Bermuda has held a conference on wealth and asset protection, in particular in offshore jurisdictions. However, the event coincided with a new U.S. government warning against banks assisting tax evasion.
According to SovereignSociety.com, the meeting of wealth management and protection experts aimed to "demystify" offshore banking and present the benefits of a well-crafted asset protection plans.
One of the speakers, representing Jyske Global Asset Management, suggested currency diversification away from the dollar and careful risk management were critical in today’s economic environment.
Another participant suggested considering life insurance policies.
"[A]n insurance policy is merely a tax-deferred investment vehicle," said Colin Bowen from Isle of Man Assurance Group, quoted by the website.
"They can help you protect your capital, make estate preparations, maximize tax efficiency and diversify your holdings," he added.
An insider with offices in Western Samoa, Anguilla and Belize talked about "smart" approaches to offshore investments that include contacting regulators and licensing agencies in the jurisdiction where the investor hopes to set up the trust.
However, those who would like to transfer their assets offshore would be well advised to consider the U.S. government’s pledge to go after undeclared profits shielded in tax havens.
According to the New York Times, the IRS is preparing to pursue foreign banks suspected of facilitating tax evasion by wealthy Americans.
The Swiss bank UBS has already been forced to pay U.S. authorities $780 million in fines and promised to identify some of its American clients.