Chapter 9 - The Offshore Advantage (Sneak Peak...)

“Nothing hurts more than having to pay an income tax, unless it is not having to pay an income tax.”  – Sir Thomas Robert Dewar (1864-1930), Scottish whisky distiller

The offshore industry is one that is not well known and often misunderstood by the general public.  There are several reasons behind this, such as the government not wanting you to know about it.  Therefore it will be both my duty and pleasure to try to shed light on this secret market.  Let’s begin by examining a few of these myths by drawing a line between fact and fiction.

Myths & Facts

There are many myths and lies surrounding the offshore industry.  Let’s take a moment to shed some light on the most common misconceptions that lurk out there.

Myth #1 – Offshore banking is for criminals and money launderers

Offshore banking is often misperceived by the public as a mechanism through which criminals, drug lords, and terrorists pursue their unlawful activities.  The reality is that this could not be further from the truth.  While some criminal activity may take place offshore, the vast majority of financial crimes take place “onshore” inside Canada, the United States, and several western European countries.  For the most part, offshore banking is used by people and businesses of many different countries for legitimate purposes.  Offshore banks and financial centers exist to provide their customers with a means to protect and hold their assets, reduce their tax burdens, provide superior investment alternatives, as well as render many other services...//

© Dan Fournier, 2007, 2008