Nearby tax havens like the Cayman Islands, Panama, Barbados, and the Bahamas have become prominent financial centres rivalling the industrial cities such as London, Tokyo & New York for business.
The pint sized Cayman Islands now boast more commercial banks (530) in the commercial registrar than in all California. The dollars on deposit in Cayman banks exceeds $390 billion, which is also more than all the commercial banks in California.
The Bahamas, just 50 miles off the coast of Florida, was once the 3rd largest financial centre in the world next to New York and London.
Today the Bahamas still ranks in
the top ten, just behind the Cayman Islands.
The Bahamas - the Cayman Islands and Bermuda have:
Guarantees against future taxes are provided by these governments for periods up to 50 Yrs.
Exempt trusts can receive guarantees up to 100 years.
Question: Do you have contacts in the Bahamas who are trustworthy and what are the costs, I will incur in setting up a company in the Bahamas?
Answer: : My partners include a mid-size Law Firm with an office here in downtown Nassau & a U.S. Tax Consultant. The lawyers have over 40 years of business experience here in the Bahamas.
The total costs of forming an IBC (International Business Company) here in the Bahamas are as follows:
TOTAL COST (First
Year) = $
|Using these Bahamian Banks you will be able to trade on any stock exchange in the world at a cost equivalent to those incurred using a discount broker such as Charles Schwab.|
You can of course, call your own shots on what stocks and bonds or mutual funds the IBC purchases. You will pay only the brokers commission = (3c, per share), plus a nominal fee for having the stock certificates put in the Bahamian Banks name instead of the IBC's.
Question: Who are some of the big names using that haven as a tax shelter?
Answer: (THR) Business people from around the globe use the Bahamas as a tax haven, there are currently over $190 billion dollars on deposit in Bahamian Banks.
Michael Jordan of the Chicago Bulls purchased the Bahamian Island known as Crab Cay for $3.9 million. Business people from around the globe use the Bahamas as a tax haven.
Former U.S. citizen Sir John Templeton - knighted by Queen Elizabeth II of England, lives in Nassau . Templeton managed over $20,000,000,000 for clients worldwide. He gave up his U.S. citizenship years ago, probably to escape the USA's 55% estate tax on estates over $2.6 million dollars.
U.S. treasury secretary Nicholas F. Brady (P.O.Box N-7776) has a home in Lyford Cay. Remember it's his branch of the federal government that was responsible for writing the Treasury Regulations under IRC §951 thru §958 for CFCs back in 1962!
There are forty or fifty Bacardi's (the rum distillers) living in Nassau, billionaire fashion designer Peter Nygard, Mike Dingman, Sean Connery the list goes on and on.
NOTE: A few months ago, Michael Jackson reportedly invested $70,000,000 in the new Atlantis Hotel and Casino here in the Bahamas. The opening of the Atlantis complex was celebrated with a $2 million dollar bash. Celebrities from all over the world attended. If Mr. Jackson used a foreign Bahamian company to own his partnership interest in Atlantis, he wouldn't have a U.S. tax liability.
Offshore rents and other business activities performed in the tax haven itself are not considered sub-part F income under the Internal Revenue Code. M. Jackson would not have to pay taxes on these profits, unless the offshore company distributed a dividend to him. Furthermore, U.S. law suites and court ordered judgments against the company or Mr. Jackson are not enforceable in Bahamian courts.
Incidentally - the Lyford Cay area is a millionaire's row here in Nassau.
Question: How can investors learn more about these tax havens?
Answer: (THR) The Tax Havens of the World ($90 US) Book, & Newsletter ($400 US pa for 12 issues) would be most useful in helping you develop your offshore plan.
As an internet special, customers that order a years subscription to the Tax Haven Reporter Newsletter will receive a 'FREE' copy of ...
"Tax Havens Of The World"
Tax evasion is not illegal in the Bahamas, since we do not have income capital gains or inheritance taxes. Tax evasion is not considered suitable grounds for ordering access to information about an account - from Welcome Bahamas - pg .71 Our #2 Industry Banking.
While a Bahamian Company may offer tax advantages to non Bahamian beneficial owners under certain circumstances, it is essential that the laws of there own country be carefully considered before action is taken.
Unless adequate planning is undertaken, the tax advantages may ultimately be lost to the owner. Consideration must be given to the ultimate disposition of accumulated funds "Touche Ross International" (Bahamas).
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