TAX Havens of the World
Author: Tom Azzara

http://notax.dunway.com

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Table of Contents
Description

Preface 7
Introduction 17

Chapter 1

The Bahamas 23
Tax's 23
Tourism and Banking 24
Public & Private Banking 24
Bank Secrecy 25
Numbered Bank Accounts 26
International Business Companies 26
New Trust Act (11998) 28
Ship Registrations 31
Large Land Area 32
Exchange Controls 32
Political Stability 32
Nassau and Freeport 34
Investment Holding Companies 35
Tax Evasion vs. Tax Avoidance 36
Costs to Incorporate 37
Money Management Fees 37
PFIC Chart 39

Chapter 2

The Controlled Foreign Corporation 41
"U.S. Shareholders" as defined under IRC 951 (b) 41
What is a "Controlled Foreign Corporation"? 41
Legal Tax Avoidance or Illegal Tax Evasion. Is there a difference? 44
Attribution of Ownership Rules under IRC 958(a) 43
Constructive Ownership Rules under IRC 958(b) 41
Complete control of your Foreign Corporation 45
Shifting of Formal Voting Power 46
Chart for Avoiding Control 47
Diagrams for U.S. Treasury Regulations 50
DeMinimis Tax Haven Rule 56
Comments and Conclusions 59
Suggest Readings 60

Chapter 3

Pentapus 61
Stock Ownership Tests 61
Gross Income Test 62
Accumulated Earnings Tax 63
The Foreign Investment Company Tentacle 63
Passive Foreign Investment Companies 63
Avoiding PFIC Status 64
Qualified Electing Funds & PFICs (Chart) 68
Stock Attribution and Look Through Rules 68
IRS Revenue Rulings 69
Comparing the Offshore Financial Centre's (chart) 70

Chapter 4

Foreign Investment in the United States 71
Adequate Capitalisation's 72
Finance Company and Foreign Parent (chart) 73
Adverse IRS Rulings 74
Revenue Ruling 85-163 74
Summary and Review 75
Tax Planning for Foreign Investment in U.S. Real Property 76
Dividend Stripping 77
Source of Income Rules 79
Foreign Source Income (defined) 80
Avoiding U.S. Capital Gains Taxes 81
Selling U.S. Real Estate Tax Free 82
Dividend & Interest Stripping 83
Capital Gains Taxes Gone Berserk 84

Chapter 5

The Cayman Islands & other Caribbean Tax Havens 85
Taxes 85
Ordinary Companies 85
Cost to Incorporate 86
Filing Memorandum 87
Books and Records 89
Anguilla 95
Bermuda 102
Tax Guarantees 102
Bermuda Trusts 104
Bermuda Monetary Authority 105
Banking and Exchange Controls 106
Nevis 110
British Virgin Islands 111
Montserrat 117
St. Barthelemy 121
Confidential Information Ordinance 122
Turks & Caicos Islands 124
Trusts 126
Costs to Incorporate 126
Netherlands Antilles 131
Antigua 133
Barbados 135
Exempt Insurance Act 135
Tax Treaties 135
Belize 136

Chapter 6

Panama & Other Shipping Havens 139
Territorial Concept of Taxation 139
Bank Secrecy 141
Legal Entities 141
Colon Free Zone 143
Liberia 145
Costs to Incorporate 146
U.S. Exchange of Note Agreements 147
Gross Basis Tax (4%) 149
Cyprus 150
Gibraltar 151
Costs to Incorporate 152
Gibraltar's Foreign Trusts 154
No Tax Treaties 154
Formation Costs 156

Chapter 7

Switzerland & the European Tax Havens 161
Swiss Bank Secrecy Law 161
Taxation 162
Private Banking 163
Company Formation 164
Campione 166
No Tax Treaties 167
Luxembourg 168
Map 169
Belgium, Netherlands Holding Companies 170
Liechtenstein 173
Anstalts, Stiftungs, pure Holding Companies 173
Accessibility 175
Monaco 177
No Personal Income Taxes 177
Estate, Gift and Inheritance Taxes 178
Malta 178
Offshore Trusts Act 180
Merchant Shipping Act 180
Andorra 182
No taxes, No Political Parties 182
Madeira 184

