. Caution must be taken before setting up in the Cayman Islands. A bank owner named John Masterson allegedly reported one year worth of bank records that got a lot of clients who are US taxpayers into trouble. If the word of the law was followed, he'd stay in jail for a long time. Mr Masterson did not end up in jail!
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