11/03
| by Kitty Miv,
Editor - In two slightly apologetic announcements
this week, Guernsey, a little speck of land in
the English Channel, said that its funds
and banking
sectors had lost assets over the last year. Well,
everything is relative: Guernsey still has USD278bn
in its funds and USD265bn in its banks, a total
of more than half a trillion dollars. The figure
in the year 2000 was USD131bn, so the total has
risen by 416% in that ten years, a compound growth
rate of more than 15%.
Continued, below
|
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Jersey Riding Out Onshore Storm
Last updated 26 hours ago | Friday, March 12, 2010
Jersey will overcome the evolving challenges being faced by offshore international
financial centres, Geoff Cook, Chief Executive of Jersey Finance, told participants
at a Breakfast Briefing in London. |
|
 |
BVI To Review Taxes And Fees
Last updated 26 hours ago | Friday, March 12, 2010
British Virgin Islands Prime Minister, Ralph O’Neal has said that the territory
will run a budget surplus during 2010, although the government still intends to review indirect taxes and fees on financial services. |
|
|
Germany Approves Liechtenstein TIEA
Last updated 27 hours ago | Friday, March 12, 2010
Germany’s Cabinet has recently approved a bill pertaining to the bilateral
tax information exchange agreement with Liechtenstein. |
|
Malaysia Not Cancelling GST
Last updated 25 hours ago | Friday, March 12, 2010
After a government meeting, Malaysia’s Second Finance Minister, Datuk Seri
Ahmad Husni Hanadzlah, has rejected any suggestion that the proposed introduction
of a goods and services tax has been cancelled. |
|
Lowtax
Network Comment System
To
ask a question or if you have an opinion
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a new thread, or reply to a thread below:
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| Topic: Lowtax.net General |
| Incorporating a travel ecommerce business |
Hello,
I am in the process of finishing a commission based global vacation rental business online. We take deposits of 200 - 1000 dollars at a time online.
I saw in an article that Anguilla banks do not allow ecommerce transactions.
Whats the bets place uae?
We are expected to earn over 400 k and would prefer to leave it off shore but still need to pay freelance or part time employees in the us and Europe.
Whats the best way to do this? Jay |
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| Topic: Panama |
| low tax |
| I live in uk I am starting to trade the forex market can I have the profit paid directly to an offshore acount without incuring uk tax. thanks |
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New Thread |
| Topic: Lowtax.net General |
| Where should I setup an offshore company? |
I sell software on the internet. My customers are all round the world. I am UK based at present, but I would like to move overseas.
Which country should I setup an offshore company in? I have considered a GBC2 company in Mauritius but can anyone recommend another country?
Many thanks in advance. James |
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New Thread |
| Topic: Cyprus |
| Cyprus corporate tax at 10 % |
| for a consulting company getting fees of distribution and advisory how far can this 10 % be lowered? in other terms, how far can we use the interest paid to the parent offshore company (re any eventual thin capitalisation rule)? how far can people deduct consulting fee to offshore companies (not the shareholders) to the Cyprus company to lower taxable profit to nil-1/2%. How is the practice? |
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New Thread |
| Topic: Mauritius |
| New company setup advise |
| I am a UK resident and I want to setup a company that manufactures physical goods in Korea and sells/distributes them in Western and Eastern Europe and North America. The turnover would be in usd 1-2m region annually with profit at ~40%. Can this type of activity be classified as e-commerce (if we setup website)? What is the best place to setup such a company as well as offshore bank account for the partners so that the dividend is not repatriated to the UK. Kristina |
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| Topic: Lowtax.net General |
| What's the cheapest offshore company formation service? |
I'm from the EU, and would like to open a company (either inside or outside the EU) that would allow me not to pay VAT when buying Internet services from the EU (typically from Germany). It would also provide me with a more professional name to hold all my domains and Internet services, and help me keep my home address private.
Can anyone suggest a good service that will take care of this? Cheapest meaning it shouldn't be too expensive to open AND maintain, as I won't really be trading anyway (using services for my own benefit at the moment, so I also don't need bank accounts etc. for the company)... Anto |
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| Topic: Lowtax.net General |
| Danish video production company going offshore |
A Danish video production company (adult entertainment) is looking to move/outsource certain business functions to a low cost/low tax location.
