|
Dear Colleague,
This week:
I hope you find this update useful.
Please remember that
you can customise your mailing preferences by visiting your own
profile
page to choose
from 29 offshore tax and law subjects in order to receive just the
information you want. You can also unsubscribe completely
by following the instructions at the bottom of this page.
Kind regards,
Kate James |
Tax-News.com
Headlines
Taiwan
Considering Tonnage Tax,
by Mary Swire, Tax-News.com, Hong Kong Thursday,
June 12, 2008 |
| According to reports
in the regional and international media this week, the Taiwanese
authorities are currently considering a move to a tonnage tax
regime for domestic shipping firms, in order to encourage more
of them to fly the territory's flag. [
FULL
STORY ] |
 |
NZ
Holds Productive Discussions With US On Trade Issues,
by Mary Swire, for LawAndTax-News.com, Hong Kong Thursday,
June 12 |
| Following discussions
with key Administration and Congressional leaders in Washington
this week, NZ Trade and Defence Minister, Phil Goff announced
on Wednesday that he was confident that New Zealand would progress
towards a free trade agreement with the United States. [
FULL
STORY ] |
 |
Deloitte
And ICAI Respond To EC Audit Liability Recommendations,,
by Jason Gorringe, Tax-News.com, London Thursday,
June 12, 2008 |
| Deloitte Touche Tohmatsu
and the Institute of Chartered Accountants in Ireland (ICAI)
have separately spoken out to welcome the publication of an
EU Commission Recommendation on limiting Auditor Liability.
[ FULL
STORY ] |
 |
Man
Group Takes Stake In Bermuda Alternative Investment Manager,
by Carla Johnson, Investors Offshore.com Wednesday,
June 11, 2008 |
| Man Group plc, the
world's largest listed alternative investment manager, has announced
that it has entered into an agreement to acquire a 25% interest
in Nephila Capital Ltd. [
FULL
STORY ] |
 |
Head
Of Swiss FDFA Meets With Minister Of European Affairs Of Netherlands,
by Lorys Charalambous, Tax-News.com, Cyprus Wednesday,
June 11, 2008 |
| Federal Councillor
Micheline Calmy-Rey, head of the Swiss Federal Department of
Foreign Affairs (FDFA), on Monday received the Minister of European
Affairs of the Kingdom of the Netherlands, Frans Timmermans,
for a working lunch, which took place in Bern.
[
FULL
STORY ] |
 |
Deutsche
Bank Appoints Cayman Chief,
by Philip Morton, Investors Offshore.com Wednesday,
June 11, 2008 |
| Deutsche
Bank announced on Monday that Janet Hislop has been appointed
Chief Country Officer for its operations in the Cayman Islands.
[ FULL
STORY ] |
 |
|
|
Offshore
St Kitts and Nevis
St Kitts and Nevis are islands in the
Caribbean Sea, total 261 sq km in area, population 40,000. The climate
is tropical, tempered by constant sea breezes and there is little
seasonal temperature variation. There can be hurricanes.
The capital is Basseterre, on
St Kitts. Bradshaw International Airport, near Basseterre, can handle
large jets. There are now direct flights from New York, Philadelphia,
Miami and Gatwick.
St. Kitts became Britain's first
colony in the West Indies with the founding of a settlement in 1623.
The Federation of St Kitts and Nevis finally attained full political
independence within the Commonwealth in 1983 and, in order to relieve
the anxiety of Nevisvians, Nevis acquired autonomy within the Federation,
together with its own Legislature and Cabinet. In 1998, a vote in
Nevis on a referendum to separate from Saint Kitts fell short of
the two-thirds majority needed. Unlike most other English speaking
Caribbean jurisdictions, St Kitts and Nevis is neither a dependency,
nor a crown colony of Britain, which means that it is not subject
to the EU's Savings Tax Directive.
The legal system is largely based on English Common Law, and appeal
is to the Caribbean Court of Appeal based in Trinidad and Tobago.
Although sugar dominated the
agricultural sector until 2005, when it was finally abandoned as
a major crop, activities such as tourism, export-oriented manufacturing,
and offshore banking have assumed larger roles in the economy. GDP
growth was good in 2004 and 2005, and the IMF predicts that St Kitts
& Nevis will be one of the stronger Caribbean economic performers
in 2007 and 2008, with 6% growth envisaged in 2007. The Federation's
currency is the East Caribbean dollar, pegged at 2.7 to the US dollar.
St Kitts and Nevis has offshore legislation as a Federation, but
so does Nevis independently. On the whole, St Kitts focuses on attracting
inward industrial and tourist investment, while Nevis concentrates
more on offshore asset protection. Nevis has been particularly successful
with its LLC (Limited Liability Company) legislation.
