Posted by offshorepedia on Mar 5, 2011 in Taxes | 0 comments
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 has agreed to turn over the names of about 4,450 American clients suspected by the IRS of using the bank’s offshore services to evade taxes.
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Posted by offshorepedia on Feb 27, 2011 in Link Bank, Thailand | 0 comments
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.
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Posted by offshorepedia on Feb 26, 2011 in Cyprus, Link Bank | 1 comment
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 of financial statements in accordance with International, UK or US audit standards tax services to both Cyprus and foreign companies,
- consulting services including financial and management consulting,
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Posted by offshorepedia on Feb 26, 2011 in In the Media, Switzerland | 0 comments
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 purchase data stolen from a bank in Lichtenstein and earlier this year the German federal government authorized the state authorities to buy the information, even though it was obtained illegally. Therefore it seemed rather obvious that the states would take the opportunity to hit hard against the tax evasion and on Friday a spokesperson for North Rhine-Westphalia (NRW) said it now had received the information about the bank accounts bank on a CD. How much it has paid for the information was not revealed.
The case has deeply shaken Switzerland’s large private banking industry and Germans hold an estimated 200 billion euros in undeclared funds in Swiss banks. Only in the past months almost 6 000 Germans have turned themselves in to the authorities which is expected to make it possible for the German authorities to recover about 500 million euros of lost taxes.
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Posted by offshorepedia on Feb 26, 2011 in Dictionary | 1 comment
A Swiss Trust Company is a dormant Swiss corporation, either an SA (Société Anonyme) or AG (Aktiengesellschaft), that has been purchased from its original owner and reinstated. The buyer receives a tax and liability release certificate and takes over operation of the entity.
A “seasoned” Swiss company has an original incorporation date that remains intact providing increased levels of goodwill, prestige, and marketability. This can be very valuable when merging operations into an existing Swiss company, when added to an investment company or offshore bank structure, or when justifying transactions with the company that might be questioned if it was a newly formed entity created at the time of the transfer.
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