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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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:
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.
read moreBelize 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 control-free Limited Liability Company, incorporated under the laws of Belize. However all its profit-earning activities must be conducted outside Belize. A foreign company also has the option to continue under the law of Belize as an IBC and would still have all the benefits provided by law.
A fundamental feature of the IBC in Belize is how the law was specially designed to be cost saving. Because there are no minimum capital requirements, no need for audited accounts, no annual returns, no requirement for a local director or secretary and no requirement for an annual general meeting, the costs of maintaining a Belize IBC are kept to a minimum.
Another feature that makes a Belize IBC attractive is its flexibility. Only one director and one shareholder are necessary and it may have bearer shares or registered shares, voting or non-voting shares as well as the authorized share capital may or may not have a par value. The IBC may conduct any business that is not prohibited under the laws of Belize save and except for banking, insurance, trust management and collective investments, which requires a license. The IBC may also purchase its own shares and redeem its own shares.
Although the Belize IBC must conduct all its profit earning activities outside Belize, it may lease an office in Belize, obtain the services of Belize professionals and trust companies, keep its company records and hold meetings in Belize, operate an account with a local Banking institution, hold shares in another Belize IBC and own vessels registered in Belize.
To register a company in Belize proper due diligence is carried out by the registered agents in compliance with The Money Laundering Act and Code of Conduct in Belize. A company may choose to have nominee directors or nominee shareholders; however, the only document presented for public filing at the registry is the Memorandum and Articles of Incorporation. There is no requirement for public disclosure or annual filing of accounts under the act. The Financial Intelligence Unit of Belize and the International Financial Services Commission of Belize are the only two organizations that have privy to client’s information upon request.
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This is a press release from Barclays Wealth International
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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 means that international clients who make as few as three online international payments or urgent same day payments a month, could save GBP1,080 over a 12 month period**.
This special offer is available to new clients who open an account with Barclays Wealth International between 15 February 2010 and 31 March 2010.
Under this latest offer the following online payment types will have the Barclays standard payment fee waived:
– Urgent same day payments such as CHAPS (Clearing House Automated
Payment System)
– International payments
– SEPA credit transfers (Single Euro Payments Area)***
This exclusive offer to new clients joining Barclays Wealth International before the 31 March 2010 will expire on 22 April 2011, so accounts opened early will benefit from the waived fees on international online payments for up to 14 months.
Mark Richards, Managing Director, Head of Sales for Barclays Wealth International & Wealth Intermediaries, commented: “We are delighted to be waiving the Barclays standard payment fee on international payments and the urgent same day transfer service from 15 February 2010 to 31 March 2010. “As the UK’s largest wealth manager with an expertise in servicing the requirements for international clients, to be able to move their money online at the touch of a button. Our offer will give new international clients the opportunity to make unlimited urgent same day payments and international transfers with no standard fees, potentially offering a huge cost benefit.”
Barclays Wealth already offers all of its international clients a number of free payments and transfers as standard, including; non-urgent payments, transfers between a client’s own Barclays Wealth accounts and standard payments such as bill payments to third parties.
Notes to editors:
Lines are open 7am to 8pm weekdays and 8am to 5pm weekends and UK bank holidays local time. Call charges may vary. Please check with your local telecoms provider. Calls may be recorded for training and security purposes.
*The offer is open to all new clients to Barclays Wealth International including those who currently hold an account with another division of Barclays Wealth. The offer includes the Barclays Standard Payment charge. Additional charges may still apply – these will be advised at time the online transaction is made.
**Based on current online international payment charges of GBP25-30 per transaction
***SEPA Credit Transfers are only available to EU / EEA account holders and not currently available to clients based in Jersey, Guernsey and the Isle of Man
For further information regarding the latest international payments offer visit: http://www.barclayswealth.com/paymentsoffer and to find out how you can benefit from the range of International Payment Services currently offered visit http://www.barclayswealth.com/international or telephone enquiries please call +44(0)1624-684316. To apply for a Barclays Wealth International account visit: http://www.barclayswealth.com/internationalapply
About Barclays Wealth International
Barclays Wealth International is the international banking division of Barclays Wealth. We specialise in international and offshore banking, savings, investments and mortgage services designed for expats, UK resident non-domiciles (RNDs) and those banking offshore, and for residents of Jersey, Guernsey, Isle of Man and Gibraltar.
About Barclays Wealth
Barclays Wealth is a leading global wealth manager, and the UK’s largest, with total client assets of GBP151.3bn, as at 31 December 2009. With offices in 25 countries, Barclays Wealth serves affluent, high net worth and intermediary clients worldwide, providing international and private banking, investment management, fiduciary services, and brokerage.
Barclays Group is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the Americas, Africa and Asia.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 145,000 people. Barclays moves, lends, invests and protects money for over 49 million customers and clients worldwide.
For further information about Barclays Wealth, please visit our website http://www.barclayswealth.com.
Twitter page: http://www.twitter.com/barclayswealth
SOURCE Barclays Wealth International
read moreThe 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 were negotiated in line with the key points decided by the Federal Council. The new DTA will contribute to the further positive development of bilateral economic relations.
Compared with the current DTA, improvements have been achieved in the area of withholding taxes: the percentage holding for withholding tax exemption for dividends has been reduced from 25% at present to 10%. Dividend payments to pension funds will also be exempt from tax in the source state in future. Furthermore, a zero rate has been agreed for interest. In addition, the new DTA contains an arbitration clause. This is used if the competent authorities are unable to reach an agreement within three years following the commencement of a mutual agreement procedure.
After negotiations finished, a report on the new DTA with the Netherlands was submitted to the cantons and the business associations concerned for their comments. The Conference of Cantonal Finance Directors and the business associations largely welcome the signing of the agreement.
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Press Release from the Federal Department of Finance in Switzerland
Original Release can be found at: http://www.efd.admin.ch/00468/index.html?msg-id=32020&lang=en
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http://www.efd.admin.ch/00468/index.html?msg-id=32020&lang=en
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