It’s really fairly simple: Greece is broke. European creditor countries are forcing Greece to adopt austerity measures in return for loans. These austerity measures cripple economic growth. Greece becomes broker and needs more loans. Repeat. Greece had done many things wrong. The country’s revenue collection is notoriously lax, corruption is prevalent, and systemic economic reforms are badly needed. The countries leaders have been unreliable. Yet perhaps its biggest mistake has been staying on the euro. That decision has surely been costly. Broke and unable to pay off its mounting debt, Greece has requested loan after loan. The institutions orchestrating the loans, namely the European Central Bank and the International Monetary Fund, have insisted upon “austerity” concessions, including higher taxes, cuts to government services (and pensions) and a sell-off of tens of billions of dollars in state assets in order to recapitalize flailing banks and make good on Greece’s debt payments.
Selling state assets to pay pff debt? That’s similar to somebody selling his home’s furniture to pay off the latest mortgage payment. These concessions have destroyed economic growth, which in turn has collapsed revenue. So Greece has embraced austerity and ended up exactly where it began: broke and unable to put in dent in its debt payments. Except austerity has also ushered in greater unemployment, poverty and untold misery.
Greece can leave the euro (and it eventually most likely will do exactly that), which would throw the country in short-term chaos. That is the only option left to Greece; it was the only option from the very beginning of the fallout from the Great Recession. All the problems inherent with a common currency structured like the euro are on dismal display to the rest of the world. Greece had no real options as a debtor, importer nation in the European Union. What does this tell other debtor, importer nations like Spain, Italy, and Portugal? To me, it says, “You’re next!” What does this mean for Belize international business companies (IBCs) and offshore investing? Forming a Belize offshore company is more attractive than ever. Europe’s economy is muddling along from crisis to crisis with no end in sight. Many highly developed western economies, in general, the United States included, are creating new treaties and agreements aimed at individuals hiding money overseas. Double tax agreements and automatic exchange of information, for instance, claim to attempt to recoup revenue lost through tax evasion or tax avoidance. Hide money in Belize? No need! Belize offshore companies include legal, confidential, legitimate options such as IBCs, offshore bank accounts, offshore trusts, and offshore foundations. You do not need fabulous wealth to take advantage of these legal mechanisms for “hiding” your money in Belize. If you’re a modest retiree in Spain, for instance, or a soon-to-be pensioner in Italy, for example, you can take advantage of a welcoming, tax-free environment by opening a Belize international business company for a few hundred dollars U.S.
Belize is one of the best countries for tax-free offshore companies, and Wrobel & Co. invites you to explore why. To speak with a Belize offshore lawyer, click here.
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