Financial privacy is something that is easy to understand. In short, you don't want anyone to know what is your exact net worth. In most cases, it is better to let others know that you have lesser assets that you actually have. Remember what happened to Al Capone? The investigation agency could not find any evidence about his crimes but they ended up charging him with tax evasion. When your assets do not tally with your earning in a massive way, you are a prime suspect of tax evasion.
When is the right time to achieve financial privacy?
We should start now as no time is the best time to work on it. In fact, to achieve full financial privacy, it will take months to achieve it realistically. Certainly, we don't expect you to have a big briefcase of cash in your home and trying to put it into the financial system. Remember, the more cash you have, the more time you are required to digest.
Why you need financial privacy?
There are situations whereby you like others to know that you have lesser liabilities as well. For example, you like to borrow money from your friends and you like them to have the impression that you don't owe others money. This enables you to borrow money from your friends and they have the impression that you will be able to return them.
Is it better to let everyone know your assets and liabilities? That depends on who are you talking to. In most situations, it is better to keep quiet about your financial information.
Recently, Offshore Corpserve did some research to find out more information about TIEAs (Tax Information Exchange Agreements) and we found many interesting things. It looks like as the investigation agencies around the world are enhancing their surveillance ability, many are forced to use cryptocurrencies like bitcoin. To certain extend, Offshore CorpServe helps to incorporate offshore companies and establish an offshore bank account to provide financial privacy to customers. You might have read up a lot of articles about how the law enforce agencies have improved over the years but do you know what this forced the a lot of illegal businesses into the "dark web"? What we see over the internet using the web browser like Chrome and Internet Explorer are not the dark side of the Internet. The dark web is a subset of the deep web and the deep web is a subset of the internet.
How do we achieve financial privacy?
There are a few ways to achieve this. Certainly, an offshore company with nominee service will help to certain extend. On top of that, a bitcoin account will enhance your financial privacy further. In fact, have you notice that the victims of ransomware paid the ransom in bitcoin? So now, we are puzzled. In the event if all the payment in all these illegal activities are paid in bitcoin, is there anything the law enforcement agencies can to to help the victim? This is happening now and it seems that bitcoin is a safe place for those who likes to achieve financial privacy.
As we can see, it is easy to find out what you have in your own country. It may take more effort to find out what you have in overseas. Certainly, to hide assets in the cyber world is the best way to go. Just a note for those who are interested in this topic, please watch "Banking on Bitcoin" if you like to know how the real internet works. We will be writing a few more articles in near term regarding privacy.