Tax Havens of the World & Tax Haven Reporter (Eighth Edition, 2003 by Thomas P. Azzara)
Over 20 tax havens are covered in the book TAX HAVENS OF THE WORLD including, the Bahamas, Caymans, Switzerland, Vanuatu, Bermuda, Barbados, Hong Kong, Singapore, Channel Islands & The Isle of Man (famous havens used by modern British businessmen), Campione, Panama, Anguilla, Antigua, Liberia, Gibraltar, Cyprus (shipping tax haven) and little Nauru (3rd smallest nation in the world), and many more. Also covered are the Exempt Companies, the International Business Corporation (IBC), the Foreign Trust, the Foreign Personal Holding Company, Exempt Shipping Companies, Exempt Offshore Banks, exporting U.S. products tax free, the important U.S. Income Tax Treaties, and Australian & Canadian tax havens. Of great important to the American planner is a complete disclosure on How to Avoid the U.S.A.'s "Controlled Foreign Corporation" (CFC) legislation.
In Chapter 11 (FOREIGN TRUSTS) you'll find out how the Big "8" accounting firms exploit IRS Revenue-Ruling 69-70 to pass foreign source income onward to U.S. beneficiaries free from Federal Income Taxes. It's legal to do if you know how. Learn all about tens of thousands of foreign companies and trusts domiciled in no tax havens like the Bahamas and the Cayman - where American megabucks are hidden and secure.
About the Author...My name is Tom Azzara. Foreign banks and offshore companies avoid all U.S. capital gains on their stock market trades! Really!! I live in the Bahamas. I know! I work independently of/with a Bahamian bank owned by a US$20 billion dollar parent bank from South Africa. I've formed over 1,300 International Business Companies since 1991. Most of my companies end up with this bank for banking, investing and trading.
When I'M NOT WORKING ON MY NEWSLETTER, OR WITH A CLIENT, I'M OUT SWIMMING, DIVING OR SPORT FISHING IN THE SUNNY-TAX-FREE BAHAMAS.
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Asset Protection Tax Haven
A secondary reason people bank in the Bahamas and the other tax havens is for asset protection. The IRS cannot seize, lien on or investigate bank records here. The government of the Bahamas has a bank secrecy code. All the largest banks in the world have offices here and in the Caymans. U.S. judgments have to go through the local courts. I've never witnessed an IRS court proceeding of any type in this country - ridiculous. U.S. lawyers have a problem, too. Only citizens of the Bahamas can practice law here. U.S. lawyers need to hire a Bahamian law firm to pursue judgments, etc. Generally speaking, foreign generated judgments are frowned upon by the authorities.
Acknowledgements & Reviews
One international tax lawyer, graduate of the NYU School of Law, whose law firm has offices in Geneva, London (Imperial House) and the United States write... "I would like to repeat that I find your analysis of the Tax Code to be excellent. I enjoy each and every issue of Tax Haven Reporter. I commend you on your jurisprudential reasoning and treatment of international tax matters discussed in your newsletter. Please let me know if you would be interested in receiving articles for publication dealing with other specific areas of international tax law and/or estate planning as e.g. Swiss Bank secrecy, use of trusts, doing business in Russia..."
Another man (John) from Southwick, Mass. wrote... "Your book is better than (Professor) Marshall Langer's "Practical International Tax Planning." (Over US$200 a copy).
C. Brooks a CPA from Pennsylvania write... "Best book on tax havens I've ever read."
"I'd like to meet with you since you've taken the time and effort to pass this useful information along to me. How about being my guest on a cruise sometime in the future?" (Captain Mike Burke, Windjammer Barefoot Cruises Ltd. (Miami, Florida).
"I don't know where to begin describing my happiness with the purchase of TAX HAVENS OF THE WORLD. I have devoured every word of the book already, twice. What shocks me is the detail and accuracy in your book. I have asked tax lawyers everywhere the same topics and the only answer is that ... "offshore is not possible, and I don't do any." Great answer. (Comments from the head of a Certified Public Accounting firm with offices in Newton, Mass., and Providence, R.I.).
A lot of Americans don't understand why offshore IBCs are so popular. So, here are a few good examples...
American owned service oriented businesses, where the services are performed in the tax haven itself, can legally avoid U.S. income taxes...
Foreign individuals (called nonresident alien individuals by the IRS) are subject to U.S. estate taxes on their U.S. assets (stocks, bonds, real estate) when they die, just like the American taxpayer, at the same high tax rates. But, under U.S. tax law, foreign, nonresident alien individuals that hold their U.S. assets in an offshore holding company (instead of in their own name) can legally avoid all U.S. estate taxes when they die.
Tax Loophole for Non-Residents & Selling The Empire State Building Without Incurring U.S. Capital Gains Taxes
Under the U.S. Tax Code, if a foreign company (or IBC) based in the Bahamas purchased all the shares in a New York Corporation that owned the Empire State Building for US$400,000,000 in 1990, and then in 1999, the foreign owners of the Bahamian IBC for US$1 BILLION, there are no U.S. capital gains taxes legally owed on the transaction. Sound impossible?
Just read pages 78 and 79 of TAX HAVENS OF THE WORLD for the U.S. Treasury Department's own regulations and explanations. Under U.S. tax law, capital gains taxes do not extend to the sale of shares of one foreign company by/to another foreign company, even if the downstream holding is a USRPHC (i.e., a United States Real Property Holding Corporation. Reference T. Regs. �897-2(e)(1) - example).
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