/Tag:offshore

Bulgaria eases restrictions on offshore ownership

While numerous countries all over the world are imposing new restrictions on companies registered in tax havens, the Bulgarian government has recently eased the laws governing offshore ownership. Following the recommendations of the European Commission, the new amendments of the Bulgarian Offshore Law now permit offshore entities to own up to 10% of Bulgarian companies engaged [...]

MASDAR CITY FREE ZONE IN ABU DHABI

Abu Dhabi, the capital of the United Arab Emirates (UAE), is not only the cultural and political center of the country, but also one of the major commercial and industrial areas in the UAE. Abu Dhabi hosts six free zones offering advantageous business environment to foreign investors. MasdarCity Free Zone (MCFZ), a global clean-technology cluster,which specializes [...]

Offshore firms own 40.000 properties in London

A research conducted by the British newspaper The Guardian demonstrates that the offshore ownership of properties in London has increased with 9% over the last 10 months. At present, companies registered in tax havens, such as Panama, Liechtenstein, Cayman Islands, and the British Virgin Islands, own around 40.000 commercial and residential buildings in Greater London. The [...]

Google Keeps EU 10 Billion in Bermuda

Google tax strategies and accountancy practices are widely discussed topics not only in media, but also on a governmental level. News website shave recently disclosed information that, every year, Google sends profits of about EU 10 billion to the Bermuda Island, one of the world’s tax havens offering a 0% corporate tax rate. However, the only [...]

The US-Cayman FATCA Agreement

The cooperation in tax matters between the US and Cayman Islands began in 2014, when the agreement regarding automatic exchange of tax information under US Foreign Account Tax Compliance Act (FATCA) between Cayman Islands and the US entered into force. FATCA is a U.S. legislative act which aims at preventing US citizens living abroad from committing [...]

US attracts more super-rich than Caymans, Singapore, and Luxembourg

The Financial Secrecy Index recently introduced by the independent Tax Justice Network (TJN) reveals that the U.S. performs more offshore financial activities and is more secret than many famous tax havens, such as Cayman Islands, Luxembourg, and Singapore. The Financial Secrecy Index is based on: (i) the level of financial secrecy provided by the examined jurisdictions [...]

Google accountancy practices in a Welsh village

A group of traders in Crickhowell, a small village in Wales, started an initiative aimed at optimizing their tax bills. Small family businesses, such as the local book shop, bakery, smoked salmon firm, and a local café, decided to use the same offshore tax strategies that are used by large multinationals. This initiative is a protest [...]

Americans Hold $ 2.1 Trillion Offshore to Avoid U.S. Taxes

Easy and quick incorporation procedure, no requirement for physical presence, and nonexistent taxes – these advantages attract businesses from all over the world to use the favorable tax environment of world’s tax havens. Striking numbers According to a recently released study about U.S. tax evasion conducted by two U.S. non-profit groups, U.S. businesses significantly benefit from [...]

URUGUAY – A TICKET TO A LIFE WITHOUT TAXES

Mild climate, beautiful beaches, friendly and educated people, and no tax on worldwide income - Uruguay has the right to be called one of the most attractive tax havens in the world. Situated between Argentina and Brazil, Uruguay has a population of over 3 million people. Despite its relatively small territory, Uruguay is one of the [...]

NEW FRIEND REQUEST IN FACEBOOK: TAXMAN

Can tax authorities check your Facebook account? Unfortunately, yes. Despite the fact that the taxman is probably the least welcome person with whom you would like to share the details of your personal life, tax agents can target your Facebook account for the purpose of a tax investigation. Simultaneously with the raising popularity of social media [...]

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