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 22, 2011 in Dictionary | 0 comments
A Letter of Wishes is a document that has no ‘real’ legal status. A Letter of Wishes is often used in connection with offshore trusts in order to transmit the wishes of the creator or the alleged owner of the trust to the trustee. It is a separate document and not a part of the trust instrument. Letters of wishes are generally used by the beneficial owner of the trust assets to retain some control over the trust assets. A Letter of Wishes enables a trustee to exercise his or her discretion having in mind the wishes of the grantor. The trustee may consider the letter but is not bound or otherwise accountable by its terms. In reality the letter of wishes will be honored as if it were a binding legal document.
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Posted by offshorepedia on Feb 22, 2011 in Dictionary | 0 comments
Beneficial Ownership refers to the true owner of an offshore company or any other entity or asset, or transaction no matter what is stated in documents, public records etc. The beneficial owner is the one that receives or has the right to receive proceeds or other advantages as a result of the ownership. It is common practice when creating offshore solutions to interpose entities, individuals, or both as stated owners. The beneficial or true owner is contractually acknowledged in side agreements, statements or by other devises.
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Posted by offshorepedia on Feb 13, 2011 in Dictionary | 0 comments
The Offshore Magic Circle refers to a number of offshore specialized law firms which are considered to be the leaders in the field of offshore law. There is disagreement both with regard to the concepts as well as which law firms that should be included in the magic circle. The Legal Business magazine listed the following law firms as constituting the Magic Circle in 2006.
- Appleby Spurling Hunter
- Bedell Cristin
- Carey Olsen
- Conyers Dill & Pearman
- Maples & Calder
- Mourant du Feu & Jeune
- Ogier
- Ozannes
- Walkers
You read more about the Offshore Magic Circle at Wikipedia by following the following link:
Offshore Magic Circle
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