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Swiss Banking Secrecy Swiss Banking Secrecy

The Swiss banking secrecy is subject to much discussion at the moment and Switzerland is under strong pressure to change the country’s banking secrecy laws. It is easy to say that Switzerland immediately must change their banking secrecy laws since it only protect criminals around the world. But why does Switzerland have such strong bank secrecy and... [Read more]

…more than 800 000 Companies have been registered in the British Virgin Islands (BVI)? …more than 800 000 Companies have been registered in the British Virgin Islands (BVI)?

As of June 2008, 823,502 companies had been registered in the British Virgin Islands as of of which 445,865 were ‘active’. In 2000 KPMG reported in its survey of offshore jurisdictions for the United Kingdom government that over 41% of the world’s offshore companies were formed in the British Virgin Islands.  Read More →

…that Cyprus is regarded as having the most attractive tag regime in Europe? …that Cyprus is regarded as having the most attractive tag regime in Europe?

In a survey KPMG interviewed more than 400 tax professionals across Europe. According to the poll Cyprus was regarded as the most attractive tax regime in Europe followed by Ireland, Switzerland and Malta. The least attractive tax regime was that of neighboring Greece.  Read More →

…only French nationals pay income tax in Monaco? …only French nationals pay income tax in Monaco?

Monaco has no personal income tax except for French nationals who has to pay income tax according to French law and directly to the French government. Under some circumstances even French nationals may be exempt from income tax. These situations are as follow: 1. they have had been habitually resident in Monaco for 5 years on October 13, 1962 and they... [Read more]

… in Cyprus you can earn up to 19.500 Euros without paying personal income tax … in Cyprus you can earn up to 19.500 Euros without paying personal income tax

Most jurisdictions allow for a free amount to be earned without having to pay personal income tax. This non-taxable amount differs from jurisdiction to jurisdiction but it is clear that Cyprus is one of the jurisdictions having the most generous rules in this area. According to Cyprus tax law you are allowed to earn up to 19.500 euros per year tax-free.... [Read more]

More than 14,700 Americans have disclosed their secret foreign bank accounts More than 14,700 Americans have disclosed their secret foreign bank accounts

According to American Internal Revenue Service (IRS) more than 14,700 Americans have disclosed their secret foreign bank account under the amnesty program agreeing to repatriate the assets and pay back taxes and interest as well as reduced penalties. One major reason for this has without doubt been the between the IRS and the Swiss bank UBS where UBS... [Read more]

Thai Company Structure Thai Company Structure

Thailand is not a tax haven or an offshore center. However, Thailand is a very popular country in which to buy real estate and this can be done with an offshore structure although it is not possible to buy real estate directly from the offshore company. Instead an offshore structure with a local Thai company and physical owners has to be created. ILO... [Read more]

Some Basic Characteristics of an International Business Company (IBC) in Belize Some Basic Characteristics of an International Business Company (IBC) in Belize

Belize is a popular jurisdiction for incorporating offshore companies and IBC’s incorporated in Belize are often used by high net worth individuals to lease and own property, estate planning, tax optimization and also in conjunction with trust and by international companies in cross border transactions. A Belize IBC is a tax-free and exchange... [Read more]

Information from Deloitte about the Tax System in Cyprus Information from Deloitte about the Tax System in Cyprus

Deloitte is one of the largest providers of audit, tax,consulting and financial advisory services in Cyprus and constitutes a part of Deloitte Touche Tohmatsu (DTT) that is one of the world’s leading professional services firms with almost 170.000 people in more than 140 countries. Deloitte’s professional services in Cyprus includes: audit... [Read more]

Update on German Authorities buying information on Germans having hidden money in Swiss Banks Accounts Update on German Authorities buying information on Germans having hidden money in Swiss Banks Accounts

Since a couple of months ago there have been a lot of fuzz in the media regarding data with information about Germans having undeclared money in Swiss Banks Accounts. The data has been stolen from a Swiss bank and the person who has stolen the information has offered the German state to buy the information. The German authorities did already in 2008... [Read more]

New Barclays Wealth Clients now Save up to GBP30 on Each International Payment and Urgent Same Day Transfers New Barclays Wealth Clients now Save up to GBP30 on Each International Payment and Urgent Same Day Transfers

——— This is a press release from Barclays Wealth International ——— LONDON, February 22, 2010 /PRNewswire-FirstCall/ — Barclays Wealth International has introduced a limited offer for new clients enabling them to save money on online international payments and urgent same day transfers for up to 14 months*. This... [Read more]

Switzerland and the Netherlands Sign New Double Taxation Agreement Switzerland and the Netherlands Sign New Double Taxation Agreement

The Federal Department of Finance in Switzerland informs that today in The Hague, Switzerland and the Netherlands signed a new double taxation agreement (DTA) in the area of income tax. It will replace the existing DTA of 1951/1966. The new agreement contains namely provisions on the exchange of information in accordance with the OECD standard, which... [Read more]

Former UBS Client Pleads Guilty to Hiding $10 Million in Offshore Bank Accounts Former UBS Client Pleads Guilty to Hiding $10 Million in Offshore Bank Accounts

