ADVANTAGES OF OFFSHORE BANKING
By setting up what is called a CHARITABLE REMAINDER TRUST you can legally eliminate capital gains tax and/or any tax on the sale of your stock, your business, home, lottery winnings, or any type of large profit-potential transaction. As with any legal TRUST tax planning strategy, YOU MUST have the CHARITABLE REMAINDER TRUST established before the close of the sale!
Did You Know?
In common-law countries, spouses and ex-spouses can successfully contest the terms of wills and divorces if they can convince juries they have been inadequately provided for. TRUSTS in Offshore Centers have never been challenged successfully on such grounds because legal procedures make it clear that the wishes of the TRUST creator are paramount to other concerns.
Did You Know?
Some countries do not recognize the division between individual assets and TRUST assets. Fortunately, MOST countries do recognize the legal codes of the Offshore Centers in relation to assets and individuals. In many common-law countries where division between assetss is recognized - such as the United States - protections are not as strong as in the Offshore Financial Centers. As a result, TRUST assets could be attached to satisfy some claims.
Did You Know?
In Belize City, Friday, January 20, 1995, the Belize Court made a landmark decision asserting Belize's soverignty as an offshore financial jurisdiction. The Supreme Court of Belize upheld the country's confidentiality laws by revoking a previous court order set in motion by the Securities and Exchange Commission of the United States of America, requesting confidential documents belonging to Swiss Trade and Commerce TRUST, Ltd., be handed over to them.
The decision is expected to have major international repercussions as the world financial community looks to Belize and its new OFFSHORE SERVICE INDUSTRY. It is certainly a shot in the arm for the OFFSHORE INDUSTRY because of the fact it is an industry which is just beginning. A country's ability to assert its SOVEREIGNTY without the interference of outside forces, such as the U.S., is a major deciding factor in choosing a place to invest and protect personal property.
The decision clearly shows the SEC stepped out of bounds in trying to obtain confidential information; the matter having been urged on both sides by learned Queen's Council.
The case arose after the SEC (bureaucrats) appeared at Swiss Trade's office on March 3, 1994 with the expectation they would be able to just TAKE the files and leave the country (with them), with no regard whatever to Belizean law. The quick reaction of company employees prevented any further disregard for the law on the part of the SEC (terrocrats) and its Belizean lawyer, Eamon Courtenay, who previously had been the lawyer for Swiss Trade!
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