Thursday, July 9, 2020

The Truth About Tax Havens

If you’re an individual or a corporation owner looking for a legal and legitimate way to reduce your tax liability, then you need to know about offshore tax havens. It’s a lesser-known secret that many major Fortune 500 companies use, one that allows you to stash money away with many benefits. 

Reduced (or No) Taxation    

If you’re looking for a way to pay less in taxes, then an offshore tax haven is it. These havens are located in places with very low or, in some cases, no taxes whatsoever. 

Depending on where you shelter your money, you can avoid corporate taxes, gift taxes, capital gains taxes, and more. 

Popular havens for reducing taxation include the Cayman Islands, Bermuda, and the British Virgin Islands among others. A tax professional can help you to find the perfect haven for your goals and show you how to set up an account. 

Privates 

The government will tax anything it can get its hands on, but an offshore tax haven keeps those greedy hands away.  

These havens are outside the jurisdiction of the United States, which means they’re also outside the jurisdiction of the IRS. Furthermore, in most cases, they don’t have Tax Information Exchange Agreements with the United States, which means the IRS will likely never even know about your funds in the first place.  

Fast and Affordable  

You might think that setting up something so wonderful would be time-consuming, costly, and difficult, but that’s actually not the case at all!  

With the help of a knowledgeable tax professional, an account can be set up in as little as two days and at an affordable cost.  

Think a tax haven could benefit you? If so, your next step should be to speak with an accountant, preferably one familiar with offshore accounts. It might just change your tax liability by a lot!