The so called ‘Panama papers scandal’ has made a lot of
heads turn to the asset protection industry. Our Principal at IN Fiduciary
Services, Nico Francken says: “It’s good advertising for us!”
Offshore, or now increasingly popular mid-shore business,
has been huge for decades. Today, the news media is having a heyday with one of
the biggest data leaks in history. Unfortunately, certain politicians and, as
an inevitable effect, general public, show an amazing level of ignorance on the
subject of foreign trusts, foundations and other vehicles for privacy and
wealth preservation.
We see it as our opportunity to step up and inform our
current and potential clients of what the offshore industry really is. Where do
we come in, as fiduciary services provider, what are our tactics and
approaches?
One of the statements from Mossack Fonseca actually made an
important point, and that is that the offshore industry is “not particularly
well understood by the public.”
In this whirlpool of media materials on ‘secret tax heavens’
and ‘money laundering’, the journalists are forgetting to mention a simple fact
that offshore business is, actually, used by the majority of entrepreneurs for
completely legitimate purposes:
- Asset protection
- Stream lining of international business and investment and
- Management and maintenance of family wealth
IN Fiduciary Services generally
do not use ‘tax heavens’ for these purposes. We use sophisticated and
progressive financial and business centers that have been known for decades by
their stable legal and political systems.
To stay on top, it is important to observe strict KYC (Know
Your Client) rules and to perform excellent Due Diligence on the client. Today,
our general client is becoming more educated and understanding of this matter.
The words “I don’t want to” are no longer an option. If a client to
preserve his hard earned wealth or optimise their business structure, we will
ask to provide evidence of their source of funds and to disclose their persona
and intentions.
There is a brilliant saying: “Today’s newspaper is
tomorrow’s Fish ‘n’ Chip paper”. This is so true, so we let the wind of the
Panama scandal blow while it is blowing, while we carry on business as usual,
offering you and your clients effective tools for optimising their business and
private real needs.That is asset protection
in 4 of the world’s prestigious jurisdictions, which have sophisticated legal
and tax systems, brilliantly designed over many years:
Singapore
New
Zealand
The
Netherlands
Labuan (Malaysia)
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