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Offshore Tax Guidelines

Offshore Tax Free Heavens

Author: Source: Date:2015/9/17 11:08:08 Click:43 TAGS:Offshore Tax Free Heavens

Offshore taxes are directly related to the question of the ability of countries to exercise their right to tax the worldwide profits and income of their citizens and permanent residents; a major aspect of offshore taxing that makes it a matter which is almost solely dependent on the fiscal system of a country. In essence, an offshore jurisdiction could not be rightfully called a tax haven if it also claimed the right to place offshore taxes on the profits and earnings of the offshore corporations (IBCs) that it registers or imposes withholding offshore taxes on offshore bank accounts or taxed the funds invested in offshore vehicles such as trusts, hedge and mutual funds and offshore foundations.


Tax havens are defined as:

A sovereign nation, state or jurisdiction within a country with:

Low or nil taxes

Lack of transparent in the way offshore legislative and administrative provisions are carried out

Ring-fenced tax structures, whereby local residents and companies are isolated or excluded from the special tax treatments offered to non-resident nationals and corporations

Legislation that: prevents or frustrates effective information exchange with regard to foreign nationals and corporations benefiting from tax privileges, thus promoting tax avoidance and and tax evasion is specially designed to attract foreign capital

Any country whose taxes are lower in relation to those of another

Any country with low or nil taxes that provides confidential financial and legal services to non-resident nationals and corporations.


Tax Haven Countries

Tax havens include countries such as Andorra, Antigua and Barbuda, the Bahamas, Cayman Islands, British Virgin Islands, Monaco, Isle of Man, Guernsey, Samoa, Bermuda, Cyprus, Gibraltar, Dominica, Belize, Panama and Vanuatu. Other offshore centers such as Barbados are considered low tax jurisdictions and not tax havens due to the taxes that are levied on the profits of offshore companies registered in Barbados, although legislative provisions for corporate discretion and privacy are established and regular offshore financial operations are conducted.


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