It can be a matter of good wealth management to seek offshore incorporation. Indeed, there are a number of countries that offer the advantages of privacy and tax shelter so that you are better able to manage your money. One of these countries is the Cook Islands.
Cook Islands
The Cook Islands are located to the northeast of New Zealand in the South Pacific. These islands are rather small: the total land areas is about 240 km square, but the ocean over which the Cook Islands are spread totals about 2.2.million km square. The Cook Islands are located between Fiji and French Polynesia. The Cooks Islands has a government form of Parliament, but it is also associated with New Zealand.
Creating a Cook Islands company takes about five or six business days, and can be done fairly easily. There should be at least one Director, and you should have a local Secretary. The single Shareholder may be the same person as the Director. It is worth noting that company officer names do not appear in public records, and that financial statements do not need to be filed. However, a return is required, and a Cook Islands offshore company should not do business with residents of the Cook Islands.
It is a good idea, when setting up any offshore company, to have a trusted agent to help you navigate the paperwork and understand the laws of the country.
The offshore banking world remains rocked by the Swiss banking drama associated with UBS. Yesterday, the news came through that a federal judge in the U.S. has set a hearing date of July 13 for UBS. This would be a hearing that could force the bank to give all of the names on secret Swiss bank accounts. UBS has offered some of the names, but the U.S. government is looking for them all. Some believe that this could not only compromise a reasonable expectation of privacy, but result in prison terms. HedgeCo.Net reports on a UBS objection to such a quick hearing:
”Such violations would expose these employees to substantial prison terms, as well as fines, penalties and other sanctions,” UBS said in a court filing last week. “There is simply no reason to have, nor equity in having, such an expedited process here.”
UBS feels that such measures are especially harsh, since the Swiss banking giant has agreed to pay billions in damages.
Offshore banking crackdown
UBS isn’t the only offshore bank seeing a crackdown. In addition to UBS, offshore banking has been in the news with regard to an Antigua bank set up by Robert Allen Stanford, a financier in Texas who has been embroiled in a scandal. Antigua has been desperate to look into the matter, since the country was only taken off the United States’ offshore banking blacklist in 2001.
In 2007, the Bahamas passed legislation that made setting up an offshore trust for wealth management and planning purposes much easier for many. The introduction of new legislation government a Bahamas Private Trust Company (PTC) means that it is possible to create a trust company that offers more control to those establishing the trust. This ability, along with the tax advantages that come with offshore banking in the Bahamas, makes setting up an offshore trust even more desirable than it was before.
Setting up a Bahamas Private Trust Company
It is possible, thanks to the recent legislation, to set up a PTC without regulatory approval for operations establishment. This makes it easier to set up an offshore trust in the Bahamas — not to mention the additional privacy that comes without operational regulation. Offshore banking in the Bahamas has long been considered a “smart” thing to do in terms of sheltering assets.
About Private Trust Companies
A Private Trust Company (PTC) is one that is formed for the specific purpose of having someone act as trustee. The company is not an entity that has intrinsic worth, but the company acts as the trustee. In this arrangement, the trustee — the company, group or family — has more control over how assets are distributed and used.
Before setting up any offshore banking, however, it is important to make sure you understand and abide by the laws and reporting rules of your country of citizenship, as well as the country in which you are doing your offshore banking.
Right now, one of the rumours swirling about the banking sector is that the U.S. might start engaging in bank nationalization. Even as leaders make noises about the importance of a privately-owned banking sector in the U.S., speculation continues. Even a memo released by Bank of America hasn’t really done much to stymie the thoughts that bank nationalization is an option in the U.S.
And it is an option. Bank nationalization hasn’t been ruled out. With the introduction of a stress test for banks, it is thought that bank nationalization — most likely through some process of government-owned stocks in the banks at the greatest risk — might not be far behind.
Of course, economic recovery depends upon the success of economic stimulus measures that are about to be put into practice by the government. Banking plans, job creation, tax cuts and the foreclosure prevention plan are all factors that might contribute to an economic recovery. Of course, if things do not turn out as expected, recovery could still be a long way off.
Apparently, the Securities and Exchange Commission in the United States has been looking into the affairs of R. Allen Standford and his offshore banking concerns for the past three years. And now, with movement to crack down on offshore banking practices that skirt U.S. law, it is likely that other banks could be investigated. In order to deal with this problem, the prime minister of Antigua is convening the parliament for a special session. Offshore banking is vital the economies of many countries — especially developing and island economies — for a number of reasons:
Tourism
Jobs that come with tourism
Business meetings
Set-up fees for offshore bank accounts
Employees of offshore companies
It is important to remember that, even though there are some benefits associated with offshore banking, it is important to follow the law. And you should also be careful of where you put your money. Not every bank is on the up-and-up. Stanford’s bank is being investigated for “massive fraud”, however, and is not being investigated for issues related to tax evasion (like UBS).
In any case, if you choose an agent carefully, it is possible to open an offshore bank account with institutions that are reputable and legal. Additionally, you can get valuable help in determining how to properly report your taxes, and what you can do to enjoy better wealth management without skirting the law.
