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| INTERNATIONAL TAX PLANNING |
| Enron had approximately 600 subsidiaries registered in Cayman. None of them were listed in the local telephone directory and it is likely that they comprised little more than pieces of paper in filing cabinets at the offices of the Cayman law firm of Hunter & Hunter, which provided registered agent services to Enron. These entities, some of which allegedly were used for Enron's off-balance sheet activities, are at the heart of the investigation into the firm's collapse. In its announcement, the Cayman Government stated: "The Government of the Cayman Islands confirms its ability to respond to requests for assistance from the United States government in its ongoing Enron investigation. = Source Offshore Alert (2-11-2002)(email "FlashNews") Manhattan Prosecutor Criticizes Caymans Tax Pact By DAVID CAY JOHNSTON - December 8, 2001 New York Times "Federal Reserve data show that $800 billion is being held in Cayman Islands accounts for Americans, an amount equal to roughly one-third of all domestic bank deposits." Retire offshore and get $74,000 salary exemption from the IRS. click onto the link below for the details http://www.geocities.com/taxhavens123/retirement_havens.html More on the No-tax haven of Anguilla click onto the link below for the details http://www.geocities.com/taxhavens123/caribbeantaxhavens.html Thousands of Offshore "Banks" trade the NYC Stock Markets tax free - legally! How? click onto the link below for the details http://www.geocities.com/taxhavens123/capitalgains_taxfree.html A Tribute in Honor of: Bank Confidential Ordinances in the Caribbean click onto the link below for the details http://www.geocities.com/taxhavens123/bank_confidentiality.html Interested in finding out more about the world's leading tax havens and financial centers? Want to learn about the U.S. tax laws governing foreign investment by U.S. taxpayers? Try a 12 month subscription to the Tax Haven Reporter ($200/12 issues) and receive FREE a copy of our 350 page new, 7th edition - Tax Havens of the World (regular price by itself = $80). The investment-banking firm of Warburg, Dillion Read (on Park Ave. N.Y.) has offices in 39 foreign countries - including the Bahamas, the tiny Cayman Islands, Hong Kong and the Channel Islands. Makes you wonder why, doesn't it? One good reason is.... Foreign non-resident alien individuals, offshore companies, offshore trusts and offshore banks avoid all US capital gains taxes on their stock market trades because the U.S. has never taxed the capital gains of non-resident entities that do not have an office or are "doing business inside the United Stated". But... Americans probably should not open bank and trading accounts with any offshore U.S. institution, as the IRS can and does send its auditors to these offshore havens (i.e., in the Bahamas, Caymans Bermuda, etc.) to inspect bank accounts, banking books and records. Most every offshore American institution will tell an inquiring American taxpayer to go to someone else offshore. Charles Schwab, which recently opened a brokerage company in the Caymans, tells Americans to “beat it”. Schwab in the Caymans will welcome rich foreign clients with open arms - however, as they are not a problem for them or the IRS. Profits Schwab in the Caymans earns from services performed in the Caymans for these foreign clients is not subject to U.S. income taxes under the subpart F rules. Tom Azzara New Providence Estate Planners, Ltd. (Lawyers and Consultants) 54 Sandyport Drive P.O. Box CB 11552 Nassau, Bahamas Fax/phone: (242) 327-7359 email: taxman@batelnet.bs website: http://www.bahamasbahamas.com/ Call me at 242-327-7359 with your questions. - 9AM to 5PM - New York time zone is best. Amazon.com book reviews for our "Tax Havens of the World" - paste or just click on below.. http://www.amazon.com/exec/obidos/ts/book-reviews/1893522016/qid=916410832/s Check out my web site for all the details... -- http://www.bahamasbahamas.com/ Acknowledgements • Reviews One International tax lawyer, graduate of the NYU School of Law, whose law firm has offices in Geneva, London (Imperial House) and the United States writes... "I would like to repeat that I find your analysis of the Tax Code to be excellent. I enjoy each and every issue of the "Tax Haven Reporter". I commend you on your jurisprudential reasoning and treatment of international tax matters discussed in your newsletter. Please let me know if you would be interested in receiving articles for publication dealing with other specific areas