Thursday, 20 December 2018 13:43

Privacy in Tax Havens

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Privacy can be defined as something we have the right to protect and conceal from others. There is a type of privacy that is very much linked to Tax Havens and offshore businesses that affects personal, tax, financial economic data called privacy in Tax Havens.
Most governments, led by the United States, are passing laws and regulations to strengthen the fight against international terrorism, drug trafficking and money laundering. Many times, these measures seriously limit some individual freedoms, in addition to compromising the right to privacy of many innocent citizens. There is no lack of protests that consider that there are shady political and economic reasons behind supposedly legitimate purposes.
Today, there are more people concerned about maintaining confidentiality and all of their financial transactions. Privacy in Tax Havens offers ideal support because it has strict privacy and banking secrecy laws. However, at times it has been used to commit tax fraud or carry out illegal activities, thereby harming legitimate offshore business.
By avoiding public exposure of property that a person owns, he/she can abort different threats such as lawsuits by unscrupulous individuals who only seek financial gain, extortions by Mafia or criminal gangs, lawsuits by creditors who intend to go beyond corporate responsibility, etc. There may also be other reasons of a corporate nature such as confidentially participating in another company, or of course, personal reasons.
But it is useless to seek privacy in Tax Havens if you leave tracks in the form of email, letters or bank traffic. In this regard, the offshore or related sectors have developed various services that pursue the goal of total privacy in offshore businesses: virtual offices, where email is received at locations other than the address itself; virtual telephone numbers; telephone numbers in other countries where the client’s telephone calls are rerouted; encrypted solutions for email that prevent emails sent via the network from being read; anonymous web browsing software or concealing IP to surf the Internet and send email without revealing the user’s location; offshore web hosting and private domains, which are servers located in safe offshore locations; anonymous credit cards for online payments and withdrawals at ATMs without recording the user’s identity.
Other services are anonymous online payments via electronic money; different types of electronic currencies with which payments may be made anonymously; economic citizenship or second passport programs, normally assigned to people who wish to leave their country or renounce their nationality in order to obtain tax windows or operate offshore businesses with greater privacy; alternative drivers' licenses. They are available in certain countries and serve as alternative identification, similar to a passport; and camouflage passports and various identifications that lack legal force, but are used to feign another identity under certain circumstances.

Published in Tax Planning