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Why The Current Financial Crisis Is Benefitting The Offshore Jurisdictions

These protection strategies will lead to conflicts between countries, and it will be more and more difficult for them to collaborate against low tax regimes and enforce their high tax socialist strategies on other countries. We think, and many experts agree, that the current situation is just a step closer for the Asian countries overtaking the role as the economic superpowers from USA and the European Union.
From our point of view Hong Kong, Singapore, Panama and the Seychelles will be the key players in the future offshore/tax planning industry. Hong Kong and Singapore are obviously significant parts of the Asian economy, and they will never give up their bank & corporate secrecy, just because USA/EU is telling them to do so. We are now going to explain the reasons why Panama and the Seychelles also are in favorable positions. First of all they are both independent nations, they both have a strong financial sector with many banks, excellent corporate structures, excellent bank and corporate secrecy. But they are also very important trading centers for Asia. China has huge interests in Panama, with the significant part of their export going through the Panama Canal. China would probably help Panama to defend their bank and corporate secrecy laws in case of that they would be targeted by the USA and/or the European Union. Nor USA nor the European Union would be interested in getting into a fight with China.
The Seychelles is also in a key position. It’s a key trading center for Indian companies and other Asian countries. It’s highly unlikely that they would let anything happen to the banking or corporate secrecy in the Seychelles. What is also supporting these arguments is that Mr. President Barack Obama recently threatened several offshore jurisdictions actions to force them give up their bank and corporate secrecy laws. Some of the countries included were British Virgin Islands, Bahamas, Cayman Islands, Gibraltar etc. No threats or allegations were made against the Seychelles. Nor USA nor the European Union wants to be an enemy to China or to India. The main reason for this is that the Asian countries are net lenders to the countries in the West, and currently sitting on huge amounts of US treasuries. By selling these treasuries they could crush USA for good.
We think that there are some countries to avoid, and that are the countries with a clear link to the European Union like British Virgin Islands, Cayman Islands, Gibraltar etc, which all are UK territories. They will sooner or later meet the destiny of Isle of Man and the Channel Islands (Jersey and Guernsey). Also watch out for Andorra and Monaco.

Switzerland is safe heaven, they will never give up their bank secrecy. End of discussion. The financial sector is one of the major industries in Switzerland and represents a significant part of their GDP. To give up their bank secrecy, would lead to massive flight of capital, and ultimately lead to bankruptcy of the country.

http://www.lpoffshore.com/eng/financial_crisis_benefitting_offshore_jurisdictions.html

About the Author

LPOffshore.com – LP Corporate Services specializes in offshore companies, offshore bank accounts, offshore trusts, offshore foundations etc.

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