Offshore tax planning starts with listening to the client. There is no "one size fits all" solution. Offshore tax planning therefore starts with a process of analysis that looks at the client's current situation and needs. From there, an experienced professional can create a shortlist of possible solutions, discuss that with the client and his or her other professional advisers, and finally come up with an action plan.
This process of Offshore Tax Planning may sound complicated at first, but it's essential to take time to dig into details. Any errors could turn out to be very costly - not just in terms of taxes, but also fines and reputational risk.
Proper Offshore Tax Planning allows you to minimize or eliminate fiscal obligations, with increased financial privacy being a valuable byproduct. Successful individuals or people in the limelight rarely want to show off their wealth, preferring discretion so as not to be targeted by greedy criminals.
Preliminary Offshore Tax planning is therefore a theoretical stage preceding practical work. Practical offshore tax planning is the implementation and optimization stage where new companies, trusts or foundations might be set up and bank accounts opened.
Needless to say, a successful individual or his/her company needs an offshore tax plan that minimizes taxes due and, along the way, ensures full and unquestionable compliance with the law. But which law? Offshore tax planners will typically have to consider multiple jurisdictions, starting with the countries of residence and citizenship of the individual (citizenship is especially important in the case of US persons) and then looking at jurisdictions of incorporation and tax residence of corporate structures that form part of the overall tax planning.
Overseas tax planning includes the use of various legal provisions such as:
- Availability of tax deductions
- Offshore Tax Planning benefits
- Fiscal incentives to encourage inward investment
- Residence and citizenship of the head of household and family members
Below you will find a list of key tax planning articles from the InternationalWealth portal.
Our experts will be happy to assist in registering a foreign company to solve your problem. It's important to note that the Offshore Pro Group consultants are prohibited for regulatory reasons from getting involved in Offshore Tax Planning themselves, but they are pleased to work with your chosen professional advisors or recommend trusted partners who aresuitably qualified and licensed tax planners in various offshore jurisdictions worldwide. We recommend that you start by filling out a questionnaire for selecting a jurisdiction for registering or transferring your business.
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