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Are you thinking of stashing your money offshore? If you can open an
account and that is a big if these days because many institutions
are refusing Americans and some others you will probably have to
disclose more about yourself than you would at your hometown branch
and pay more in fees, and you will possibly lose access to your
funds.
Offshore tax havens as we know them are heading the way of the dodo.
Under intense pressure from global watchdogs, regional authorities
and individual countries, notably the United States, they are
falling into line with international standards of reporting and
disclosure, hoping against the odds to refashion themselves as
successful financial centers. |
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Excerpt: |
David Marchant, publisher of
Offshore Alert,
a newsletter, noted that the offshore world was by nature flexible
and able to respond to global changes. "But these countries are
really being forced now to improve their laws and the regulation and
enforcement of these laws, especially by the United States, which
seems to pursue very aggressive policies against its own citizens,"
he said. |
