tag:www.offshorebiz.com,2008-07-06://3 2008-10-06T07:11:35Z Covering Offshore Banking in Belize and Beyond Movable Type Personal 4.12 tag:www.offshorebiz.com,2008://3.34 2008-10-06T07:06:39Z 2008-10-06T07:11:35Z

A new Governor of the Central Bank of Belize is due to take up his appointment shortly. An Amandala Newspaper report has confirmed that:"As at the end of September, Sydney Campbell left his post as Governor of the Central Bank,...

The Founder Amandala Newspaper report has confirmed that:

"As at the end of September, Sydney Campbell left his post as Governor of the Central Bank, after his 5-year contract ended. Amandala has confirmed that Glenford "Glen" Ysaguirre, Deputy Governor, will formally take up that post.

 

Prime Minister Dean Barrow confirmed that appointment this afternoon when he spoke with our newspaper. He said that the other deputy governor, Marion Palacio, would be invited to take up a Central Government post with the Ministry of Finance."

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First Caribbean International Bank issued a release today 31 July 2008 to state that it has no plans or intentions to sell its business in Belize. The Bank says it remains committed to its Belize business, its staff and customers...

The Founder First Caribbean International Bank issued a release today 31 July 2008 to state that it has no plans or intentions to sell its business in Belize. The Bank says it remains committed to its Belize business, its staff and customers and continuing to provide customers with the same excellent level of service to which they are accustomed. The bank says any rumors to the contrary are simply untrue.

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The Government of Belize has hired a battery of private attorneys close to the party at an alleged cost of millions of dollars to launch a slew of law suites, amend the constitution and even pass laws in one day day sittings of the legislature in what some local commentators see as an attempt to conduct a political vendetta against entities that did not support its efforts to gain power. Another theory is that the Government of Belize wishes to drive certain business establishments and investors out of Belize to make room for political cronies.

So far, despite it's best efforts, the Belize Government has been losing the battle against its alleged enemies in round after round of court cases. The press release today by First Caribbean Bank International is seen by local observers as an attempt to defend itself from a continuing smear campaign being conducted by media houses including a newspaper, radio and television stations controlled by the government.

FirstCaribbean is a major Caribbean bank offering a full range of market-leading financial services in Corporate Banking, Retail Banking, Wealth Management, Credit Cards, Treasury and Capital Markets. It is the largest, regionally-listed bank in the English-speaking Caribbean, with assets of over US$12 billion and market capitalisation of US$3 billion. The Bank has over 3,500 staff; over 100 branches, banking centres, and offices in 17 regional markets, serving 800,000 active accounts.

FirstCaribbean has maintained an "A-" rating by Standard & Poor's from inception, the highest rating of any commercial bank in the Caribbean Community. It was formed in 2002 with the merger of CIBC West Indies Holdings and Barclays Bank PLC Caribbean operations. As at December 22nd 2006, CIBC became the majority shareholder in

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Offshore Banking Frequently Asked QuestionsOffshore FAQSome people have the impression that sheltering assets offshore is difficult or cumbersome to achieve. Our expertise in Belize which is one of the best tax havens in the world, with modern legislation specifically enacted...

The Founder
Offshore FAQ

Some people have the impression that sheltering assets offshore is difficult or
cumbersome to achieve. Our expertise in Belize which is one of the best tax
havens in the world, with modern legislation specifically enacted to protect the
investor, is your assurance of a process that easy, convenient, confidential and
secure.

To help you, here are some commonly-asked questions and answers about offshore
planning. ]]>
How confidential and secure are Belize offshore Trusts and IBCs? *

What are the main reasons for moving assets offshore? *

Is it legal for me to have offshore investments, companies, and bank accounts? *

Why should I deal with a Belize-based offshore specialist?


What is offshore investing?


Typically, offshore refers to a tax jurisdiction other than where you reside.
Belize is our country of choice since this Caribbean nation is stable,
democratic, has its laws based on English common law, and has specifically
developed modern laws aimed at offering the highest level of security and
confidentiality for offshore business. Top


How confidential and secure are Belize offshore trusts and IBCs?

Secure proof enough to withstand even the best efforts of the US SEC. Belize was
the first country to turn away the SEC in a landmark Supreme Court ruling. In a
landmark decision asserting Belize's sovereignty 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 requesting that confidential documents,
belonging to Swiss Trade and Commerce Trust, Ltd., be handed over to them.

