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 . The Weekly Update news bulletin offer news and commentary regarding a number of issue which are of interest or concern to clients. Such topics may include offshore company formation, trusts, banking, investing, real estate, expatriate matters, residency & second passport matters, and other topics concerning the Dominican Republic & Panama. |
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Speaking Tax Haven Jurisdiction........ BELIZE – The Next Offshore “Sell-Out”? . One of readers, Mr. M., has sent in the following (from a news article he has told us appeared in the Times, but I do not have a link for you). . “Belize to Close Tax-Haven Loopholes” . The secretive offshore banking system of Belize is being reformed after international pressure of shamed and named. Countries led by the USA have started this assault in secret havens under the ruse of the June Organization and Development Co-Operation Meeting, which named 35 nations including Belize on that list. Belize formally offered “international business companies”, which guaranteed anonymity. These will soon be history and ALL existing companies will be required to divulge the beneficiary’s name and ID or lose its corporate charter. . Editor’s Note: It is interesting to observe that the first two countries to have “caved in” are English speaking, Common Law countries. In addition, such English speaking jurisdictions that seem to be vulnerable are those countries that have started off as Tourist Destinations, and have gone into the “IBC” or Tax-Haven business as a “sideline” (following the lead of other “sister” English speaking jurisdictions that had previously passed “IBC” legislation). Certainly countries such as Nevis, St. Kitts and the British Virgin Islands fit this profile. Will such places “follow the lead” once again, and also “back peddle” on their own IBC and banking confidentiality laws? We will see. . For some additional information regarding the recent OECD proposals and attacks on so-called tax haven nations, Daniel Mitchell of the Heritage Foundation makes some points and arguments for why you may wish to take an interest (for those that may feel such matters do not have an effect on them directly): . http://www.heritage.org/library/backgrounder/bg1395es.html .
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