#CBSLAHelps: CBSLA is teaming up with the American Red Cross to raise money for victims of the Southern California firestorms. Call (818) 821-1080 or Click Here to donate now! You can also text CBSLAHELPS to 75759 to learn more | Share Your Story
Sponsored By Strategic Tax Defense
Offshore banking can a detailed process, and it takes an expert to steer you in the right direction. Enter the qualified tax lawyer. Better yet, enter the former IRS tax attorney who has looked at this situation from both sides and from an expert point of view.
The Right Stuff
You may need to do some smart shopping to find the right professional to assist you in your offshore banking efforts. To start, set up appointments with proven IRS tax attorneys to determine if you are picking the right professional for you and your particular situation.
 
To assist in your quest, ask each candidate what the advantages would be to opening an offshore account. Also inquire about any tax consequences. In addition, request a list of countries in which an offshore banking mission is not only acceptable, but legitimate, too.
 
Once you happen upon the right IRS tax attorney to work alongside you in this financial matter, be on your toes for the next step. Picking the right country to do business with the right tax shelter to host your funds is important.
 
Also, keep in mind that if your tax lawyer says the only place to open an account of this type is in Switzerland, immediately get out of your arrangement with this person as that is a red flag. Although this European haven may be right for you, there are many other options from which to choose.
Destination Determination
In fact, consider all the options presented by you by your IRS tax attorney. Countries like Panama, Costa Rica, Singapore and Luxembourg should be on that list in addition to the regulars – the Bahamas, the British Virgin Islands and Bermuda among them.
 
After being provided with so many choices, look to your tax lawyer to give you the pros and cons of each place you are considering for offshore banking. Go through the list and ask as many questions as you can to narrow down the possible places and ultimately determine which is the right place for your particular situation.
Decisions, Decisions
Even though your tax lawyer will guide you, in the end it’s up to you to decide where to put your money. In addition, you may be told by your IRS tax attorney that you should actually visit the nation of interest and the bank in particular in the country that might become your offshore bank.
 
Consider this advice to be golden because there is no doubt that by taking this expert’s word to heart, you will learn a lot. So be prepared to take a trip, one that you will probably enjoy for the financial reward and for the adventure, too. It’s a win-win situation all around. Bon voyage.
By Ellen Chadwick
Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Los Angeles

facebook.com/CBSLA
Plan Your Trip

Watch & Listen LIVE