Offshore Banking Bahamas: Wealthy Munich residents are investing in Florida and the Caribbean to save their millions.
As an adversary of the Euro and outspoken critic of the long-term views of the success of a common European currency, von Schubert was named on the front page of Germany’s popular newspaper Abendzeitung in 1997 as the international tax advisor to Germany’s elite and aristocracy, citing a world famous tennis player and Prince von Hohenzollern among his clients.
Here follows a translation from the article, by Torsten Huber, published on Saturday, 15th March 1997:
WEALTHY MUNICH RESIDENTS INVEST IN FLORIDA AND THE CARIBBEAN FOR FEAR FOR THEIR MONEY – EXPERTS HELP EVADE THE EURO
The Euro is coming, the Dollar is rising. The rich in Munich are moving to Florida and the Caribbean. Celebrities like Fritz Egner and Boris Becker are already there. US based attorney Axel von Schubert from Munich is an expert in “Euro- flight”.
Businessman and family man Ralf K. (35) from Schwabing is confused. His father who passed away at 75 left him a bank account with 100.000 DM. The Euro will significantly diminish the purchasing power of his inherited moneys:”You do not know how much the Deutsche Mark will be worth then. How am I supposed to invest my money ?”.
By the year 2000 many will be facing the same problem in Bavaria. By the end of the century in Bavaria alone, over 200 billion Deutsche Mark will be inherited. In bank accounts of the Munich Savings Bank alone, 5 Billion Deutsche Marks are waiting to change hands.
The death of a parent may not be the end of sad times: If the inherited funds are not invested in real-estate, they may quickly dwindle. Not only because of the Euro, but because of taxes.
“For the last three years we have received an increasing number of requests from Germans seeking an investment alternative in the United States or the Caribbean”, says attorney Axel von Schubert (37), in an interview with our paper. He manages with his partner the Firm Flynn, von Schubert and Associates (offices in Miami). The son of a diplomat has studied law and business administration in Canada and Germany. For over ten years now he has been advising clients wishing to invest in hotels, real-estate or businesses.
Fritz Egner has been travelling frequently from Munich to the US. He owns a house in Miami. Tennis-pro Barts Becker owns a residence on Fisher Island, a small island off Miami.
Bambi Otto (Ex-Wife of Federal Reserve Bank Chairman Siegfried Otto) has also found a new domicile in Miami with her multi-million Deutsche Mark divorce settlement. “Real-estate here will appreciate faster than a house on lake Starnberg”, comments von Schubert.
In demand is not only the United States. The Caribbean islands are a paradise for investors. The lawyer explains the advantages:” Anonymity, absence of taxes and access to US dollar investments.” Von Schubert believes that the Dollar will greatly appreciate over the next few years.
Prince von Hohenzollern, also from Munich, is creating with von Schubert an exclusive private club in the Turks & Caicos Islands, not far from The Bahamas. “A highly lucrative investment”, says von Schubert. “Hotels can bring a return on investment of 30 percent in a period of six years.” He also adds that he does not condone tax evasion. The lawyer sums up his services as follows: ” The client contacts us and we show him the various options. Investments are handled directly through banks.”
One of von Schubert’s associates is a former federal judge from Washington, who only deals with immigration matters. “The question of residence must be addressed immediately. Who will want to bring their funds to a country where there may be residence problems later on, ” adds von Schubert.