What Offshore Experts Are Saying About ‘The Laundromat’

The Laundromat Movie is Hollywood’s latest attempt at undermining the world of offshore companies and international banking. It was a cringe-worthy over-simplification of asset protection and structuring.

At the time of writing this note, Netflix’s new film ‘The Laundromat’ has a 44% ranking on Rotten Tomatoes… falling behind such acclaimed low-budget rom-coms as ‘A Prince for Christmas’ and ‘The Spy Who Dumped Me’.

A quick look at the film reviews will tell you that this sentiment seems to be the consensus – not just the opinion of offshore experts.

But the sad thing is that our team actually had very high hopes for the film.

What We Were Expecting From ‘The Laundromat’ Movie

We were looking forward to a “Big Short-esque” expose on the realities of the offshore world. But, instead, we got a jumbled mess of legal jargon that frankly didn’t make much sense…

The book that the film was based on, ‘The Secrecy World’, dealt with the gritty realities of the offshore world and, of course, its bad actors – highlighting the structures that politicians, movie stars, pro athletes, and criminals often use to evade authorities and taxes.

But instead of an intelligent discussion about the world of offshore finance and structuring, we were treated to a smattering of entitled complaints about the wealthy.

Including complaints about how evil and unfair it is that foreign investors are legally allowed to purchase property using offshore structures.

The horror.

Even worse was the central theme throughout the Laundromat movie that people without money are “meek” and helpless – subject to the whims of the world.

The dirty secret, however, is that regular people have access to all of the benefits and advantages that the offshore world has to offer too. But, of course, the film didn’t touch on this point.

Forget self-reliance, personal responsibility, or any attempt to earn what you make in life – the film played like a broken record of socialist war cries for more money without work.

What ‘The Laundromat’ Movie Got Wrong

While it’s not Netflix’s job to educate the public about the offshore world – there are a few glaring issues that we feel obligated to address.

First, this film doesn’t differentiate between the many different types of structures, their purposes, or the benefits that they offer.

There are countless legitimate reasons why individuals might want to structure a trust, foundation, or offshore company in any number of countries.

Maybe they have children living in multiple countries and require a single jurisdiction to deal with inheritance. 

Maybe they have customers across numerous jurisdictions. That would require a central point for their business that can easily facilitate transactions across a wide range of countries and legal systems.

Or, maybe they’re a citizen or resident of a country where asset seizure is present. That could include a weak rule of law. Or it might mean that extortion is common. Structuring their legitimately sourced wealth in a stable country with a strong rule of law would then be positive. And it would be one way to protect themselves and their families for the future.

Secondly, and not surprisingly, the Laundromat movie also doesn’t discuss asset protection, asset seizure, diversification, or the need for international banking in a global economy.

Why would anyone ever want a bank account, investments, or a company in a foreign jurisdiction? After watching the Laundromat movie, 99.9% of Netflix subscribers are probably still wondering what to think.

But, we know better.

What People Really Need To Know

Regardless of where you live in the world, there are concerns over economic stability. This is especially true in Europe, the United States, Canada, Australia, Hong Kong, South Africa, Chile, and in many other places.

And if you have any money invested in the markets you probably have concerns over what might happen to your money in the next few years.

How can you reduce your risks? Many people choose to diversify and find safer investments outside of their home country.

Diversifying your nest egg usually requires opening international bank accounts and investing in different countries.

To do this efficiently, many people choose to set up structures in foreign jurisdictions. And those places are more accustomed to international business and transactions.

Why? Because international structuring saves money, makes their lives easier, reduces risk, and makes financial sense for many people.

If you’ve already watched the Laundromat movie, chances are you’ll agree. The film came off as an entangled mess of welfare entitlement. It blamed the crimes of politicians and the wealthy on lawyers and service providers.

But here’s the thing: lawyers and service providers exist to provide a service. And they do so in accordance with the legal system that they operate in.

Yes, there are service providers in every country that break the law. But that doesn’t mean that corporate structuring and offshore jurisdictions are bad. In the same way that estate planning and asset protection are not bad.

Which brings us to an important point, where do these jurisdictions exist?

They’re everywhere: Canada, Europe, the British Virgin Islands, Seychelles, Panama, and even in the United States.

Yes, several provinces in Canada allow for Limited Partnerships without publicly revealing the beneficial owners.

But it’s the United States (not Panama) that is home to one of the largest and most profitable “offshore” industry in the world. That’s thanks to Delaware, Nevada, and Wyoming. 

In the Laundromat movie, you even hear the two main actors declare that the director of the film “owns five companies in Delaware”.

And that’s not surprising. Delaware is a common jurisdiction where anyone doing business or owning assets in the United States sets up companies.

Sadly, the Laundromat movie was a missed opportunity by Hollywood to educate people on real issues. They missed a chance to discuss real concerns. And as a result, real opportunities that exist through offshore banking and structuring we’re skipped over.

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