Since the story on the Panama Papers broke, we have been receiving frantic calls and emails from people around the world worried about the legality of their offshore structures. Aliant, LLP adheres to the highest level of professional integrity with regular checks and balances to ensure that our clients are compliant. Offshore structures are not illegal; however, using offshore structures for tax evasion is illegal.
Jacob Stein is currently helping some former clients of Mossack Fonseca rectify their offshore structures.
Panama is one of many "offshore" jurisdictions, and the Panama Papers unveil a sliver of the offshore structuring by the rich and famous. Offshore structures have legitimate uses, like asset protection, privacy and estate planning. They are not legal when used for tax evasion. Following the scandal, it is likely that all offshore jurisdictions will be pressured into transparency. We recommend all clients and other investors of offshore structures to contact their advisors for a review.
If you have been affected by the Panama Papers scandal or you are worried that your offshore structure is not compliant, please call us at 818-933-3838.