Keeping the whereabouts of your assets is ok, except when . . .
This is a burning question that has surfaced in light of the Panama Papers. When is it ok to have off shore accounts? The simple answer is when you do not owe anyone any money and after you have paid all the taxes that are due on the assets that you wish to keep secret. See recent article by Real Estate and Corporate Law Partner David Blattner: Have the Panama Papers Taught Us Anything We Didn’t Already Know?
You cannot maintain a secret web of companies, with the intention of hiding this information from creditors to whom you owe money. That is illegal.
You cannot transfer assets that would be subject to execution by a creditor to an off shore, or out of state company, in order to not pay debts that you owe. That is illegal.
This is the basis of the investigation that has been opened up as to all the public figures mentioned in the Panama Papers. Including noted celebrity Daddy Yankee.
In today’s Daily Business Review, South Florida’s prominent daily business paper, one of the headline stories regards Assouline & Berlowe, P.A.’s subpoena issued to Mossack Fonseca, the Panamanian law firm that has gained notoriety for opening off shore accounts for high profile individuals all over the world.
Through their subpoena, Assouline & Berlowe, on behalf of their clients, creditors of Daddy Yankee, are seeking financial information from Mossack Fonseca as to Daddy Yankee’s assets and financial affairs.
A link to the complete article is: http://www.dailybusinessreview.com/home/id=1202754983211/Panama-Papers-Reports-Show-Daddy-Yankee-Might-Have-a-Way-to-Pay-Millions-Owed?mcode=1202617073880&curindex=2