Attorney & Tax Laws
A characteristic of a tax haven is that often coexist in the same taxation arrangements legally distinct and separate. On the one hand, it affects local residents and businesses, which are subject to taxation in any other country and the other, non-residents, which enjoy tax advantages and are usually allowed to approach economic or investment within its territory. To facilitate the separation of these two parallel economies, usually has legislation and institutions especially reserved for non-residents, such as banks or companies offshore IBC (International Business Companies).
Other identifying characteristics of a tax haven is often the existence of strict laws on banking secrecy and data protection. Typically, the data of shareholders and directors of companies not listed in public records, but they are under the custody of his legal representative, called the resident agent (registered agent). These characteristics have led to these countries, often very small in size and population, have managed to accumulate a quarter of private wealth around the world, according to the IMF. [2] Historically they have been accused of serving as shelter for evaders taxes, terrorists and drug traffickers who hide their identities behind offshore corporations, numbered accounts, trust managers, foundations, trusts or bearer shares.
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Tags: bearer shares., businesses, foundations, local residents, tax haven, taxation arrangements, trusts