Customer Reviews

Complete Guide to Offshore Money Havens, Revised and Updated

5 star:		(23)
4 star:		(8)
3 star:		(3)
2 star:		(1)
1 star:		(10)

 

 

Ok, I read the book and it was ok. Some banks listed in the bank have gone into receivership (1st Cayman Bank, Eurobank). The book's advice is not for me. Too much was riding on the theory that legislation will not change. Recently (2/00) Clinton was talking about more reporting requirements for those who deal with offshore entities. Best advice is don't ask, don't tell, and make sure there are no traceable transactions from the U.S. to your offshore tax jurisdiction, no mail, no wires, no traceable cheques.

Jerome dedicates most of this book (in excess of 50%) to sharing his point of view on government. Too many anecdotes and too few methodical discussions on the pro's/con's, and alternatives to offshore investing. In addition, the book is just poorly written. The worst book I have read in years. I have had to go out and buy other books to understand how offshore really works and the domestic tax implications of offshore money.

I picked up the book looking for some "how to" advise. I was overwhelming with reasons to go offshore, backed by mountains of acquaintance success stories. It's fine to introduce a new concept with an illustrated story, but ¾ of the book was story after story with the same theme, "Go Offshore". I was hoping a 464 page book would provide a bit more useful information. I'm already interested in going offshore, hence the search for a good book on the subject.

In an early chapter in the book, the author pushes his right wing government fears on the reader pushing us to go offshore. The further rhetoric of "this country is going down the tubes", "Americans today aren't as hardworking", and "your buying power today is minuscule compared to the last generation" are tired. I've heard these same arguments at MLM meetings. His comment about "Americans today aren't as hardworking except a few kids making things happen in Silicon Valley" is especially ludicrous. Living in the valley after the Internet bust, we now know most of these startups were ran by fraudster CEOs and greedy VCs. I think a new edition of this book is due.

I agree with an earlier reviewer, if you want to be motivated, skim through this book. If you want to know the HOW, go elsewhere. All the author will tell you is to consult an "offshore" specialist. And guess what, I get about 10 spams in my email account each day from offshore specialists. I typically delete them all with the Viagra, breast enlargement, and the retire in 3 months spams I get.

The book introduces the concepts associated with off-shore havens, but does little beyond that. Certainly, off-shore havens can be used by individuals and corporations for a variety of benefits, but the author does not adequately discuss implementing those benefits. Also, there's a lot of hype and questionable tax advice for U.S. residents. My advice is to retain an accountant and an attorney with a history of specializing in international taxation and commerce, as opposed to a "consultant" whose tax and legal credentials are unknown. This book is probably not the one you want to buy, but I would encourage people interested in the subject to not give up hope, tax havens are worth it.

This book is a good intoroduction to the world of offshore banking and tax havens. However, it focuses on all of the reasons why you should use offshore tax havens and not enough on why you shouldn't. As an owner of a corporation operating out of Antilles, I know how the process works. First of all, it is very easy to find yourself in a legal bind with the IRS for attempting to hide income. Next, finding a trustworthy offshore banker to help you register is hard to do and can be risky since they operate under foreign jurisdiction. Lastly, the benefits of offshore tax havens is not that great due to the high costs associated with the process. The type of people that usually need offshore accounts are people that are either involved in a debacle that requires them to hide their assets or people who need to launder money. In other words, if you do choose to use offshore tax havens, make sure to do your homework and consult a licensed financial consultant.

One of the book's first page titles is "how to..." and all I wanted is to better understand mechanics of tax minimization structures and how they actually work. All I could find in the book is "this can be done, but call an expert or better yet call me". I agree experts are needed but I'd like to have a glimpse of their concepts and knowledge first, but obviously they won't share it for $....

I followed the book's instructions to the letter and tried to open a current account at three Singapore banks recommended in the book. Only one replied, saying I could only open an account denominated in US dollars or Singapore dollars, and not any other currency, contrary to what the book says. In addition, this bank wanted somebody already known to them to introduce me to them before they'd deal with me. This book is a waste of time and money. I'm now doing internet research to get the informmation I need to do what I want to do. It takes a lot more time, but I feel confident of success.

Don't waste your money.

The author is a sham artist. He was convicted, and in a plea bargain handed over his entire client list to the US Governtment. None of the advice in this book is legal or legitimate.

this book is the equivalent of the saturday morning "get rich quick" scheisters you see on TV (and incidentally, the author, naturally, pitches his wares at the end).

the advice in the book goes beyond being bad...its irresponsible, misleading, and negligent.

here's one of the author's brainfarts (paraphrased):
"open an off shore reinsurance company, and then with your domestic company, purchase insurance from your off shore company--that way the premiums are both tax-deductible and a source of profit at the same time!" ---and how exactly would this help you in event of a claim?

or better still (and i quote):
" (US) banks are in bad shape--worse shape, in fact (though none are provided---a common refrain in this book, claims w/o data!), than most foreign banks. Of course, your money is insured up to $100k by the FDIC, but what would happen in the event of a universal banking crisis? Federal agencies could never handle the massive run on banks that would ensue..." ---oh, so this is to imply that a small private off-shore bank is going to serve as the new financial risk-free rate determinant (setting all financial markets back 100+ yrs), and this small off-shore bank is going to be far safer than the US Govt (FDIC)?

this book is an insult to anyone w/ a critical mind. its beyond terrible. its a great way to lose money, whether you invest as he advocates, or simply throwing away your $30 to buy it.

This book is short on details. It lists, Money Havens but at the same time does not give a complete picture. Except "do your own due diligence.