Offshore Repatriation of Funds
Definition:
When you stash a portion of your cash assets in a private off-shore bank account, you may receive many benefits and advantages. Off-shore cash is free from home government interference and excessive taxation rates. It also brings a higher interest rate and freedom from restrictions, since off-shore accounts may offer opportunities to invest in foreign stocks, bonds and mutual funds. Off-shore repatriation of funds is a legal concept where a judge orders a person to bring funds back into their country. Generally, judges grant these orders usually in criminal cases, sometimes a serious civil case like civil fraud.
Consequences of Offshore Repatriation of Funds:
When you repatriate funds, it is important not to transfer them directly from your off-shore bank account and place them into an account in your home country. Doing this may eliminate the privacy of your off-shore account. Your off-shore stash will be known to your home bank and the funds you have will be considered taxable income.What a Lawyer can do for you:
When setting up an offshore asset protection structure, you should hire the assistance of an off-shore lawyer, as opposed to an on-shore lawyer. An off-shore lawyer can help you protect your assets in case there is a conflict of interest with an onshore law firm.Lawyer Referral Service:
If you are concerned about an off-shore repatriation of funds, we can help you find a tax lawyer that can help. Contact Attorney Search Network for a tax lawyer referral today.
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