| Ordinary Americans are discovering the vast | | | | from spouses or greedy, sponging relatives. |
| asset protection, offshore and privacy | | | | Entrepreneurs, whose incomes vary widely from |
| opportunities previously only available to | | | | year to year, may wish to keep some of their |
| the extremely wealthy. With growing | | | | assets overseas in order to avoid having them |
| government surveillance in the post 9/11 era | | | | seized in case of bankruptcy. Tax resisters |
| everyone should be concerned about financial | | | | and libertarians, who wish to live free from |
| privacy. Many financial websites now offer | | | | the federal government, place their money in |
| ground breaking information on offshore | | | | asset havens to avoid taxes. A fear of |
| financial contacts, bankers' secrets and | | | | publicity may also lead the very rich to hide |
| tricks , and banking tools and tips revealed | | | | their assets from public view, to avoid being |
| for the first time to the public. The | | | | targeted by kidnappers, extortionists, and |
| information is easy to use and up-to-date, | | | | thieves. Newspapers and tabloids publish |
| and allows small investors to bypass | | | | lists of the richest Americans, creating |
| middlemen and set up their own accounts | | | | unwelcome publicity for individuals who wish |
| offshore and in Switzerland. By setting up | | | | to live private lives. |
| accounts themselves, investors can save | | | | |
| thousands of dollars in consulting fees. | | | | However, it is important to note that illegal |
| | | | activities can no longer be easily hidden by |
| In today's post 9/11 world, financial privacy | | | | overseas banks. The Bank Secrecy Act (or BSA) |
| is being invaded at a rapid and alarming | | | | requires financial institutions to assist |
| pace. The information contained in these | | | | government agencies to detect and prevent |
| websites can help preserve your assets, but | | | | money laundering. Financial institutions are |
| only if you act on the instructions provided. | | | | required to keep records of cash purchases of |
| | | | negotiables and file reports of cash |
| The information is available on many related | | | | transactions exceeding $10,000 (total daily |
| topics, such as the names of the most | | | | amount), and to report suspicious activity |
| important tax havens and offshore financial | | | | that might be construed as money laundering, |
| centers and their most common usage, and of | | | | tax evasion, or other criminal activities. |
| course also the local contact names and | | | | |
| addresses of banks, financial services, | | | | In an effort to stop terrorists from |
| advisors, mail drops, accountants, company | | | | importing funds to be used in terrorist acts |
| formation services, and other useful | | | | within America, the 2001 USA Patriot Act |
| contacts. There is cutting-edge information | | | | created many new rules for U.S. Banks in an |
| data on virtually everything an investor | | | | attempt to stop secret money transfers. A |
| could want to know about asset protection, | | | | list of suspect banks has been created and |
| anonymous and offshore banking, mail | | | | American banks are no longer allowed to wire |
| forwarding, international regulations and | | | | money to them. Also, all new customers |
| legal requirements for account holders, | | | | opening an account at an American bank are |
| privacy, dual citizenships and second | | | | asked if they are a U.S. citizens, and if |
| passports, tax avoidance, tax reduction and | | | | not, if they are involved in politics abroad |
| tax and asset haven related matters, and much | | | | or connected to foreign political figure in |
| more. | | | | any way. They must also provide their |
| | | | occupation and state if they plan to have |
| There are many reasons to use offshore | | | | foreign funds wired to their accounts. |
| accounts. Some people want to hide income | | | | |