Economic Fears - Thousands of Americans Suddenly Searching for Information on Offshore Banking

Growing concern throughout America about the impact of a second Bush term on the economy, recent declines in the value of the dollar against major world currencies and the latest attempts at IRS reform have people throughout the United States searching wildly for information about offshore banking and other offshore financial planning services.

TOKYO, JAPAN (PRWEB) November 23, 2004 -- Growing concern throughout America about the impact of a second Bush term on the economy, recent declines in the value of the dollar against major world currencies and the latest attempts at IRS reform have people throughout the United States searching wildly for information about offshore banking and other offshore financial planning services.

According to James Allen, the Tokyo, Japan webmaster of http://www.gatestowealth.com, which provides information on tools of offshore asset protection, there have been an incredible number of web searches for information related to this topic in recent weeks.

"In October alone one search engine reported that the term 'offshore banking' had been searched for over 17,000 times," says Allen. "It seems there are a lot of people who are becoming very worried about keeping their money inside the USA."

According to Allen, there is a lot of misinformation circulating about offshore financial matters. "Many people in America think that they can hide their money in offshore bank accounts, earn high interest rates and avoid paying taxes, but this is not the case," says Allen who is quick to point out that the USA is one of only two countries in the world that taxes their citizens' income even if it is earned outside their own borders. "Many people are surprised to learn that the only other country that does this to its own people is Libya, the Islamic nation in North Africa famed for its dictator Col. Muammar Qadhafi."

Not to worry though, as Allen suggests there are many ways that going offshore can be very beneficial for Americans. "Although you won't be able to avoid paying taxes altogether, there are many advantages to creating an IBC (International Business Corporation) and setting up a bank account offshore." Without going into details, Allen suggests researching the various companies that offer offshore financial services for specifics, since the correct legal procedures depend on each individual's situation and needs.

"Do beware of any offering that sounds too good to be true," reminds Allen, "especially companies promising high monthly yields on offshore accounts." Allen also strongly urges that anyone considering asset protection planning talk with their own personal financial advisor or lawyer before doing business with any company offering offshore products.

Allen even offers a warning about his own web site, "While our site offers general information on the topic of going offshore and suggests many companies that want to help you with your offshore financial plans, always be sure to do your research and make certain that you are dealing with a reputable firm before putting any of your money in someone else's hands."

For more information on various instruments of offshore asset protection and links to companies offering offshore services, visit http://www.gatestowealth.com .

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