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When you stash a portion of your cash assets in a private off-shore bank account, you may receive many benefits and advantages. Off-shore cash is free from home government interference and excessive taxation rates. It also brings a higher interest rate and freedom from restrictions, since off-shore accounts may offer opportunities to invest in foreign stocks, bonds and mutual funds. Off-shore repatriation of funds is a legal concept where a judge orders a person to bring funds back into their country. Generally, judges grant these orders usually in criminal cases, sometimes a serious civil case like civil fraud.
When you repatriate funds, it is important not to transfer them directly from your off-shore bank account and place them into an account in your home country. Doing this may eliminate the privacy of your off-shore account. Your off-shore stash will be known to your home bank and the funds you have will be considered taxable income.
When setting up an offshore asset protection structure, you should hire the assistance of an off-shore lawyer, as opposed to an on-shore lawyer. An off-shore lawyer can help you protect your assets in case there is a conflict of interest with an onshore law firm.
If you are concerned about an off-shore repatriation of funds, we can help you find a tax lawyer that can help. Contact Attorney Search Network for a tax lawyer referral today.
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