What comes to your mind when someone mentions offshore investing? Something sordid? Swiss numbered bank accounts and bad guys from James Bond films? Maybe you think of sketchy billionaires stashing their money in the Cayman Islands during a nasty divorce. Whatever you think about offshore investing, you probably aren’t alone.
Offshore investing is one of the most misrepresented and misunderstood branches of the investment world. However it’s one that, in most cases, is completely legal and legitimate.
These are some of the most common misconceptions about Offshore Investing:
It’s For Tax Evasion
Many people think that investments that are made and held offshore must be that way for the purpose of hiding money and evading taxes.
Few people think that investors choose to buy into offshore financial products simply because there are great products available in jurisdictions that legally charge little or no taxes.
According to Richard Cayne, “The old thinking is that, ‘The money is offshore. I’m not gonna tell the government it’s there, so how are they going to find out?’ But that’s not what we consult on or condone as financial planning consultants. We consult on the legal grounds of offshore investing and the legal merits for legal tax deferral and avoidance, not evasion.”
“That’s a very important differentiator. Tax avoidance is good, tax evasion is bad,” said Richard Cayne.
Though some less-than-upstanding individuals may use offshore investments to evade taxes they are responsible for, most people aren’t using them that way.
Another misconception that people hold about offshore investment is that it’s dangerous. Perhaps that comes from the idea that any money held in another country can’t be tracked or insured. Or maybe people have just seen too many movies.
No matter what the reason for this misconception, the truth is that banks and financial products in offshore jurisdictions are insured, trackable, accountable and as safe as a financial product you’d buy from your hometown bank.
The only danger lies with risky investing. A risky investment, whether it’s on your own country’s soil or not, can always carry the danger of losing your money.
Many people operate under the mistaken idea that offshore investing is simply not legal. The truth is that offshore investing is perfectly legal and acceptable for citizens of almost any country.
Find out exactly how offshore investing applies to citizens of your country by getting in touch with a trained professional such as Richard Cayne and the professionals at Meyer International.
If you believe in the tenets of investing, you must believe that it’s fine to use your money to make more money for you and your family. If you believe in investing, then you must want to make the smartest, most informed and most lucrative investments possible. If you believe these simple things, then there is nothing immoral about offshore investing.
However, if you don’t believe in investing, then an investment made in your home country is just as immoral as one made offshore.
The Truth Is…
The truth is that investing offshore might be able to, legally and safely, make you more money than investing onshore. If you’re ready to find out more about your options in legal, safe and lucrative offshore investing, get in touch with Richard Cayne and the other consultants at Meyer International for an appointment today!