Any suggestions from people with experience in outsourcing of activities, effective balance sheet management techniques, and redeployment of cash flows will be appreciated.
Please, keep in mind that this is more than just about taxes, and that given the nature of the business, a number of locations/banks may not be considered as an option even as an exercise in eccentricity.
Regards
Albert |
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New Thread |
| Topic: Lowtax.net General |
| business with Africa |
I am French resident living in france (I can change if NECESSARY), I got business in some countries in africa : wood, gold,...and its time for me to creta a company ,I would to know what would the best case for my business in terms of low taxes,banking,... and my personal income too ! please it is urgent to get answer and meet someone who can set up all my administration...
Ralph |
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| Topic: Lowtax.net General |
| UK resident, non-dom question |
Hi
I am a UK resident but was born in Malawi. I moved to the UK when I was a kid.
I am director of a UK registered Limited Company and also a Company based in the UAE free trade zone. Both companies trade internationally. We buy from one country and sell to another. Never does the product land in the UK or UAE. None of our clients or customers are based in the UK or UAE. Realistically, we could use any company structure in any jurisdiction to run this business.
Ideally, I would like to remain living in the UK but do not really like the idea of paying UK corporation tax or UK income tax. I have looked at having an IBC in BVI / UAE / Mauritius / Seychelles etc etc and using nominee shareholders and directors.
However, whichever way I look at it, it seems that I am unable to find a legitimate scheme (according to UK tax law) that allows me to live in the UK and continue my business without always being worried that there is some small chance that the UK authorities may investigate me.
There must be a totally legal way of trading internationally whilst living in the UK without being taxed by the UK authorities? There must be a country with a low or zero tax rate that has some sort of double taxation agreement with the UK or where the UK exempts the foreign structure from tax liability in the UK (as per the Foreign Controlled Companies rules).
If anyone has any ideas, please let me know!!
Sepp Bududa |
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| Topic: Lowtax.net General |
| Best way to go |
Hi, I am struggling to identify the ideal place to form an offshore company. I am a UK citizen but have not lived in the UK 5+ years & am currently living in SE Asia. The business will buy products from a Japanese company & onsell into UK, EU & the rest for the world, perhaps through new co's formed in each country.
I wish the Corp profits to be offshore and as I have no permanent place of residence as such any payments to me to take place in an environment where there are little or very income taxes but satisfy tax law requirements.
Is there a country in Europe I can have tax residancy with low taxes (without having to spend the majority of time there) that will allow me to spend more than 90 days per annum in UK? I read about Bulgaria but is Switzerland an option?
Regards
John John |
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| Topic: Lowtax.net General |
| Austrian resident/ foreign company |
Could anyone comment on the consequences of an Austrian resident owning a foreign/ offshore company?
I'm thinking about the application of controlled foreign company rules to the ownership of a foreign company and what the effects would be. Thank you |
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| Topic: Lowtax.net General |
| Offshore company incorporation / Offshore Bank Account advice needed - Futures trading / investment setup required |
Hi im looking to incorporate offshore for the following setup:
I am a UK citizen, currently living/domicled full time in the Netherlands (currently paying PAYE income tax in Holland from full time employment).
I want to set up up XYZ limited offshore (open to all suggestions). Which will operate a financial derivative trading (investment) account with one of the large futures trading companies in London. The trades can be physically done from anywhere in the world.
Individual A invests/lends funds to XYZ limited which then deposits the money with a marketmaker/broker in the name of XZY limited. XYZ then invests the money in various automated investment trading strategies. If the company successfully makes a profit, then funds are transferred from the trading account back to the offshore company. The funds can then be transferred back to Individual A (which will then be responsible for his/her own tax liabilities) and commissions/management fees will be built up offshore in the bank account of XYZ limited. Is there anyone that is familiar with this kind of set-up or can reccomend a more optimal way of doing this?
Requirements I have:
Zero tax offshore liabilities.
No annual reports / records required.
Cost effective i.e. relative to other jurisdictions
Privacy / no personal records kept on file.
minimal annual fees / maintenence.
confidential / privacy
fast setup
Bank account requirements:
With large respectable bank - safety of deposits.
online banking - easy wire transfers in/out of the account
ATM / debit / credit cards linked to account - large withdrawel limits.
