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INTERNATIONAL TAX HAVENS.
Term Paper ID:26665
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Essay Subject:
Locations of "offshore" banks (Bahamas, Bermuda, Canada), legal infrastructures, economics, services provided.... More...
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6 Pages / 1350 Words
4 sources, 5 Citations,
APA Format
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Paper Abstract:
Locations of "offshore" banks (Bahamas, Bermuda, Canada), legal infrastructures, economics, services provided.
Paper Introduction:
TAX HAVENS AROUND THE WORLD
Around the world there are at least 50 governments and municipalities that are known as "tax havens" because of the laws that affect taxes on income and earnings held in the offshore banks. An article in The European describes the situation like this. "Today's typical tax haven is no longer the palm-fringed island bathed in year-round glorious sunshine. It is more likely to be the city-centre skyscraper of a worldwide consultancy firm, set in a country that has skilled professionals and sophisticated international communications"(Butler, Phelps & Gartland, 1996, 31).
Given that definition, then Switzerland, Liechtenstein and Luxembourg are "offshore" even though they are far inland. This is because those countries have the reputation, legislation and well-developed infra
Text of the Paper:
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13), The scandal of the tax havens(money-laundering offshore finance centers for ill-gotten wealth such as theCayman Islands, Jersey, Bahamas, British Virgin Islands and Malaysia'sLabuan), New Statesman, 23(1). (formerly Comprehensive Investor Services Limited) isan international investment management company engaged in the developmentof innovative investment products designed to benefit from the uniqueoffshore jurisdiction afforded by the Bahamas.Guta Bank & Trust Ltd GBTL is a privately owned stand-alone bank; formedand licensed in the Commonwealth of The Bahamas.Lions Gate Management LLC offers corporate services to individuals orcorporations that require doing business in a secure and confidentialenvironmentOCRA World Wide Company Formation OCRA World Wide are independent companyformation specialists, operating from 22 offices world-wide.BARBADOSAltamira International Bank Inc.BELIZEBelize Offshore Consultants and CompanyThe Belize Offshore Consultants Organisation Offshore Company, Banking,Trust & Financial Services.KPMG Corporate Services (part of the extensive global KPMG networkcomprised of 6,32 partners and more than 78, total staff across 147countries).BERMUDAThe Bank of Bermuda, Ltd -The Bank of Bermuda is "structured to deliver thebenefits of offshore presence, multi-jurisdictional capabilities and globalperspective for corporate and private clients.Alexco Bermuda Alexco (Bermuda) Ltd., is a Bermuda based foreign tradingcompany, that exclusively represents one of the United States' largestbuilding products distributors.Bank of Butterfield LtdWilliam R. (1998, Nov. William R. References: Boyle, D. Although each offshore location differs in the services it offers,the following are typically available. Ltd. Storie & Co. B. Given that definition, then Switzerland, Liechtenstein and Luxembourgare "offshore" even though they are far inland. We do this by working with our clientsin structuring international companies, and designing tailor made corporateservices packages, in a number of Caribbean tax-free jurisdictions" In summary, the use of offshore tax havens will continue to grow asthe world's economy becomes more globalized, and businesses learn about themany benefits available for protecting and preserving assets. "financial centers have been forced tospecialize and capitalize on their own expertise" (Gartland, 1995,23). From the Website www.escapeartist.com, here is a brief sampling ofthe available sites around the world.ANDORRA-- This tiny nation in between France and Spain has some 5 financial establishments to handle offshore investments.BELGIUM-- Brussels and other cities, according to the web site "EscapeArtist" has 12 companies that specialize in controlling funds.BAHAMAS The Bahamas levies no taxes on capital gains, corporate earnings,personal income, sales, inheritance, or dividends. This guide gives some locations of offshore tax haven locationsby region. However, "physical location is of littleimportance. Based in Nassau since 1987, NorshieldInternational, Inc. An article in The Europeandescribes the situation like this. The more typical impression of an "offshore" bank is one that existsin the island havens such as Bermuda, the Cayman Islands and