In the case, Securities and Exchange Commission (SEC) vs. Swiss Trade and
Commerce Trust, Ltd., Banner Fund International, Lloyd Winburn et al, Supreme
Court Justice Troadio Gonzalez ruled that documents held by the Belize court
belonging to Swiss Trade and sought by the SEC, be immediately returned to Swiss
Trade and Commerce Trust, Ltd.

Lawyers for Swiss Trade said that what this means for Belize is that this aspect
of confidentiality, which is an important feature of the offshore industry, has
been upheld. The decision was a major shot in the arm for Belize's offshore
financial services sector. A country's ability to assert its sovereignty without
the interference of outside forces is a major deciding factor in choosing a
place to invest and protect personal property.

When asked for his comment related to the decision, Lloyd Winburn, Director of
Swiss Trade & Commerce Trust, Ltd., in Belize, stated, "The Court's decision
confirms our reasons for establishing our company in Belize originally. The law
related to confidentiality has been tested and found to be not lacking clarity
and strength.

The case arose after the SEC investigators attempted to get information on
individuals holding assets with Swiss Trade. The Supreme Court decision was
upheld by the Court of Appeals in 1996. Top


What are the main advantages of moving assets offshore?

There are many advantages to moving assets offshore, Some of these are:

Asset Protection - To secure against future claims such as judgment,

divorce proceedings, bankruptcy, creditors and litigation. *

Estate Planning - Family and Protective Trusts for accumulation of investment
income and long-term benefits for beneficiaries on a favourable tax basis
(without inheritance, income, or capital gains taxes) *

Confidentiality - From claimants, ex-spouse, competitors, and other parties from
whom you wish to keep your business interests private; and *

Reduction of Tax liability - Through International Tax Planning - a foreign
jurisdiction can offer unparalled opportunities for reducing tax liability.

Is it legal for me to have offshore investments, companies, and bank accounts?

Absolutely. Because every developed nation encourages international trade and
investment, there are no restrictions on residents doing business or having bank
accounts in other countries. Offshore investment vehicles are used every day by
sophisticated and knowledgeable high-net-worth individuals and corporations all
over the world. Top


Why should I deal with a Belize-based offshore specialist?

Dealing with advisers and tax planners based in your own home country, can be
dangerous. Individuals and firms in North America for example are subject to
jurisdiction in those countries and are vulnerable to pressure from regulatory
agencies to divulge sensitive information. Even professionals can be
"encouraged" to give up your identity and financial information by threats of
investigations or tax audits against the local firm. In the event that an
offshore consultant in your home country is involved in litigation, he or she
could conceivably enter into a deal with tax authorities to give up your
financial information in exchange for leniency.]]> tag:www.offshorebiz.com,2008://3.8 2008-07-11T08:08:08Z 2008-07-11T08:13:02Z

Belize Offshore CompaniesThe following are examples of practical applications that offshore companies andindividuals may wish to consider. Apply the principles to yourself or your company and appreciate how Belize can help you....

The Founder
The following are examples of practical applications that offshore companies andindividuals may wish to consider. Apply the principles to yourself or your company and appreciate how Belize can help you.


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Transfer pricing, also known as profit upstreaming, is the strategy of moving profits from a high tax jurisdiction to a low or zero tax jurisdiction. What is required to achieve substantial tax saving is to interpose a low or zero tax jurisdiction company in between a transaction that would otherwise take place directly between two high tax jurisdictions. Transfer pricing is not illegal if correctly structured and implemented.

Copyrights, Licenses, Patents and Franchises

We frequently advise international family owned manufacturing companies on the
sale of copyrights, patents, license and franchise agreements usually for a single capital payment to an appropriately located offshore company often owned by an offshore discretionary trust. On acquisition of the rights, the offshore company then enters into contracts with licencees wishing to utilize the copyrights, patents, licences or franchises around the world. The income is thus accumulated free of tax in the offshore company.

Professional Services

We regularly assists artists, consultants, engineers, entertainers, professional athletes, and various professionals on entering into contracts with independent employment companies, incorporated in Belize, which sell their services outside the individual's country of residence.

The offshore employment company does not pay tax on its earnings and payment to
the individual is structured in a way that minimises their tax liability.