of international tax law and/or estate planning as e.g. Swiss Bank Secrecy, use of trusts, doing business in Russia..." Another man (John) from Southwick Mass. wrote... "Your book is better than (Professor) Marshall Langer's "Practical International Tax Planning". (over $200 a copy) C. Brooks a CPA from Pennsylvania writes.. "Best book on tax havens I've ever read." "I'd like to meet with you since you've taken the time and effort to pass this useful information along to me. How about being my guest on a cruise sometime in the future?" (Captain Mike Burke, Windjammer Barefoot Cruises, Ltd. (Miami, Florida). "I don't know where to begin describing my happiness with the purchase of "TAX HAVENS OF THE WORLD". I have devoured every word of the book already, twice. What shocks me is the detail and accuracy in your book. I have asked tax lawyers everywhere the same topics and the only answer is that..... "offshore is not possible, and I don't do any." Great Answer. (comments from the head of a Certified Public Accounting firm, with offices in Newton, Mass., and Providence, R.I.). A lot of Americans don't understand why offshore IBCs are so popular. So, here are a few good examples..... American owned service oriented businesses, where the services are performed in the tax haven itself, can legally avoid U.S. income taxes.... Foreign individuals (called nonresident alien individuals by the IRS) are subject to U.S. estate taxes on their U.S. assets (stocks, bonds, real estate) when they die, just like the American taxpayer, at the same high tax rates. But, under U.S. tax law, foreign, nonresident alien individuals that hold their U.S. assets in an offshore holding company (instead of in their own name) can legally avoid all U.S. estate taxes when they die. ISBN: 1-893522-01-6. Price: TAX HAVEN OF THE WORLD - US$80. Price: TAX HAVENS OF THE WORLD & SUBSCRIPTION TO 12 ISSUES OF TAX HAVEN REPORTER - US$150 (SAVE US$75!). Try a 12 month subscription to our newsletter the TAX HAVEN REPORTER ($200/12 issues) and receive FREE a copy of our 350 page NEW, 7th Edition of TAX HAVENS OF THE WORLD ($80). Customers ordering from outside the United States, Canada and Mexico, please add $50 shipping for global priority mail delivery service (5 to 6 days). |
| How they Trade the Stock Markets TAX FREE - LEGALLY. |
| The investment-banking firm of Warburg, Dillon Read (on Park Ave. N.Y.) (now UBS Warburg) has offices in 39 foreign countries - including the Bahamas, the tiny Cayman Islands, Hong Kong and the Channel Islands. Makes you wonder why, doesn't it? * One good reason is.... Foreign non-resident alien individuals, offshore companies, offshore trusts and offshore banks avoid all US capital gains taxes on their stock market trades because the U.S. has never taxed the capital gains of non-resident entities that do not have an office or are "doing business inside the United States". But, there are other tax loopholes for foreigners. Under US estate tax law, a nonresident alien individual that dies holding his US assets in his own name will be subject to US estate taxes at a rate of 55% - with no marital deduction allowed, and only a $60,000 exclusion. Foreigners that hold their US assets in offshore companies can avoid all US estate taxes. That's one reason why there are over 113,000 companies registered in the Bahamas alone - with another 350,000 in the BVI - another commonwealth country that does not tax these companies at all. There are fewer loopholes for American citizens, yet 65% of the money on deposit in Cayman banks (according to a Cayman government release in 1988) came from the USA! There was not another country on their list that had more money invested in Cayman banks. The Caymans rank as the 4th or 5th largest financial center in the world. The Bahamas are in the top ten. There is more money on deposit in the Cayman banks alone, than in all the commercial banks in the State of California. That is a fact. |
| ABOUT THE AUTHOR |