Physical withdrawel of large amounts of cash direct from bank account (if so required).
Fully English speaking service - with absoloutly no doubt of safety of deposited funds.
Willing to set up anywhere in the world that best suits my need.
Anyone that can help/advice would be much appreciated. Please contact me with email/contact details and ill be in touch.
Regards
Rajesh |
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| Topic: Lowtax.net General |
| Permanent traveler tax advice sought |
Hi all, I am hoping some of the experts here can share some insight on my situation.
I'm a Canadian/UK citizen. I work as an engineer for a Canadian company earning low 6 figures, but doing more and more work abroad. My employer has agreed to move me to a full time remote work schedule, with no need at all for me to return to Canada. I would become a contractor and invoice my former employer for my services.
I am planning to adopt the lifestyle of a permanent traveler and trying to sort out the best way to arrange my affairs to facilitate this. My research shows that in order to escape Canadian taxation I will need to show that I have emigrated to somewhere else. I am thinking about Bulgaria for its 10% income tax rate.
I'm very flexible about where I go and able to locate myself wherever is most advantageous. Generally though I will be traveling most of the time so I'd like to avoid places that need a lot of days in country or purchasing a home to qualify for residence.
My questions are:
- Is establishing another residence the only way to escape Canadian tax? If so, thoughts or advice on the best place to reside?
- What is the best structure for me to set up for contracting my services? Should I continue billing directly as myself, or set up a corporation somewhere?
- Any other advice?
Thanks! PermanentTraveler |
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New Thread |
| Topic: Lowtax.net General |
| Tax Advice |
We have a Limited company in Hong Kong, and I am a resident of India.
I'd like to ask, how I can bring my money to India from our Hong Kong Company by paying minimum tax.
I'll be really glad if you can advise us.
|
| Read
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New Thread |
| Topic: St Vincent & the Grenadines |
| Working in St. Vincent & The Grenadines |
I own a small specialty contracting firm based outside Denver, CO that may be awarded a small project on Mustique Island just of the coast of St. Vincent.
Do I need to get licensed or register with the St. Vincent govt.? Is there any type of workers comp. requirements there? How would I deal with USA based employees working down there as far as payroll taxes, unemployment etc.? Any place where there is more information about this?
Thanks for any help. |
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Replies | Reply | Start
New Thread |
|
Continued,
from above.
2000 was the year in which the OECD attacked the
world of offshore, setting out to destroy it for
ever. Haven't they been successful, beyond their
wildest nightmares!
In fact, the work
done by the OECD, the FATF, the G20 et al
has served to inoculate the low-tax jurisdictions,
making them respectable. With hindsight, the OECD
would perhaps say that this is what it wanted
all along, but it wouldn't be true!
It takes nothing
away from the inventive and determined policies
followed by Guernsey during this ten years to
say that comparable figures could be given for
a wide range of other low-tax jurisdictions.
The truth is that
the growing piles of wealth swilling around the
world have got to go somewhere, and they will
tend to migrate to low-tax environments, other
things being equal. The last two years have seen
a hiatus in the growth of that wealth; but it's
only temporary.
Guernsey should reach
a trillion dollars by 2020; Cayman, Switzerland
and Hong Kong are already there.
Ciao, Kitty.
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L L
H G E W I N D F A L L
C A S H A X P E E U X L I
A C I K T R C N X W T F N
F S M C I I E H V C P Y C
L I B C N H A T E Z I I O
A F E G P A R U U Q T S M
T S E R E T N I J B U P E
I S V D Y E I I Q Z E E Y
P D J V V O N R F N L R R
A M E E Y X G G S Y A U N
C L R T B L S I W L S K D
T A X A T I O N A C C U O
E Q V R K N R S Y E N O M
Word
list
Capital, Cash, Duty,
Earnings, Exchequer, Excise, Financial,
Fiscal, Income, Interest, Levy, Money,
Pension, Price, Rate, Rebate, Revenue,
Salary, Taxation, Windfall
Quiz
One
of these words is not in the puzzle,
which is it?
Clue
Berate
the chancellor to recover your
tax?
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