Why ofther people go offshore
The reasons for going offshore and utilising offshore companies for tax planning and offshore business include:
- Free remittance of profits and capital
- Reduced taxation
- Access to tax treaties
- Security of property rights
- Banking privacy
- The search for political stability
- Availability of offshore experts
- Access to foreign insurance and reinsurance
- Customs and duty exemptions
- Exchange convertibility
- Government cooperation
- Fair treatment
- Territorial taxation on foreign income
- Fewer restrictions
- Tested legal systems
- Higher yields and returns
The motivations for individuals and corporations to utilise offshore planning and offshore companies include the desire to:
- Reduce tax
- Protect assets
- Maintain privacy
- Avoid bureaucracy
- Manage risk
- Reduce costs
- Enhance assets.