One of the best ways to ensure privacy and shelter assets is to open an offshore bank account. And one way you can improve the effectiveness of an offshore account is to open in the name of your offshore company. There are many countries that offer offshore incorporation, and one of those is Nevis.
A Nevis company has some of the following benefits when you choose offshore incorporation:
Owners are not listed in the Nevis offshore company records, so you can enjoy almost complete privacy.
No tax on income to be paid in Nevis (check with your home country for tax requirements there, however).
No requirement to file reports with the Nevis government.
No need for the principal location of your Nevis company to be located in Nevis.
Asset protection in the case of legal action and judgments.
Offshore incorporation with a Nevis company is fast — it can be done in 24 hours (or 5 days at the most).
A Nevis company is relatively inexpensive to establish.
Nevis is an island located in the Caribbean. It is a sovereign nation, and it is stable politically. The government makes it a priority to cater to the needs of international businesses, and works hard to make Nevis attractive for offshore incorporation.
UBS (UBS) has agreed to pay $780 mln and identify certain U.S. clients in a deal to resolve criminal fraud charges that it assisted rich Americans to evade taxes. The settlement announced on Wednesday further cracks Switzerland’s trademark bank account secrecy and could expose some UBS customers to Internal Revenue Service scrutiny and law enforcement action.
Swiss offshore banking has been held as the standard in completely secret and anonymous banking for decades. Now, though, with the UBS deal, that could all come crashing down. And if Swiss banking cracks, is there any truly private offshore banking anywhere?
The latest crackdown on offshore banking and tax evasion should serve as a reminder that, even though there are some definite tax advantages to an offshore bank account or offshore company, it is important that you understand the laws and regulations that still apply in your home country. There is still reporting to do, and you still have to pay some taxes.
It is pretty much an accepted fact that China is gearing up to give the United States a run for its money in the economic superpower category. This really isn’t much of a surprise: China has been marked by very high growth in recent years — and even with the slowdown caused by the global recession, China is still showing impressive growth. It is no wonder that many are looking at investing offshore in China as part of wealth management. And if China plays its own offshore investing right, those with an interest in China could see even better returns.
China gears up for offshore investing
China’s foreign exchange reserves are approaching $2 trillion. While all of that can’t be used for investing, much of it should be available for use to help domestic companies, as well as develop an interest in foreign concerns (rumors are especially in favor of China investing in offshore energy development companies). China certainly has plenty of capital to play with, and in the coming years it will have even more. As economic stimulus efforts around the world begin to help recovery out of the recession (and the U.S. begins to pay back some of its debt — or at least pay the interest it will owe for its spending spree), China is likely to see even more explosive economic growth.
For many, part of a comprehensive wealth management plan includes offshore banking. And this offshore asset protection plan can also include yacht registration. Offshore yacht registration allows you to enjoy certain benefits and protections in connection with your large sailing vessel. And one of the places where you can enjoy privacy and other advantages with offshore yacht registration is St. Vincent.
St. Vincent
St. Vincent is properly St. Vincent and the Grenadines. This is an individual and sovereign country located in the Eastern Caribbean, about 1,600 miles from Miami, Florida. This is important to note: St. Vincent is a completely separate entity from Britain. Even though English is spoken, and the laws are based on English Common Law, St. Vincent and the Grenadines is its own country, with its own laws and jurisdiction. There are three main islands that make up St. Vincent, with a total population of about 110,000. St. Vincent and the Grenadines boasts on of the top 20 leading fleets in the world, and has a maritime administration that can accommodate offshore yacht registration needs.
One of the main advantages of St. Vincent lies in the privacy that comes with any offshore transactions in the country. When used with an overall plan for offshore banking and wealth management, a St. Vincent yacht registration can be rather beneficial. A knowledgeable agent can help you set up your offshore yacht registration for St. Vincent and the Grenadines — or any other jurisdiction of your choice.
Today saw a world stock market selloff. World stock markets from Asia to Europe dropped on concerns about the global economy. Two main bits of news that contributed to the selloff today include:
Japan’s shrinking economy has sparked concerns about one of the economic powerhouses. With GDP falling and other economic data showing problems, there is a great deal of concern about Japan.
The G7 meeting resulted in a statement by world leaders that the global economic recession is likely to get worse. This is causing concern — especially since G7 leaders avoided mention of currencies and problems on the FX market.
And, of course, there is continued nervousness surrounding U.S. economic stimulus measures. Investors aren’t sure that the massive economic stimulus bill expected to be signed into law tomorrow will accomplish the goals of government leaders in the U.S. Another major hurdle is the bank rescue plan. Almost no one is happy with that, and this is causing a considerable amount of jittery behavior on world stock markets.
There are, though, opportunities available right now if you know how to take advantage of them. Investing in emerging markets, some stocks and even in cash by opening an offshore bank account can all be ways to take advantage of the current economic situation. You should be careful, though, since some investments can be especially risky at this time.
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