Commodities

Belize can save its clients substantial sums of tax in a more complex transaction by use of an offshore structure for the purchase, for example, of diamonds by a Belize offshore company from a seller in Antwerp. The diamonds are then sent to India for polishing prior to export to the Belize company which subsequently sells them to distributors in North America. Most profits are thus retained tax-free.

As these examples illustrate, the offshore corporation structure is far more more than merely a legal tax avoidance investment platform. It is a multi-use structure that allows maximum application realizing maximum savings. The practical applications we have listed are but only a few of the many advantages that can be achieved when utilising an offshore company to address global strategies for the sophisticated investor and businessperson.b]]> tag:www.offshorebiz.com,2008://3.5 2008-07-06T07:03:31Z 2008-07-06T07:07:28Z

The Belize Trust Act Of 1992Belize established a modern Belize Trust Act in 1992 generally regarded as incorporating the best features of similar laws prevailing in other major offshore jurisdictions such as Cayman, Panama and Bermuda. With the benefit of...

The Founder
Belize established a modern Belize Trust Act in 1992 generally regarded as incorporating the best features of similar laws prevailing in other major offshore jurisdictions such as Cayman, Panama and Bermuda. With the benefit of hindsight, the Belize Trust Act represents the ultimate refinement of this type of legislation and is thus regarded as the most advanced instrument of its kind in the world.


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A critical advantage of Belize Trusts is that the original is prepared in English and drafted in conformance with English common law which is the foundation of all laws in Belize. Other jurisdictions need to prepare the trust in their official language, and then undergo potential pitfalls in translation.

Furthermore, unlike some Caribbean islands that are still colonies, Belize as an independent nation is not subject to pressure from a mother country in guaranteeing the confidentiality and integrity of its offshore instruments.

Protection of Assets

Trusts formed under Belize law are highly secure since a Belizean court cannot set aside or vary a Belizean trust. No Belize Trust has ever been compromised. A Belize court cannot entertain any claim against the trust property emanating from the order of a foreign court regarding marriage or divorce, or succession or claims by creditors in an insolvency. This is one of the strongest pillars upholding the Belize Trust and serves to completely shield the assets of the trust despite any laws relating to fraudulent transfers, bankruptcies or
reciprocal enforcement of judgements laws which sue-happy attorneys would otherwise use in an attempt attach assets.

Settlors and Beneficiaries

The settlor of a trust can be any individual capable of owning and transferring property. The settlor may also be the trustee or protector of the trust. The law provides for the creation of spendthrift trusts and abolishes the rule that a settlor may not be the beneficiary of a spendthrift trust. This is an important element that is lacking in much weaker trusts existing in other jurisdictions, for example the USA, where spendthrift trusts are not possible. Settlors and beneficiaries may give to trustees memoranda of wishes to guide the trustees.

Maximum Life of a Trust

Non-charitable Belize Trusts have a maximum life of 120 years. Charitable trusts may be established with unlimited duration. The rule against perpetuities does not apply to trusts under our jurisdiction.

Trustees and Protectors

Our trust law allows for a protector who may also be a settlor, trustee or beneficiary. In carrying out his duties, a protector has a fiduciary obligation to the beneficiaries of the trust. However, he or she is not considered a trustee. A trust can have a minimum number of one or a maximum number of four trustees (except for charitable trusts). A trustee may also be a beneficiary and a settlor. Liberal powers are given to trustees to advance moneys for
maintenance and education of children and beneficiaries. Trustees are similarly empowered to advance moneys to beneficiaries before their interest in the trust is realised.

Breach of Trust

Individuals serving as Trustees are personally liable at law for any losses, decrease in value of trust assets or loss of profits as a consequence of a breach of trust. However, in the case of a corporate trustee the directors are not personally liable.

Tax-Free Trusts

Trusts are completely free from any form of taxation provided that neither the settlor nor any of the beneficiaries are residents of Belize during that year; and the trust assets do not include any property located in the territory of Belize. There is no income tax, inheritance tax or stamp duty liability in relation to income, death or transactions relating to a Belize Trust trust.
Foreign Exchange regulations do not apply.

Trust Registration

Trusts may be registered with the Belize Registrar at the option of the settlor for a fee is US$100. The Registrar is required to issue a certificate of registration. An entry in the register of trusts cannot be opened for inspection without the written consent of the trustee. ]]>