The
first thing to realize about a "secret account" sometimes
referred
to by the euphemism "offshore account" is that in
order
to be kept secret from your potential enemies
(creditors
and tax collectors) it must be kept secret from
everyone.
Generally speaking, a stranger you meet at a bar
isn't
the person who turns you in to a tax collector or
otherwise
blows the whistle on you. Besides Big Brother,
your
potential enemies include your spouse, lover(s), your
business
associates or partners, your own kids. These days,
you
must add to the list of potential informants against you,
your
accountant or lawyer. Your accountant, lawyer,
stockbroker
or local banker in many jurisdictions, particularly
the
USA, is personally liable for criminal prosecution if he has
knowledge
of any concealment of assets, tax frauds etc; if
your
own hired hands don't turn you in they may be
breaking
the law.
New
regulations make these professionals in your home
country
little more than government agents. They are like
deputy
sheriffs. If you don't want sheriff Big Brother to know
exactly
what you are doing then for heaven's sake don't tell
the
deputy sheriffs. These professionals are not on your side.
Because
of laws that will take away their licenses, livelihood
and
possibly their freedom, they have been co-opted. They
are
now in the enemy camp. As such, accountants and
lawyers
are the last persons you should trust with sensitive
information
or from whom to seek advise on "offshore
matters".
Bottom line? You must now establish your secret
offshore
accounts or secret asset stashes without telling
anyone
in your home country, and especially without telling
anyone
in the above categories.
The
second thing to realize is that in most countries of the
first
world, where the vast majority of readers live, every
citizen
is forced to have and use a fiscal identification
number.
Not using this number or giving a false number is
usually
an offense in itself. Countries not having such a
system
are contemplating it. Only recently have Spain and
Australia
adopted the policy of requiring a fiscal ID number
for
everyone. In Spain, even tourists who want a telephone,
electric
service or a local bank account must obtain a fiscal
number.
In the USA, it's now a major felony crime to use the
wrong
number by mistake (accidently on purpose),
transpose
figures or otherwise attempt to defeat the system.
In
case you had any doubt, there is no such thing as financial
privacy
in most of our own countries any more. The unique
number
assigned to you alone enables the government or a
creditor
to identify and seize any asset in the jurisdiction
belonging
to you, even if it is deposited in a variant of your
name.
In the UK, we do not have a system like this, but what
is
in the pipe line?
If
you want any protection at all against arbitrary seizure, any
"secret"
account must be in a foreign country where you
neither
live, do business, have a home, nor have any other
connection,
property or business interests, aside from the
account
itself. This assures that the government in the country
where
your bank account or other assets are deposited has
no
tax or other claims against you.
Your
address, as known to the foreign bank should not be
your
home address, but rather a mail drop in a third country.
This
third country is preferably a banking and tax haven
unlikely
ever to have any information-exchanging treaty or
mutual
assistance on collections treaty with the country where
you
bank or where you live. There is always the possibility
that
a foreign country with no prior tradition of co-operating
with
the enemy will adopt a new policy. If you have the
insulation
of three countries you are safer: A) Passport
country.
B) Maildrop country of presumed residence C)
Banking
country. All these plus a new name give plenty of
insulation.
Your
new account must not be established with funds
transferred
directly from any bank or source in your home
country
that is traceable to you. In other words, if you want
something
to be a secret, don't leave a paper trail. Above all,
your
new account, if it is to be a secret, should be known
only
to yourself and your new banker. You must not ever
keep
paperwork, statements, nor even the name and address
or
telephone number of your secret offshore bank written
down
or on your person. How do you remember it? The
information
must be in a code that is not obvious and easily
broken.
Mirror writing, or writing backwards is so obvious
even
a child could decode it. Information should definitely
not
be kept in a safety deposit box in your home country.
Such
boxes can be easily opened by a creditor or tax
collector
without your authorization. A box in a foreign
country,
especially if it is kept in a different name is secure, if
you
don't identify it for your potential enemies
Your
new account itself, for extra safety, should not be in
your
own name. Your new bankers should not know your real
country
of origin (birth), citizenship, residence, nor anything
about
you to enable them to link you with your true identity
and
citizenship. One possibility for buffering or insulation, is
to
use a "banking passport" or other alternate identity
documents
in order to be able to establish and access funds
in
a totally unrelated name. Another possibility (less good if
the
entity is linked to you), is to use a corporation, trust,
holding
company or foundation to screen your identity.
Perhaps
the most secure is a combination of both. If a bank
account
is held in the name of the XYZ Foundation, and the
signer
is Joe Doaks (not you), you have created a three tier
impenetrable
situation for creditors or tax collectors.
Needless
to say, all is lost if you open your big mouth and
tell
a potential informant (like your business partner, wife, or
best
friend) about your clever method of concealing your
assets.
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