A feature about offshore havens
As a Belize attorney my Belize law firm has dealt with the attacks against “Offshore Havens” that has effected the Belize IBC industry. Attorneys in Belize need to deal with these questions since Belize is a favorite place for offshore financial activities. The Cambridge Learner’s Dictionary defines “tax haven” as “…a place where people pay less tax than they would pay if they lived in their own country.” Since many equate “tax haven” with “tax avoidance” a campaign was invigorated during the world-wide financial collapse whilst ”wealthy” countries saw their financial system shrink. In fact, many first world analysts have blamed tax havens for their role in the worldwide calamity.The interesting thing is that these offshore shelters were a outcome of wealthy countries, and are today more transparent, and in contrast, the largest scandals and frauds have occurred largely “onshore”.
Historical Genesis
The Channel Islands, physically closer to France than England, are the remains of King William II, who acquired the British Isles in 1066. Significant sovereignty and certain privileges (tax and otherwise) were their “reward” for their loyalty to the English government in 1204. They were dubbed “offshore”, i.e. out of the country. Therefore Britain created the concept which has evened the playing field now require an excuse to control world-wide efficiency. Some states in America came into this area of finance after they realized the greater corporate registration revenues available by providing more flexible business laws. They now sneakily strive to distinguish themselves as a “Corporate Haven” and not a “Tax Haven”, but as Shakespeare says a rose by any other name smells just as sweet. At the same time, the European microcenters of Andorra and Luxembourg had already served cross border foreigners for centuries. Business started going to similar but more efficient centers like BVI, Bahamas and eventually Belize.
Nothing was said until each of these former colonies started clamouring for and achieving Independence and then the first world countries’ sources surrendered to global scattering of income. Competition had arrived and thus an excuse was needed. The same way the 9/11 attacks provided the United States a highway to pass civil liberty indiscretions, the recent financial turmoil and Bernie Madoff’s Ponzi Scheme came as a miracle that could not be created had they tried.
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