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