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Thinking About Hiding Assets Overseas?
From time to time people ask me about using asset protection tools to hide assets from creditors or former spouses. Some people believe asset protection tools can be used to hide income from the IRS. My standard response is that asset protection is not asset hiding, and that current technology precludes secrets. To illustrate my point I invite those harboring images of asset secrecy to visit a relative new blog written to help creditors discover hidden assets here and overseas. The blog is called “The Asset Search Blog” edited by Fred Abrams, www.assetsearchblog.com.
Mr. Abrams uses sophisticated methods and his personal contacts to help uncover assets anywhere in the world. Some of his entries debunk common myths such as the absolute secrecy of Swiss bank accounts. Read the blog before you devise schemes to hide assets.
posted by Jonathan Alper, asset protection and bankruptcy attorney, Orlando, Florida
October 21, 2007 in Offshore Planning | Permalink
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Comments
To add to Mr. Alper's good post, I'd like to mention that beneficial owners trying to hide their assets offshore can sometimes violate several U.S. and / or foreign laws. For example, I have encountered a bankruptcy debtor who violated 18 U.S.C. Section 152 (Concealment of assets; false oaths and claims; bribery), by concealing assets via shell companies; nominees; and bank accounts in the Netherlands.
I similarly learned that a N.Y. attorney had likely violated 18 U.S.C Section 1956 (Laundering of Monetary Instruments) and Swiss Law, Art. 305bis of the Swiss Criminal Code: Money Laundering. In that particular case the attorney made a business of disguising the beneficial ownership of organized crime and other monies while parking them in banks in both Zurich and Geneva.
I have also found that U.S. residents hiding assets offshore often violate tax fraud statutes like 26 U.S.C. Section 7201 (Attempt to evade or defeat tax). Depending on the circumstances, the above are just a few of the criminal issues which may arise when assets are hidden offshore.
Posted by: Fred Abrams, Esq. | Nov 4, 2007 10:15:38 PM
I agree. Hiding Assets overseas is a risky thing to do and should be well researched.
Posted by: Asset Protection | Oct 27, 2007 1:05:49 AM
