TAX Havens of the World
Author: Tom Azzara

The Books Table of Contents

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Author Tom Azzara

Description

Preface. 7
Introduction 17

Chapter 1

The Bahamas 23.
Tax's 23.
Tourism and Banking 24.
Public & Private Banking 24.
Bank Secrecy 25.
Numbered Bank Accounts 26.
International Business Companies 26.
New Trust Act (11998) 28.
Ship Registrations 31.
Large Land Area 32.
Exchange Controls 32.
Political Stability 32.
Nassau and Freeport 34.
Investment Holding Companies 35.
Tax Evasion vs.Tax Avoidance 36.
Costs to Incorporate 37.
Money Management Fees 37.
PFIC Chart 39.

Chapter 2

The Controlled Foreign Corporation 41.
"U.S. Shareholders" as defined under IRC 951 (b) 41.
What is a "Controlled Foreign Corporation"? 41.
Legal Tax Avoidance or Illegal Tax Evasion. Is there a difference? 43.
Attribution of Ownership Rules under IRC 958(a) 44.
Constructive Ownership Rules under IRC 958(b) 41.
Complete control of your Foreign Corporation 45.
Shifting of Formal Voting Power 46.
Chart for Avoiding Control 47.
Diagrams for U.S. Treasury Regulations 50.
DeMinimis Tax Haven Rule 56.
Comments and Conclusions 59.
Suggest Readings 60.

Chapter 3

Pentapus 61.
Stock Ownership Tests 61.
Gross Income Test 62.
Accumulated Earnings Tax 63.
The Foreign Investment Company Tentacle 63.
Passive Foreign Investment Companies 63.
Avoiding PFIC Status 64.
Qualified Electing Funds & PFICs (Chart) 68.
Stock Attribution and Look Through Rules 68.
IRS Revenue Rulings 69.
Comparing the Offshore Financial Centre's (chart) 70.

Chapter 4

Foreign Investment in the United States 71.
Adequate Capitalisation's 72.
Finance Company and Foreign Parent (chart) 73.
Adverse IRS Rulings 74.
Revenue Ruling 85-163 74.
Summary and Review 75.
Tax Planning for Foreign Investment in U.S. Real Property 76.
Dividend Stripping 77.
Source of Income Rules 79.
Foreign Source Income (defined) 80.
Avoiding U.S. Capital Gains Taxes 81.
Selling U.S. Real Estate Tax Free 82.
Dividend & Interest Stripping 83.
Capital Gains Taxes Gone Berserk 84.

Chapter 5

The Cayman Islands & other Caribbean Tax Havens 85.
Taxes 85.
Ordinary Companies 85.
Cost to Incorporate 86.
Filing Memorandum 87.
Books and Records 89.
Anguilla 95.
Bermuda 102.
Tax Guarantees 102.
Bermuda Trusts 104.
Bermuda Monetary Authority 105.
Banking and Exchange Controls 106.
Nevis 110.
British Virgin Islands 111.
Montserrat 117.
St. Barthelemy 121.
Confidential Information Ordinance 122.
Turks & Caicos Islands 124.
Trusts 126.
Costs to Incorporate 126.
Netherlands Antilles 131.
Antigua 133.
Barbados 135.
Exempt Insurance Act 135.
Tax Treaties 135.
Belize 136.

Chapter 6

Panama & Other Shipping Havens 139.
Territorial Concept of Taxation 139.
Bank Secrecy 141.
Legal Entities 141.
Colon Free Zone 143.
Liberia 145.
Costs to Incorporate 146.
U.S. Exchange of Note Agreements 147.
Gross Basis Tax (4%) 149.
Cyprus 150.
Gibraltar 151.
Costs to Incorporate 152.
Gibraltar's Foreign Trusts 154.
No Tax Treaties 154.
Formation Costs 156.

Chapter 7

Switzerland & the European Tax Havens 161.
Swiss Bank Secrecy Law 161.
Taxation 162.
Private Banking 163.
Company Formation 164.
Campione 166.
No Tax Treaties 167.
Luxembourg 168.
Map 169.
Belgium, Netherlands Holding Companies 170.
Liechtenstein 173.
Anstalts, Stiftungs, pure Holding Companies 173.
Accessibility 175.
Monaco 177.
No Personal Income Taxes 177.
Estate, Gift and Inheritance Taxes 178.
Malta 178.
Offshore Trusts Act 180.
Merchant Shipping Act 180.
Andorra 182.
No taxes, No Political Parties 182.
Madeira 184.

