Customer Reviews

The Offshore Money Book: How to Move Assets Offshore for Privacy, Protection, and Tax Advantage

5 star:		(12)
4 star:		(5)
3 star:		(1)
2 star:		(1)
1 star:		(2)

 

 

First, the disk is useless. 80% of the references to internetsites are outdated. The other 20% are of questioinable nature (pureself-promoting advertising sites). Second, the author spend 30% of the book trying to convince the reader (which he patronizingly refers to as the Reluctant American) that it is worth-while to look off-shore for asset protection and tax avoidance structures. I expect most people buying this book would already be interested in the actual mechanisms of holding assets offshore, and would not need additional pushing. Third, the book does not offer any simple and structured explanations of the archaic schemes Arnold illustrates. Key issues such as tax planning questions are given with out reference or citation, while the footnotes are littered with irrelevant comments about stock prices and historical events.

This book is only for reader who need to be coerced into into simply travelling abroad, not for those that are looking for guidelines and contacts on how to keep money offshore. Better books (like Tax Havens of the World, or 2000 International Tax Havens Guide : The Professional's Source for Offshore Investment Information). You pay for what you get however, ast this book is inexpensive compared to the books that really add value.

Of all the offshore investment books that I have reviewed, this is the best for the price, especially for US citizens. I found this book to be full of usable information and a 'must read' for anyone considering an offshore investment or business strategy. The author offers some very worthwhile advice. While most worthwhile offshore books on the market cost in excess of $200, this book provides some good useable information in both the 'do' and 'don't' department and is an excellent and inexpensive way to get started or come up to speed with recent US legislative changes.

The Internet is big factor and one that has had a major impact in offshore planning. However, it is a double-edged sword. It has allowed clients access to new information and providers with the ability to promote themselves worldwide. It takes skill and knowledge, however, to separate fact from fiction and legitimate provider from suspect.

Offshore investing and stock trading have grown exponentially in the last 3 years but the trick again is distinguishing truth from fiction. Arnie is disturbed by the number of US investors who believe that simply setting up an IBC or other offshore entity and trading through an offshore broker removes them from the responsibility of paying taxes on capital gains in the US. While this may be possible for foreigners investing in the US stock markets, US citizens and residents do not escape income taxes at home simply by investing through offshore structures or an offshore broker. With that said however, an offshore strategy does permit deferral of taxes due on capital gains earned offshore if properly set up, similar to strategies for onshore investments but such structures are often complicated and expensive.

If it were easy and inexpensive to set up a legal structure to eliminate taxes, everyone would do it, which is something that the Internal Revenue Service and Congress will not tolerate. Once this is understood, a strategy for the US person who is an offshore trader and investor does offer other significant advantages as well. These include asset protection and greater privacy. One of the greatest benefits is access to broader markets not normally available to individual onshore investors thanks to the raft of stringent Securities and Exchange regulations.

Finally, if you are looking for a magic strategy in a book (or books) you will probably be disappointed. As attorney Jay Adkisson said recently, the author who puts a technique for reducing taxes down in print usually dooms it to attack by bureaucrats at home. I have certainly found this to be true in my years of reviewing offshore texts and one to be remembered when reading The Offshore Money Book. Even if such structures remain viable, offshore books do not offer sufficient enough detail to permit them to be applied without professional assistance. However, only by reading lots of books will one be able to know the difference between a good offshore professional and one who doesn't know his elbow from a hole offshore in which to sink your money!

Matt Blackman goldhaven.com

This book is better than most of the weak efforts in the field. It's written by a lawyer, and it does, helpfully, expose a lot of examples of schemes that WON'T work. But the reviewer from Peru has it right: none of these books seems to have really detailed descriptions of tax saving/asset protection schemes that might actually pass muster with the IRS/courts, so the whole thing comes off like an ad to bait you into buying the inside info from the author directly. All said, though, this book is a good deal better than any of its competitors.

This is a good book for teaching newbies the basics of how to go offshore, open bank accounts, and (perhaps most importantly) avoid offshore scams.

The book needs to be read in light of recent revisions to the Patriot Act and new currency transfer reporting requirements. Don't even think of going offshore if your goal is to try to hide money from Uncle Sam, since if your particular plan fails it will probably end up being felony tax evasion.

While some of the specifics are dated - this is the best book on the subject - bar none. It written by a real professional in the business - not book by a hot air promoter like the now indicted Terry Neals or the indicted Jermore Schinder that lie to their clients to get money.

Cornez tells it how it is for US residents.

Read, learn and don't listen to those who tell you what you want to hear - but just lead you in to trouble.

So when does he come out with the new edition?

Bob

Arnold Cornez's text is the classic guide to how to "go offshore" and what to avoid. While giving a realistic view of offshore banking and investing, Arnie also points out many tax pitfalls and dangers, and makes clear that you really need a qualified tax attorney to assist you.

This book is a great compliment to Adkisson & Riser's Asset Protection book (which is primarily aimed at domestic solutions), and reading the two together will give you a good overall picture of domestic-foreign asset protection and privacy planning.

But don't buy either of these books if your goal is simply to hide money offshore, because they both tell you in the clearest terms that such strategies don't work in the real world. If you want that kind of advice, then buy the book of the several authors who coincidentally are convicted felons (and who later sold their many clients out to the IRS in exchange for reduced sentences) such as Terry Neal and Jerome Schneider.

Not surprisingly, [...] artists detest this book and are undoubtedly those writing the bad reviews, since Arnie points out a wide number of offshore schemes and [...] that offshore newbies too often fall for -- and of course anybody who reads this book and avoids those scams is taking money off the dinner plate of the numerous [...] in the Caribbean and elsewhere. That fact alone makes the value of this book equal to its weight in gold.

After spending 2 years in Costa Rica and learning much about investing offshore and what not to do, I read every (affordable) book I could get my hands on (Offshore Money Havens, Tax Haven Roadmap, Tax Havens (Barber and Ginsberg), Behind Closed Doors, Take Your Money and Run, etc.). The Offshore Money Book was the most up-to-date with clear examples and Arnie tells is like it is. So many books are either come ons to sell offshore services or down right illegal and could get the neophyte offshore investor in serious trouble

I hoped to find in a book like this how Offshore looks from the inside, the kind of schemes offshore bankers can provide + Detailed and practical examples of the above. Instead I found lousy information already available (free!) in the Internet + Some publicity to Mr.Cornez acquaintances. Lost money :(

Famous authors of several other books like this one, for example Jerome Schneider, have already been * convicted * of tax fraud and have handed over their entire client lists to the US Government.

There is no legal way of avoiding US Taxes through offshore banks, offshore trusts, or numbered accounts. These things are only good for:

1.) Asset protection
2.) Diversifying investments/access to greater variety of investments

and that's it. Be wary of advice in books like this one if you are using them to avoid taxes.

If you don't like paying high taxes, give up your residency, hand in your passport and get citizenship in a country with lower taxes.

Written from the American point of view, this book provides some valuable information, IRS forms, tips, strategies and advice to the new or experienced offshore investor. The author takes a realistic approach without the hype and scare tactics used by other, less credible authors in this field. This is a book on my list of favourites of the 40 plus offshore books and newsletters that I have reviewed. It is also the most reasonably priced. Keep up the good work Mr. Cornez! Matt Blackman - Goldhaven Information Systems/ Ginsglobe Communications END