A lot of pundits are saying that, in 2011, private offshore banking is dead. Well, maybe that's what they want you to believe, but nothing could be further from the truth. There has certainly been a crackdown around the world on tax evasion. But offshore banking is not about tax evasion. People who try to evade taxes by simply hiding money offshore and not declaring it are - how shall I put it? - plain stupid. There are plenty of ways to reduce your tax bill legally using offshore structures , though the precise details depend a lot on your citizenship and residence. You'll find plenty of information on this in The Q Wealth Report free area .
A decade and a half ago when I started writing about offshore banking, times were good and one of the main motivations for going offshore was, indeed, reducing taxes. These days, with the world economy in chaos, taxes are a relatively minor part of the problem. For example, in 2010 we have already seen governments in the European Union such as Hungary and France seizing retirement funds in order to service government debt. In 2011 I predict we will see a lot more of this… major governments like the USA are already headed in this direction. Getting your nest egg safely offshore and diversified into different asset types and currencies should be a priority. Google “Q Wealth Report” to Read Practical Offshore Banking Guide 2011 and forthcoming years guides.