Defendant Skimmed Proceeds from his Watch Businesses to Fund Secret Accounts WASHINGTON – Jack Barouh of Golden Beach, Fla., pleaded guilty today to filing a false tax return, the Justice Department and Internal Revenue Service (IRS) announced. Sentencing has been set for April 16, 2010, before U.S. District Judge Adalberto Jordan in Miami. The defendant... [Read more]

Why Offshore Tax Haven Company Incorporation Why Offshore Tax Haven Company Incorporation

Why Incorporate an Offshore Tax Haven Company? An Offshore, International Company is commonly set up in a tax haven like the British Virgin Islands, Bahamas, Caymans Islands etc, where there are no corporate or personal income taxes, capital gains taxes, reporting requirements, or restrictions on company employment policies. As the “world” becomes... [Read more]

Is it expensive to create an offshore company? Is it expensive to create an offshore company?

Not long ago it could be quite expensive to create an offshore company. And rather complicated too. But this changed a lot with the arrival of the Internet. Today it is easy to find a lawyer or any other consultants that are willing to assist you in creating your offshore company. However, find a good one can be a completely different issue. Only creating... [Read more]

Virginia Doctor Pleads Guilty to Conspiracy Involving Undeclared Swiss Bank Account Virginia Doctor Pleads Guilty to Conspiracy Involving Undeclared Swiss Bank Account

WASHINGTON – Dr. Andrew Silva of Sterling, Va., pleaded guilty today to conspiracy to impede the United States and to making a false statement, the Justice Department, Immigration and Customs Enforcement (ICE), U.S. Postal Inspection Service (USPIS) and the Internal Revenue Service (IRS) announced. Sentencing has been set for May 7, 2010, before U.S.... [Read more]

Anglo Irish Bank Awarded Best Offshore Bank Anglo Irish Bank Awarded Best Offshore Bank

The Expatriate Magazine Nexus has awarded the Anglo Irish Bank Corporation as the best offshore bank for expats. However, this may not have come as a surprise since it has won the award the five previous years. The award is based on how many times an offshore savings account has appeared in the magazine’s ‘Best Buy’ during a 12 month... [Read more]

The Dominican Republic – an Alternative for Offshore Real Estate Investments The Dominican Republic – an Alternative for Offshore Real Estate Investments

The Dominican Republic is not a traditional offshore and tax haven but it is a nation that has many advantages such as the possibility to apply for a second passport already after two years of residence. Another attractive feature of the Dominican Republic is the prices of real estate that are only a fraction of the cost on many of the other Caribbean... [Read more]

What is an Offshore Company Mill? What is an Offshore Company Mill?

Something anyone interested in creating an offshore company will get in touch with is the “Offshore Company Mills”. An Offshore Company Mill is an affiliate or a re-seller of offshore companies that is not a law firm and most often has almost no legal knowledge whatsoever concerning offshore legislation. They could be selling almost any... [Read more]

Dominican Republic Dominican Republic

A nation that is not often mentioned when discussing offshore solution is the Dominican Republic in the Caribbean. The Dominican Republic is the second largest nation in the Caribbean with almost 49 000 square kilometers and about 10 million inhabitants. It should be made clear that the Dominican Republic is not a traditional tax haven as many of the... [Read more]

What should an Offshore Company Structure look like? What should an Offshore Company Structure look like?

How an offshore company structure should be set up is entirely dependent on the purpose with the structure. An offshore company structure with the purpose to minimize taxes may be completely different from an offshore structure with the purpose to protect assets. There are no standard structure and how it is setup does also depend on the consultant... [Read more]

OECD Report on “Promoting Transparency and Exchange of Information for Tax Purposes” OECD Report on “Promoting Transparency and Exchange of Information for Tax Purposes”

OECD (The Organization for Economic Co-operation and Development) with its offices in Paris has only recently published a very interesting report with the title “Promoting Transparency and Exchange of Information for Tax Purposes”. The report was published on the 29th of January this year and contains a thorough account for the work and objectives... [Read more]

Monaco’s Position as a Tax and Secrecy Haven Monaco’s Position as a Tax and Secrecy Haven

Monaco has since long established itself as a home for the riches. One of the means to achieve this status has been a tax system with almost no taxes in combination with strict secrecy laws. Actually only French nationals pay income tax in Monaco and these taxes are paid directly to the French Government. Other nationals pay no income tax at all in... [Read more]

About Offshore Financial Centers from the Economist About Offshore Financial Centers from the Economist

The interview was made some years ago but is still interesting and what is being said is still valid. Joanne Ramos, banking correspondent of the Economist, is giving her view on the development of offshore financial centers and their role in international business. You can listen to the interview down below or listen to it at the web site of the Economist.  Read More →

Offshore Company – Where to Incorporate? Offshore Company – Where to Incorporate?

When considering incorporating an offshore company there are several alternatives with regard to in which jurisdiction the offshore company should be incorporated. Some of the jurisdictions that often are used as the venue for incorporating an offshore company are for example Bermuda, Belize, British Virgin Islands (BVI), Cayman Islands, Mauritius,... [Read more]