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Query re: tax free offshore investments

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  • Vernon K. Jacobs
    QUESTION: I have just left my company and I have $175,000 in my savings and investment account.It there any was to transfer that money in an offshore account
    Message 1 of 1 , Oct 4, 2006
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      QUESTION: I have just left my company and I have $175,000 in my
      savings and investment account.It there any was to transfer that money
      in an offshore account to grow for the next 15 years,to avoid my heavy
      tax burden when that money is drawn out?I am new to this, and with my
      low amout I need to capitolize on it to the maximum potential.

      REPLY: You did not state whether those funds are in an IRA or other
      tax deferred retirement savings account. If they are, I don't know of
      any legal way to avoid paying taxes on distributions after you reach
      retirement age.

      For assets that are not in a tax deductible IRA or similar savings
      account, I only know of two legal ways to invest assets offshore
      without having to pay tax on the income as it is earned. One way is
      with an offshore tax deferred annuity. The other is with an offshore
      life insurance policy. Most other offshore investments are taxed the
      same as similar U.S. investments -- with some exceptions such as
      foreign mutual funds.

      There are a variety of legal ways to minmize taxes on investment
      income within the U.S. or outside the U.S. I have just completed a
      final draft of an update of my book on "Legal Ways to Save Taxes
      Offshore and Onshore". It's not ready to release yet because it has
      not yet been reviewed by my co-author. Hopefully, it will be ready for
      release by the end of this month.

      Meanwhile, Offshore Tax Strategies was released early last month and
      it includes a description of the tax treatment of most kinds of
      offshore investments. See
      http://www.offshorepress.com/offshoretax/index.htm


      Vern Jacobs
      www.vernonjacobs.com
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