Chapter 8

The Channel Islands & the Isle of Man 187.
Sark 187.
Exempt Company Replaces Corporation Tax Company 189.
Offshore Funds and Unit Trusts 190.
Non-Resident C.I. Trusts 190.
Isle of Man (Manx) 192.
Company Formation 192.
Manx Trusts 192.
Marshall Langer's "Peripheral Tax Havens" 192.
Sealand Fantasy 193.
Cow Shed Tax Haven 194.

Chapter 9

Tax Havens of the Far East 197.
Territorial Tax System 197.
Capital Gains Taxes 197.
Non Resident & Resident Investment Companies & Unit Trusts 198.
Operational HQ, Formation Costs, Public & Private Companies 198.
Exchange Controls, Tax Treaties and Trusts 199.
Hong Kong 200.
A Territorial System of Taxation 200.1
No Capital Gains Taxes 200.1
Estate Taxes 200.1
Hong Kong Trusts 200.1
Mauritius (Low Tax Haven in the Indian Ocean) 200.1
Territorial System of Taxation 200.2
Western Samoa 201.
International Companies Act (1987) 202.
Vanuatu 204.
Costs to Incorporate 205.
Cook Islands 208.
Labuan 210.
Nauru 212.
Seychelles 214.
Niue Island 217.
Solomon Islands 218.

Chapter 10

U.S. Virgin Islands & Puerto Rico 219.
"Mirror" System of Taxation 221.
Tax Incentives 221.
IRC 936 (Federal Income Tax Incentives) 222.
Exempt Captive Insurance Companies and Banks 222.
Puerto Rico (Tax Haven for U.S. Manufacturers) 223.
Qualified Companies 224.
Manufacturing on the decline 224.

Chapter 11

Foreign Trusts 227.
Foreign Trusts Defined 229.
The Trust Deed 230.
Foreign Grantor Trusts (Ruling 69-70) 231.
What is a Revenue Ruling 232.
Testing Foreign Grantor Trust Law 233.
Foreign Trusts Under Attack 234.
Muddle Trust Law 236
Estate Tax Planning Device 238.
Tax Planning with Foreign Trusts 242.
Offshore trusts for UK Residents 242.

Chapter 12

Estate Tax Planning 255.
Unified Estate Tax Credit 255.
Lifetime Gifts 256.
State Gift, Inheritance & Estate Taxes 258.
Non-Resident Aliens Investing in the U.S 258.
Federal Estate Taxes 261.
$600,000 Estate Tax Exclusion 261.

Chapter 13

United States Income Tax Treaties 265.
Elimination of Double Taxation 265.
Termination of U.S. Netherlands Antilles Tax Treaty 266.
U.S. Netherlands Tax Treaty 267.
Stock Exchange Test 268.
Barbados - U.S. Tax Treaty 271.
Model Income Tax Treaties 272.
Treaty Shopping 274.
Portfolio Interest (defined) 275.
INTERFIPOL 277.
Estate and Gift Tax Treaties 279.
With Holding Tax Table 280.
Form 5471 282.

Chapter 14

The Internal Revenue Code 283.
Foreign Earned Income 284.
Predictable IRC 482 286.
U.S. Gift & Estate Taxes 286.
Compelling Production of Foreign Records 289.
Obtaining Revenue Rulings 290.
Information Reporting 294.
Tax Evasion - Tax Avoidance 298.

Chapter 15

Canada and Australia 305.
Foreign Affiliates 305.
FAPI 306.
Barbados - Great Canadian Base 307.
With Holding Taxes 308.
Australia 310.
Loop Holes in Australian Code 311.
Transfers to Non-Resident Trusts 312.
Tax and Business Planning 313.

Chapter 16

Bank Secrecy & Asset Protection Trusts 315.
APT Defined 316.
Letter Rulings 317.
Estate Tax Planning Tip 319.
Bearer Share Warrants 320.
Bearer Shares 320.
Bank Secrecy in the Bahamas 322.
 
Appendix 325.
Bibliography 334.
Index 335.

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Tax Havens of the World