TAX
Havens of the World
Author: Tom Azzara
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Author Tom Azzara
| 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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