Business and Management

The Role of an Offshore Jurisdictions

First, it is important to note that no one can predict the future. These thoughts should not be considered legal or tax advice. We will attempt to present the political positions of countries that do not support tax haven offshore jurisdictions as well as the position of tax haven countries. Australia, the UK, and USA are the most vocal opponents of offshore banking and offshore corporations.

These and other countries are expressing outrage at the tax savings benefits that citizens in certain countries receive by moving offshore. These countries claim their citizens are cheating them of billions of dollars in taxes by moving offshore. These tax havens are the offshore jurisdictions. While this sounds nice, we are not your collection agency.

We don't ask you to modify our corporate privacy laws or change our bank accounts because your constituents don't want to pay taxes. This is your problem and not ours. It is impossible to estimate the actual amount of illegally avoided taxes. People set up offshore structures in order to conduct business outside their country. They aren't violating any laws. Many people have offshore bank accounts, offshore corporations, and offshore real estate. To protect themselves against identity theft, kidnapping and blackmail as well as possible extortion, many people opt for offshore privacy.