Offshore Bank Accounts Are Still Advisable for Many Americans
Offshore bank accounts have been getting more and more scrutiny in recent years. An article in last week's Bloomberg News by David Voreacos outlines yet another U.S. investigation relating to foreign banks. Eight offshore banks are now under a federal grand jury investigation -- for facilitating tax evasion by U.S. citizens.
But none of this means there is anything inherently wrong with having offshore accounts.
There are many good business and financial strategies that utilize offshore investments.
Investing has obviously gone global, and offshore accounts are perfectly legitimate and advisable for many U.S. citizens. Holding funds offshore can also have asset protection advantages by making those funds more difficult for creditors to reach.
Asset protection planning is not centered on hiding assets; and it certainly does not involve unlawful tax evasion. It does involve using lawful means to make assets more difficult for creditors to reach. Under the right circumstances, offshore accounts can be advisable from both a financial and an asset protection standpoint.
