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Wednesday, October 08th, 2008
You are here: Shelter Offshore » Offshore Investment » Offshore Tax Havens
Wednesday, October 08th, 2008
Whilst we tend to write with the British expatriate living abroad in mind, that’s not to say the information on Shelter Offshore is exclusive to this particular group of people. Rather we aim to bring as broad and informed an opinion to the table as possible to benefit all of our readers…which is why it’s important we raise the issue of UK tax rules again targeting expats living in Britain.
Expats living in Britain are referred to in the financial business as ‘non-doms,’ which relates to their non-domiciled status in the UK. For those who are resident in Britain but who were not born in the UK and whose fathers were also born outside of Britain, the tax status of non-domiciled is usually applied. This status has a direct impact on the type and amount of taxation paid by such individuals to the British taxman.
In the past the UK was considered an attractive tax haven for such individuals as the UK revenue offered many tax breaks for those who were resident in the UK but who were domiciled elsewhere. Under the Labour Party leadership however, these benefits have been slowly but consistently eroded to the point at which a widely used tax efficient mortgage mechanism is now also no longer of use to expats living in Britain.
Everyone knows that offshore bank accounts, corporations, trusts and strategies can be - and are - used by the super wealthy to evade taxation, but just how widespread the illegal use of these perfectly legitimate structures and solutions is, is suddenly becoming apparent as offshore taxation scandals are now rocking the US and Germany.
It’s a well-known fact that offshore solutions can offset taxation and even improve an individual’s tax status when used legitimately, and it is also well-known that many super wealthy illegally report their use of such structures to specifically avoid tax – but just how widespread the problem was is only now coming to light. If you thought offshore taxation was boring we can tell you that it is anything but as we reveal some of the scandals rocking the tax world currently.
Read On...
The Isle of Man has long been considered a tax haven by the very nature of the fact it’s an offshore haven where one can conceivably save tax! However, when is a tax haven not a tax haven?
Well, in the case of the Isle of Man they refute the label ‘tax haven’ because of the negative connotation it implies, and the jurisdiction has even gone so far as to lobby the Multistate Tax Commission Executive Committee in the US and attempt to have the OECD reclassify the Isle of Man…
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The Isle of Man has won the ‘Best International Financial Centre’ award at the 9th annual International Investment Fund & Product Awards 2008. The Isle of Man Treasury Minister, Hon. Allan Bell MHK was presented with the Award at a dinner for international finance professionals in London on 13 May 2008.
This just reinforces the generally accepted industry perception that the Isle of Man is not to be beaten when it comes to the best offshore tax havens and financial centres in the world. It is so well regulated and yet so competitive that time and time again, readers of Shelter Offshore seeking a strong and safe haven for their business and financial affairs select the Isle of Man.
Read On...
The Special Administrative Region (SAR) of Hong Kong officially enjoys the highest level of economic freedom in the world according to a recent survey conducted by the Heritage Foundation in association with the Wall Street Journal; and as a result, Hong Kong is emerging as an exciting offshore business centre.
The latest figures relating to the amount of foreign direct investment received and the number of new local companies registered in Hong Kong in 2007 really highlight just how successful the government of the special administrative region of China has been in creating an attractive fiscal environment. And according to offshore industry sources, despite the predicted 2008 global financial slowdown, Hong Kong is still positioned to expand as an offshore tax haven.
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