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The Isle of Man has been awarded the top ‘Compliant’ rating by the global body reviewing tax transparency around the world. The OECD (Organisation for Economic Co-operation and Development) Global Forum on Transparency and Exchange of Information for Tax Purposes has just published ratings for the 50 countries reviewed to date and the Isle of […]

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According to many a tax haven is a jurisdiction (a state, country or territory) where one or more type of tax is levied at a low rate or not at all. Others have suggested that any country which modifies its tax laws to attract foreign capital could be considered a tax haven. On that basis […]

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In an ill-informed attack Ed Miliband, leader of the Labour opposition, has called for the EU to take action against the British Crown Dependencies (Jersey, Guernsey and the Isle of Man) which he claims are “tax havens” which are ill regulated and where tax avoidance and tax evasion goes on to the detriment of the […]

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Is offshore banking legal? This is a question often asked these days, as various nations seek to clamp down on offshore tax havens and offshore banking. And while such banking may raise eyebrows in certain quarters, or invite disapproving comments from politicians seeking to balance budgets and maximise tax revenue, the fact is banking offshore […]

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I think it’s imperative that people get off their butts and travel. I say this because I believe the old dictum that travel broadens the mind. And what this world needs more than anything else right now is “mind broadening”. Travelling to a country gives you a chance to experience life as others live it, […]

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On his 2008 Presidential campaign trail, Barack Obama made his hostility toward “offshore” jurisdictions very clear: “There’s a building in the Cayman Islands that houses supposedly 12,000 U.S.-based corporations. That’s either the biggest building in the world or the biggest tax scam in the world, and we know which one it is.” I know that […]

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Investing Offshore can be a very attractive option for the discerning investor who would like to explore other markets, shield his or her investments from potential capital lawsuits, or grow them in a confidential, secure investment not governed by the rules and regulations of their home jurisdiction. Over a year ago I posted an article […]

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As promised by Gordon Brown at the end of the G20 summit today, the OECD (Organisation for Economic Cooperation and Development) has provided a detailed report on progress by financial centres around the world towards implementation of an internationally agreed standard on exchange of information for tax purposes. The list is split into four sections […]

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Anyone setting up a business in Germany has a few problems to overcome. High taxation, high social charges, and high cost of company formation to name just three. That’s why more and more Germans are setting up companies in the United Kingdom. Believe it or not, the UK remains very business friendly. Anyone can set […]

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Whilst Gordon Brown, Alastair Darling and Barack Obama attack the Isle of Man as a “Tax Havens” the OECD (Organisation for Economic Cooperation & Development) praise the Isle of Man. If proof were ever needed that the bully boys of the UK and USA are attacking small offshore countries just to divert attention from their […]

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I live in the Isle of Man. For those of you who don’t know this is a small island in the middle of the Irish Sea about midway between England, Scotland and Ireland (and a little further from Wales).   Although one of the British Isles we are an independent country – with the oldest […]

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I recently received a question from the owner of a UK company questioning the imposition of Spanish withholding tax on payments his company received from a Spanish subsidiary. He thought that the EU Parent-Subsidiary Directive exempted the tax. In fact it would do for dividends but not for royalty payments, which these payments were for […]

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The British Treasury has set up an independent review to examine the operations of offshore financial centres and their effect on the UK economy. The review will look at the current and future risks posed by the current economic crisis to the financial business of British Crown Dependencies and Overseas Territories including Jersey, Guernsey, the […]

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Recent UK legislation has resulted in the real possibility that contractors using offshore umbrella companies could face massive back tax bills. For a number of years now many contractors have worked via umbrellas companies based offshore in jurisdictions such as the Isle of Man. These companies have offered contractors up to 85 per cent of […]

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Ken Henry, Australia’s Treasury Secretary today unveiled the first in a series of long awaited consultation papers which are aimed at simplifying the country’s overcomplicated tax system in a bid to attract greater investment into the country. Currently Australians are subject to 125 different taxes, but the vast majority of government revenue (about 90%) is […]

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An offshore bank account can be described as: “a bank account maintained by an individual or business in a bank in any country of which they are not normally a resident”. Basically what this long phrase means is that if you are a British resident and you open a bank account in somewhere like Spain […]

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“Going Offshore” is a phrase that one commonly hears usually accompanied by a wry smile or a sly wink of the eye. There is an assumption that somehow “Offshore” is “dodgy” and anyone who has an offshore bank account or business must automatically be up to no good. Phrases like “tax avoidance”, “tax evasion” and, […]

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Following this year’s Caribbean Investment Forum meeting in Port of Spain (Trinidad & Tobago) on the 11th and 12th June, several countries have announced that they too want to turn themselves into tax havens. So why the sudden rush? Well the countries involved: Trinidad & Tobago, Jamaica and the Dominican Republic don’t exactly have what […]

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