Customer Reviews

Offshore Havens

5 star:		(5)
4 star:		(1)
3 star:		(2)
2 star:		(1)
1 star:		(1)

 

 

Many Americans wonder why anyone would want to take their money offshore. Some might reason that with news of the Dow rising to record levels, inflation being tamed, the unemployment rate standing at its lowest level in six years and the federal deficit being down sharply, that there is no real reason to go offshore. In spite of all the national good news, there are many legitimate reasons for moving money offshore. In a nutshell, all these reasons are based on the fact that offshore rules are different from domestic ones.

Since the French Revolution, the wealthy have moved money offshore to safeguard their assets, to make a decent return, and to avoid paying taxes on their gains. There are currently some 218 jurisdictions that offer these and other special incentives to foreign investors, and many are among the best places on Earth to vacation. For example, the Caymans, three lush islands 475 miles from Miami, do not levy taxes on personal or corporate income, capital gains or your overall wealth. On top of that, the islands' financial-privacy laws can protect your assets from creditors and people who might sue you. It is indeed no wonder why the main street of this tropical paradise is lined with branches of banks from New York City, Amsterdam and Geneva.

The US government frowns on you relocating your money offshore. If everyone could invest abroad and in secrecy and never pay a dime in taxes the federal government would go broke even faster than it already is doing. It is in no way illegal to take your money offshore, even though the government has done its part to try to persuade you to not do so. Although several reporting requirements have been instituted by the government for those who do go offshore, several excellent strategies have been developed to minimize or eliminate them, and for that matter to also minimize any tax effects that such a move might entail.

Furthermore, US citizens are generally required to report income from offshore investments and to pay taxes on this income. Once again, numerous strategies have been developed to eliminate these reporting requirements so that the government will not tax your earnings at a higher rate than if your money had never left home. It is important to understand that this excessive taxation is the government's way to discourage citizens from moving funds offshore because when you move your money offshore, the government loses control.

Some strategies include elements such as chartering your own foreign bank, insurance company, corporation, or establishing a foundation or trust. An offshore corporation, bank, or insurance company is as much a legal entity as you are.

This work is mostly a prep rally for investors who are considering offshore investing. To someone who is actively considering offshore investing, however, this book is a disappointment. I was hoping to see step-by-step instructions on opening offshore accounts, web sights, and legal case cites which regarded privacy rights and pro-taxpayer stances. Instead, the author goes on about 'how great it is' and 'why you should do it' with dark references to those conspiring against the wealthy. Further, this book (a 1995 publication) is already dated: certainly sophisticated offshore banks must have since set up secure websights for conducting business with customers (something deemed quite risky in the internet's infancy - i.e., 1995). In short: while of some value to the novice investor, those seeking a comprehensive resource need look elsewhere.

I guess I was able to benefit from this book by default . . . I am intrigued by the topic. Goldstein provided satisfactory information to give the reader a conceptual understanding about how one would use offshore investments to protect assets, acheive greater privacy and avoid taxes, howerver, this was only provided in the last 4-chapters of the book. I am still trying to figure out which group of elementary school children he wrote the first 3-chapters for. The redundancy of the first half of the book, and its inability to better conceal what can only be described was a simplistic pep-rally to motivate the mentally challenged reader to go offsohre was boarderline insulting--more condescending than listening to Al Gore pay lip service to the middle class. If you have no conceptual understaning whatsoever of offshore investing, this is something you may want to pick up. As for myself, I am going to thank Mr. Goldstein for the introduction and the opportunity of spending $30 and move on to a more comprehensive and more specific work on the subject.

This was a 5 star book when it came out and now it's a 1 star. Almost all the info in this book is now dated and obselete.

Updated July 2006 - Book is now outdated.

It was very fact-filled. I was pleasantly surprised to see many references to services around the world with addresses and phone numbers. His no hype style earns him considerable trust. Definitely the book to buy and keep.

READ THIS BOOK BEFORE OPENING ANY OFFSHORE ACCOUNTS!!!!!!!!!!

After reading several offshore books - this book stands out as being the best for being straight forward and not too technical. A good first book for someone looking for offshore investing.

An interesting analysis of current country havens. A little superficial in content, but of benefit to the non American investment watcher & initial investor. More specific set up detail would have been appreciated.

THIS BOOK GIVES YOU SIMPLE WAYS TO PRETECT YOU MONEY. PRETECT YOURSELF FORM LAWSUTES AND THE GOVERMENT. REQUIRED READING IF YOU WONT TO BULD WEALTH.