In 2000, St Kitts and Nevis found itself on the OECD and FATF blacklists,
but was removed from both after promising to tidy up legislative
problems, which was done with a number of enactments in 2001-2003.
Learn more in our full St
Kitts and Nevis Knowledgebase.
|
|
| Advertisement
The
Q Wealth Report
Wealth: how to create it, protect it, and grow
it in a secure offshore environment.
Learn the tips and traps of global banking and investing.
You will discover how to legally avoid taxes, learn how to protect
the assets you already have for the benefit of future generations,
and discover the mindset of generating wealth - often with no
money down.
Articles every issue cover how to be financially secure and free
- never have to worry about money again! The Q Wealth Report helps
you live a relaxed, happy lifestyle, acquire the skills and knowhow
to put your ideas into action to increase your freedom, autonomy,
security and independence. Also, you will have have opportunities
to connect with like-minded people, refresh and refocus at Q Wealth
Events. Above all you will be inspired and will acquire a new,
free, mindset!
Visit The
Q Wealth Report and try it for free today: You can download
a sample copy, read the Q Experts Blog, and sign up for a free
Q Bytes email subscription, all without any cost or obligation.
Also
for a limited time you can currently read online the article Two
Secrets "They" Won't Tell you about Offshore Bank and
Brokerage Accounts by Q Wealth expert and lowtax.net blogger
Peter Macfarlane.
|
|
Directory
For Visitors
Our aim is to offer you the ability to locate a service
provider specialising in the field of your choice, in the jurisdiction
of your choice, with just a few clicks. We only list confirmed entries
to reduce the number of dead-ends and strictly enforce categorisation
criteria to ensure that you find exactly the service you are after.
As of September 2007 we have begun to implement a new, expanded
format to make the directory even more user friendly and comprehensive.
Click
here for the new directory home page.
For Service Providers
The Lowtax Offshore Service Provider's Directory offers
firms the ability to highlight their services to one of the web's
largest specialised tax, legal and offshore audiences. Our visitors
include large numbers of corporates and HNWIs. Standard entry in
the directory is free as long as your details are kept up to date.
Premium entry options are available. Please contact directory@lowtax.net
for further details.
Click
here for the new directory home page.
|
|
Offshore
Seychelles
The Very Model Of A Modern Archipelago
The Seychelles are a byword for tropical beauty. The 115 islands,
near the equator and outside the cyclone belt, are indeed unspoiled.
The main island, Mahe, has an airport and a very good port, Victoria.
Most of the 80,000 inhabitants live on Mahe, and are a blended mixture
of French and African, speaking Creole, but also English and French,
especially in business. The British granted independence only in 1976;
the Seychelles are an independent democratic republic with a presidential
style of government. The President from 1977 until 2004, Albert Renee
oversaw the conversion of a 'fishing and bananas' type of economy
into a modern tourist mecca, alongside a carefully created offshore
financial centre which has taken good notice of its competition.
Economy Dependent
On Tourism
The service sector contributes 70% of the Seychelles's economy, which
is based on tourism, fish processing and commerce. The International
Trade Zone is successful, and the Seychelles are on the way towards
becoming an Indian Ocean trading entrepot, which is their avowed goal.
The Government is torn between Colbertian paternalism (very French)
and economic liberalism (very English) and it is hard to say which
is winning.
Until late 2004, when the tsunami did substantial damage, there was
growth but also unemployment and a deficit. The local population is
not always willing to be cast in the role of economic superstars,
to the despair of the Government, which privately would like the Seychelles
to be a new Singapore. A macro-economic programme under the acronym
MERP, launched in 2004, aims to correct fiscal and economic imbalances
with increased taxation and government retrenchment.
The Seychelles' Lowtax Specialisations
The Seychelles have territorial taxation; thus only locally-sourced
income is taxed. There is recent, well-formed legislation for International
Business Companies, Offshore Banks, Insurance Companies, Mutual Funds,
Trusts, and extensive programmes of investment incentives, as well
as the International Trade Zone, all of these being basically free
of taxes. In 2003, the government legislated for additional types
of company: Special Licence Companies, Protected Cell Companies and
Limited Partnerships.
It is easy to form corporations, and privacy is reasonably assured.
There are tax treaties with a number of countries, including China.
Banking and shipping are the Seychelles' two main 'offshore' industries.
The Seychelles started to create an IOFC only quite recently, but
by 2004 17,000 companies had already been registered. The Trade Zone
is probably the most successful aspect of the offshore initiative,
and that has more to do with trade than tax.
Learn more in our full Seychelles
Knowledgebase. |
|