the ChannelIslands of Guernsey and Jersey. Take the Cayman Islands. Since these banks all earn their money by the commissions they receivefrom the package of offshore services, there is strong competition forlucrative offshore business. Tax and investment counseling and advice. Kelowna B.C. A. It is morelikely to be the city-centre skyscraper of a worldwide consultancy firm,set in a country that has skilled professionals and sophisticatedinternational communications"(Butler, Phelps & Gartland, 1996, 31). is anindependent financial advisory and management company based in Hamilton,Bermuda involved in offshore business domicile, Insurance and reinsuranceInvestment management, Corporate administration, offshore mutual funds,Corporate and private offshore trusts.CAMPIONE D'ITALIA Campione d'Italia is an international tax enclave withenormous benefits. The 1998 estimate of the amount of money in these offshore banks isaround most recent estimate is around "$6 trillion, approximately theannual world trade in goods and services, or about one-third of all globalwealth. Given the ever increasing opportunities of legally avoiding taxfinancial management-using corporate structures to move profits to thelowest net tax areas and to use losses efficiently-it is hardly, surprisingthat many new offshore centres are opening up "Butler, Phelps & Gartland,1996, 31). Methods of transferring corporate earnings to the accounts Offshore financial centers, such as Jersey and the Bahamas, now playhost to a third of the world's total wealth. (1996, June 6), Offshore havenson solid ground, The European, 31(3). These offshore centers aretypically small islands such as Jersey or the Bahamas, the British VirginIslands or Labuan in Malaysia although Luxembourg, Switzerland and evencertain sectors of London, New York and Dublin have regulations thatqualify them for Offshore status. "S.M.A.R.T.Inc. C. Being in the same time zone as the United States has had a soundimpact on the Caribbean centers, which might account for the large numberof operations in that region. This tax freedom isavailable to all resident corporations, partnerships, individuals andtrusts.International Offshore Consulting Group (IOCG) LLC provides offshore assetprotection, tax reduction, and estate planning strategies world-wide.IOCG provides 1 % legal strategies that DO NOT rely on misrepresentation,fraudulent conveyance, or "a-wink-and-a-nod." Other services include:Insurance, Credit Cards, LLC/IBC/Trust and Offshore Strategy Formations.The bank is customized for U.S. "Today's typical tax haven is no longerthe palm-fringed island bathed in year-round glorious sunshine. The Bahamas and the Cayman Islandshave even gone so far as to customize their tax legislation to make iteasier for US lawyers and accountants to understand and use the law onbehalf of their clients"(Butler, Phelps & Gartland, 1996, 23). TAX HAVENS AROUND THE WORLD Around the world there are at least 5 governments and municipalitiesthat are known as "tax havens" because of the laws that affect taxes onincome and earnings held in the offshore banks. Storie & Co. citizens Investment in The Bahamas.Norshield International Inc. was established to provide clients with alternative strategies toenhance their financial well-being. According to the websited, "Dr Hill, the world'sleading expert on personal tax havens, gives a comprehensive explanation ofthe benefits of this little- known tax haven."CANADAFortress International Ltd.Strategic Managment And Recovery Techniques Inc. Offshore banks in this region have taken"advantage of their proximity by designing products that are attractive toAmerican individuals and companies. By 1994 they were playing host to as manyas 546 banks, though there were actually only six in the George Towncapital of the kind that actually cash cheques" (Boyle, 1998, 23). All of the serious tax haven investment centers have the same basicinfrastructure of attorneys, accountants, financial planners and bankers,the other selling points become product, location and a connectionsnetwork. Butler, C.; Phelps, J.; Gartland, P. (1995, Sept. Security deposits of large amounts of cash through numbered orotherwise anonymous accounts. 7),Screening keeps money safe in offshorehavens, The European, 23 Escape artists Site at http://www.escapeartist.com/taxhavens Gartland, P. Ltd. This is because thosecountries have the reputation, legislation and well-developedinfrastructure of lawyers and accountants to cater for their clients. Location, naturally, is a key factor, although seldom a dealbreaker, since most of these transactions can be done over the Internet.
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