Choose Tax Havens and Asset Planning Instruments.
The choice of a tax haven depends on numerous factors. Firstly you must decide whether to settle down in the new country in reality or just virtually. To take this very first decisions there are factors beyond the merely financial aspect which have to do with the quality of the life. Often tax havens have advanced banking systems but they don’t offer, for instance, decent health services and homeland security.
Among the things to be appraised we have the political system, its stability is very important; the monetary system, meaning currency and inflation; the telecommunication infrastructure, including access to the Internet; the availability of direct flights from your country or neighboring countries; the postal service and the geographical position. More than often the greater a distance from your country of residence the better
Selecting a place that gives you financial advantages is also a matter of cost: Montecarlo is a fiscal shelter very close to southern European countries but it mainly welcomes huge capitals, therefore if your savings or investments are in the order of tens of thousands Euros, Montecarlo is not your haven.
During the ‘900, Panama, in Central America, has been very successful. This country guarantees simplicity of administration and lower costs for incorporating offshore companies and managing them. In addition, it offers political and economic stability since its currency is actually the US dollar.
The difference between the two States stems also from their fiscal policy: while the Principality of Monaco doesn’t tax personal income but has a high tax imposition on corporate income, Panama does exactly the contrary. Corporate income from operations outside the territory of Panama is tax free.
The last but not least factor is the necessity to have experienced advisors that can support you in a professional way in the tax haven you have chosen, so as to solve any kind of issues might arise and do that in a fast and effective way.
If you want to know how to choose tax havens and asset planning instruments, ISOG lawyers and attorneys at law can help you find the most appropriate solution to your needs.