Family Office – Taking Wealth Offshore
Protect your assets, save on taxes, and explore the world.
Taking your wealth offshore can open doors for you and your family, whether it be through protecting your assets in an offshore account or seeking a better life in a new country. From planning the perfect retirement to tax benefits, Goldbach Capital is prepared to help you take your wealth offshore.
Why Go Offshore?
There are many reasons to take your wealth offshore, from asset protection to just a personal improvement.
• Asset Protection
Do you have an asset protection plan? If not, you may be one lawsuit away from losing significant wealth. To avoid losing wealth, it is important to create an asset protection plan. This involves moving assets and placing them out of reach of creditors, transforming nonexempt assets into exempt assets.
With guidance, creating offshore asset protection can be put into effect completely legally and ethically. It is advised that you seek the help of an advisor as this can be a tricky game to play. A skilled professional will be knowledgeable about debtor and creditor law, fraudulent transfers, tax planning, civil litigation, property laws, bankruptcy, and other related areas of law.
When choosing to go offshore with your offshore asset protection plan, you can take advantage of some of the best laws in the world. Creditors that are trying to get to your money will not be able to reach it. Foreign jurisdiction statutes also offer strong protection against creditors.
There is not perfect, universal asset protection plan it is important to use common sense and think about the goals and needs. By looking at your short-term and long-term goals, you can find important figures such as your current and future income, how much you will need to retire, and how much you want to pass down to beneficiaries.
• Tax Benefits
Many are choosing to take their wealth offshore because of significant tax savings, depending on the jurisdiction that is chosen and where income is coming from.
Leaving your home can mean behind the tax burdens you were tied down to. When choosing to live abroad, you get to take advantage of big tax savings. Determining which taxes you will be responsible for is a good thing to consider before you go so you can plan accordingly.
Determining tax responsibility can be confusing but is vital in the expatriation process. You could be missing out on big savings or you could be overlooking certain taxes that you are neglecting to pay.
• Lower Cost of Living
This is particularly attractive for those who are looking to relocate.
Many offshore destinations offer a low cost of living. This should be a the forefront of your mind when it comes to retirement planning. Many have saved a lot of money while maintaining an active lifestyle. The cost of an apartment or home can be as low as one-third of what it may cost in popular retirement areas found in your home country.
Housing, food, and healthcare are all much more affordable in places like Central and South America and many European destinations.
How to Take Your Wealth Offshore
Once you have chosen to take your wealth offshore, there are numerous ways to do so.
• Offshore company
One way to take your wealth offshore is to create an entity on which to hold assets. This is especially attractive as an asset protection strategy.
An LLC, or other type of company, can be owned by an individual or a group of individuals, known as members. The offshore company protects members against lawsuits, requires less paperwork than other business types, offers tax benefits, and more. Additionally, the offshore company allows an individual to hold a bank account and keep their investments separate.
Becoming an expat takes going offshore one step further in that you not only take your wealth offshore but also yourself. By seeking new residency or renouncing your citizenship completely, you are opening yourself up for a world of financial and personal freedom.
By renouncing citizenship, you may no longer be subject to the tax laws of your home country and can enjoy life without the hassle of being taxed on money that you may not even be making in your home country. For example, jurisdictions like Switzerland, Monaco, Dubai, or Singapore usually preferred for their low tax rates, safety, and investor-friendly environments.
Each country has its own rules and regulations when it comes to moving in. Some options include residency and citizenship that can be both temporary and permanent. Expatriation may involve acquiring a new passport and renouncing a citizenship. Acquiring a new passport or citizenship allows for various investment opportunities, as well as opportunities for travel.
• Offshore Banking
Many wealthy investors choose to have an account in an offshore bank. Due to favorable banking laws, these banks are often more secure, private, and allow anyone from around the world to easily open an account.
• Offshore Investing
Investing offshore can allow investors to tap into markets that are not available in their home country, diversify their portfolio, and, in some cases, expedite the process of gaining a new residency.
Don’t plan alone
Goldbach Capital has the knowledge and resources to become the trusted partner of wealthy families. We offer a comprehensive range of services, by combining proprietary expertise with an external pool of first-class advisors.
Each client can decide which modules he wants to engage Goldbach Capital on. Thanks to its efficient and cost-effective solutions, Goldbach Capital is a credible alternative to existing or projected in-house organizations.
While incorporating our approach in life simplification, cost cutting, and asset protection, growth, and monitoring, our family office services integrate your family’s vision and core values to create the right wealth management plan for you.
Goldbach Capital is eager to assist you every step of the way. Taking wealth offshore can be an exciting process. While there is a lot of work to be done, it should not have to be hard.