Chapter 8

The Channel Islands & the Isle of Man 187
Sark 187
Exempt Company Replaces Corporation Tax Company 189
Offshore Funds and Unit Trusts 190
Non-Resident C.I. Trusts 190
Isle of Man (Manx) 192
Company Formation 192
Manx Trusts 192
Marshall Langer's "Peripheral Tax Havens" 192
Sealand Fantasy 193
Cow Shed Tax Haven 194

Chapter 9

Tax Havens of the Far East 197
Territorial Tax System 197
Capital Gains Taxes 197
Non Resident & Resident Investment Companies & Unit Trusts 198
Operational HQ, Formation Costs, Public & Private Companies 198
Exchange Controls, Tax Treaties and Trusts 199
Hong Kong 200
A Territorial System of Taxation 200.1
No Capital Gains Taxes 200.1
Estate Taxes 200.1
Hong Kong Trusts 200.1
Mauritius (Low Tax Haven in the Indian Ocean) 200.1
Territorial System of Taxation 200.2
Western Samoa 201
International Companies Act (1987) 202
Vanuatu 204
Costs to Incorporate 205
Cook Islands 208
Labuan 210
Nauru 212
Seychelles 214
Niue Island 217
Solomon Islands 218

Chapter 10

U.S. Virgin Islands & Puerto Rico 219
"Mirror" System of Taxation 221
Tax Incentives 221
IRC 936 (Federal Income Tax Incentives) 222
Exempt Captive Insurance Companies and Banks 222
Puerto Rico (Tax Haven for U.S. Manufacturers) 223
Qualified Companies 224
Manufacturing on the decline 224

Chapter 11

Foreign Trusts 227
Foreign Trusts Defined 229
The Trust Deed 230
Foreign Grantor Trusts (Ruling 69-70) 231
What is a Revenue Ruling 232
Testing Foreign Grantor Trust Law 233
Foreign Trusts Under Attack 234
Muddle Trust Law 236
Estate Tax Planning Device 238
Tax Planning with Foreign Trusts 242
Offshore trusts for UK Residents 242

Chapter 12

Estate Tax Planning 255
Unified Estate Tax Credit 255
Lifetime Gifts 256
State Gift, Inheritance & Estate Taxes 258
Non-Resident Aliens Investing in the U.S 258
Federal Estate Taxes 261
$600,000 Estate Tax Exclusion 261

Chapter 13

United States Income Tax Treaties 265
Elimination of Double Taxation 265
Termination of U.S. Netherlands Antilles Tax Treaty 266
U.S. Netherlands Tax Treaty 267
Stock Exchange Test 268
Barbados - U.S. Tax Treaty 271
Model Income Tax Treaties 272
Treaty Shopping 274
Portfolio Interest (defined) 275
INTERFIPOL 277
Estate and Gift Tax Treaties 279
With Holding Tax Table 280
Form 5471 282

Chapter 14

The Internal Revenue Code 283
Foreign Earned Income 284
Predictable IRC 482 286
U.S. Gift & Estate Taxes 286
Compelling Production of Foreign Records 289
Obtaining Revenue Rulings 290
Information Reporting 294
Tax Evasion - Tax Avoidance 298

Chapter 15

Canada and Australia 305
Foreign Affiliates 305
FAPI 306
Barbados - Great Canadian Base 307
With Holding Taxes 308
Australia 310
Loop Holes in Australian Code 311
Transfers to Non-Resident Trusts 312
Tax and Business Planning 313

Chapter 16

Bank Secrecy & Asset Protection Trusts 315
APT Defined 316
Letter Rulings 317
Estate Tax Planning Tip 319
Bearer Share Warrants 320
Bearer Shares 320
Appendix 325
Bibliography 334
Index 335
Bank Secrecy in the Bahamas 322
  • Information - & FAQ's about Off Shore Banking
  • Bahamas - Compared with other Tax Havens
  • IRS Letter Ruling 9332006 - How to legally avoid millions of $$$$ in taxes!
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Tax Havens - Home Page

Tom Azzara (Lawyers & Consultants)
New Providence Estate Planners, Ltd.
Nassau, Bahamas

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