| ABOUT THE AUTHOR: In the last 10 years, I've incorporated over 1,080 International Business Companies here in Nassau! Beginning in 2,001, we began forming IBCs out of the Crown Overseas Territory and no tax haven of Anguilla - 150 miles east of Puerto Rico. We have a total of over 400 IBC's (in-house) that are mostly Bahamian in origin, and most all are being moved to better jurisdiction - in our opinion. We've formed more than 180 Anguillan IBCs since the beginning of this year (1-3-2001 thru 8-1-2001). It takes less than one day to get the documents and company registered in Anguilla, and on the way back to client the next day. In January, 2001, I became an "Overseas Agent" for the Anguilla Government Registrar of Companies, and as such, have a signed “official” Agreement with them. I also have same agreement with a barrister in Anguilla - also working directly with Anguilla Government. I can provide you with bank contacts and application information for good banks in the following jurisdictions: Isle of Man (a major institution) + Anguilla (2 banks there - one used by the Anguilla government) + Bermuda (two of oldest banking institutions in offshore world) + NEVIS - The Bank of Nevis (a small institution with a $5,000,000 net worth). NOTE: All offshore banks today have tough "due diligence" rules and procedures. More stringent screening of their clients and his activities is now the norm. If you can't tell your bankers what you do and who you are, you can forget about banking offshore. Once bank accounts are opened, your confidentiality is usually protected under the jurisdiction's "statute" - within a Confidentiality Ordinance or an "Act" Bank confidentiality seems to play an important role offshore. It remains good in the Anguilla, the British Virgin Islands, and in the other tax havens. The IRS and other revenue agents cannot seize, lien on, freeze or investigate bank accounts in Anguilla, Bermuda, Caymans and in other tax havens. In the ten years I've lived on this island, I've never seen this happen. One Swiss banker with banks in Cayman and Switzerland told me last summer that they always do their companies in a different jurisdiction from where the company does its banking. This is good advice, but illegal activities will not be tolerated by any reputable offshore banks. For my Offshore Request Form click on to..... http://www.bahamasbahamas.com/offshoreorder.html/offshoreorder.html Call me at 242-327-7359 if you have some questions. Tom Azzara New Providence Estate Planners, Ltd. (Lawyers and Consultants) 54 Sandyport Drive P.O. Box CB 11552 Nassau, Bahamas Fax/phone: (242) 327-7359 email: taxman@batelnet.bs website: http://www.bahamasbahamas.com/ |
| US Billionaire Rupert Murdoch's News Corp. owns more than 15 subsidiaries in the Cayman Islands? Can you guess why? |
| Commentary. Matthew Lynn - columnist for Bloomberg News. The opinions expressed are his own. Well, in truth, it is the big companies we work for, own shares in, and buy goods from. Here are just two examples, plucked at. News Corp., the media company run by Rupert Murdoch, according to its latest annual report, is the owner of companies such as News Cayman Ltd., based in the Cayman Islands, Newscorp Netherlands Antilles, Quazar Investments, based in Mauritius, and the cutely named Shining Profits Ltd., based in the British Virgin Islands. In total, News Corp. owns more than 15 subsidiaries in the Cayman Islands, and more than 40 in the British Virgin Islands. In total, News Corp. owns more than 15 subsidiaries in the Cayman Islands, and more than 40 in the British Virgin Islands. Is it really necessary to have 40 subsidiaries in the Virgin Islands? Surely it's quite hard to find 40 people, never mind 40 businesses you would actually want to own. Barclays in St. Lucia Barclays Plc, one of Europe's biggest banks, operates branches in such places as Belize, the British Virgin Islands, Cayman, the Netherlands Antilles, Puerto Rico, the Turks & Caicos Islands, St. Lucia and St. Vincent, according to its corporate website. Again, what is it doing there? Is the St. Lucia economy so important that Barclays feels unable to ignore it? This is a bank that has not yet troubled itself to establish bases in countries such Poland or Thailand or Chile. But it feels St. Lucia is a good place for a bank. Why? The point is not to single out those companies: they are no different from thousands of their peers. But their behavior poses two questions. If there are tens of thousands of offshore companies, serviced by hundreds of offshore banks, all of which are closed to regulators and the police, does that not create an environment in which it is easy for terrorists to hide and launder their cash? And does it not also create an environment in which it is impossible for investigators to track money down to its source? Among the billions held in offshore accounts, shuttling between the offshore subsidiaries of global companies and global banks, the money trail goes cold very soon. Call me at 242-327-7359 with your questions. - 9AM to 5PM - New York time zone is best. Check out our websites below for more information. |
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