The biggest loophole for foreign individuals who invest in the US is in the US estate tax code. See for yourself. https://www.linkedin.com/pulse/federal-estate-tax-chart-below-shows-exemptions-us-citizens-havens?trk=pulse_spock-articles
“I’ve been offshore since 1990 in Nassau, Bahamas. Over 500 Bahamian Cos formed before IRS audited me. If you don’t know IRS Form 8621 (for American taxpayers) and how to deal with it, you should probably be let go, and Americans offshore should probably sue you.”
A top (Bodden) Cayman Bank turns over US investor names to IRS and pleads guilty to criminal behavior just 8 months ago. You listen to me, this won’t happen to you. https://www.justice.gov/opa/pr/two-cayman-island-financial-institutions-plead-guilty-manhattan-federal-court-conspiring-hide
Swiss banks were fined billions for FBAR violations (i.e., undisclosed American accounts). IRS is not through “busting” Cayman banks. https://www.irs.gov/Businesses/International-Businesses/Foreign-Financial-Institutions-or-Facilitators
Offshore bank secrecy and income tax evasion. What a deadly combination.
So, where is Goldman Sachs and Company? GS has been in this tax haven for 20 years. http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=139744266
RE: IRS Form 8621. Need help filing yours? https://www.irs.gov/pub/irs-pdf/i8621.pdf
Offshore based management companies with a real presence don’t have to pay federal taxes on their management fees, and don’t have to file income tax returns. I’ve been filing a form 2555 with my tax return since 1995 – excluding up to $100,800 in salary that I draw off. It’s called the Foreign Earned Income Exclusion.
Let me be your offshore office. I’ve been domiciled in the tax free Bahamas since 1990.
The FC must also not have any effectively connected income (ECI), or all its income will become taxable, and it would than need to file a tax return, so you must be careful.
Dear Offshore office hunters; https://vid.me/WsWO
Through September of 2016 there were 4,215 “new” IBCs registered in Anguilla. I estimate there were about 40,000 IBCs registered in Anguilla since the end of the 1990s, rivaling the Caymans (100,000) for offshore international company formations.
Yesterday, the Anguilla registrar told me there are 22,000 IBC still “active”. Anguilla is also a top jurisdiction for reinsurance companies – trailing Bermuda and the Cayman Islands. The BVI have 500,000 IBCs on their register today. All of them are “active” – 98% of them potential IRS Form 8621 victims.
I used to form on average over 100 Bahamian IBCs a year in the “roaring 1990s” (for ten years in a row).
Since 2001, I’ve formed over 350 Anguilla IBCs. We maintain offices offshore and draft the necessary company documents, provide a foreign trust with a foreign trustee (FT) to hold shares the client doesn’t want to hold in own name (a common tax strategy), and advise on where to bank with a company . I have good banking connections both onshore and offshore, and am skilled in IRS compliance for US taxpayers.
I wrote a book on tax havens and US tax law and that’s how I ended up in this business. https://www.amazon.com/Havens-World-Eighth-Thomas-Azzara/dp/1893522024
Visit my linkedin page for more articles on international taxation and tax havens.
1030 Bahamian companies since 1990 360 Anguilla companies since 2001 Offshore since 1990.
We are a tax consulting and company formation firm located offshore in the sunny, tax free Bahamas since 1990.
- Anguilla is a UK overseas territory with same tax status as Cayman Islands.
- All the money and technology to create their offshore registration services came out of London.
- Anguilla was one of the very first tax havens that adopted an online registry service.
- QEII is the head of State.
Got questions? email firstname.lastname@example.org
- Imagine evading as much as $3B in US federal income (CGT) taxes on one single transaction and pitting that money in a company (FC) you control – all the while the IRS looks the other way? You’ll never be this “lucky”. Someday the IRS will (might) do a reapportionment under IRS sections 485 and 482 and collect the money… IMO. The US Treasury employ 100,000 people – and the IRS is their enforcement arm. They are understaffed but very powerful.
- Silver Lake, the US $26 Billion dollar venture capital firm based on the West Coast, formed two Cayman companies and used them to “mark up” and sell Skype to Microsoft for $8.5 billion dollars. Their Cayman PE investment in Skype was about $1B, and I maintain that they diverted billions in “taxable income” that is still in the Cayman Islands in companies they control (essentially in their own pants pockets) where it can work tax free.https://www.linkedin.com/pulse/avoiding-us-gift-taxes-estate-capital-gains-offshore-companies-tax?trk=prof-post
- “Dizzying array of offshore entities and holding companies” – MarketWatch – Microsoft and friends don’t like paying taxes. http://www.marketwatch.com/story/skype-deal-a-lesson-in-offshore-accounting-2011-05-12?link=MW_story_popular
PS I was audited by IRS in 1997 (after forming approximately 500 offshore Bahamas companies), and they did not ask for any taxes.
I’m a pretty good tax planner (especially for American taxpayers), and have been doing “offshore” since 1990.
See IRS audit attachment. (email me and I’ll send it)
Enjoy life / Have some fun
YFT in November? No way?
Way. Both caught on squid (small piece – not whole squid, ’cause YFT don’t like whole piece usually) (on #9 circle hooks, ’cause YFT can’t throw a #9 circle hook – but rarely). Both hooked up by me this day. I’ve landed 700 YFT since 2000 on this boat. Mostly fishing “solo”.
Going to the buoy https://vid.me/mUKK
Jimmy’s 5 second tuna video today https://vid.me/UQx1
Note: Jimmy is Master mokanic for largest Honda/Chevy dealer here in Nassau. Dealer is always sending him here and there for more “motor” training.
Performance 40 is such a beast. “Unbreakable”. 100 miles and 100 gallons of gas at $4.14 a gallon today. Boat builder lives in Pompano Beach and has good size shop in Miami where he builds these sea worthy, versatile, fast “ships”.
We are over open ocean now – water depth is 6000 feet. Wind kicks up even a little, and you sometimes get big seas. https://vid.me/ofAY
Jimmy Thompson having a bad day on the electric real – only 16 snappers.
He usually gets 25 to 30 – so he was not happyhttps://vid.me/rHKs
“Fresh from the Sea” https://vid.me/1szu
Anguilla and the Caymans are both “overseas territories” and no-tax havens in the Caribbean. QE II is the head of State in both.