INDEX
Business, starting/operating offshore, 62,
63–72, 107–109
bank, 70–71
countries’ legal entities, in tax haven
prof iles (alphabetical by country),
131–235
exempt companies, 68
hybrid companies, 68–69
insurance companies, 71–72
international business companies
(IBCs), 63–68
Internet casinos, 71–72
investment funds, 71–72
Liechtenstein Anstalt, 69
limited liability company (LLC), 69
nonresident companies, 68
partnerships, 69–70
ship and yacht registration: f lags of
convenience, 71
specialty companies, 71–72
structures, 63–72
Swiss company, 104
Business contacts. See Contacts,
business/financial/professional
Campione (Italy), 104, 155–158, 245. See
also Italy
Canada:
contacts (investment/business/legal
advisors), 283–286
FATF membership, 25
in G -7 group, 6, 48, 58
gold stored in banks in, 103
as mail drop, 61
overview/prof ile, 245–246
re-entry requirements to U.S., 264
resources, 280
treaties with U.S., 129
Canary Islands, 4
Cape Verde, 256
Capitals, in tax haven prof iles (alphabetical
by country), 123, 131–235
Casinos, Internet, 71–72, 114
Cayman Islands:
charitable vehicle (Special Alternative
Regime), 92
overviews/prof iles, 158–162, 256
treaties with U.S., 123, 127, 128, 129
Centa and Melilla (Spain), 256
Certif icates of Deposit (CDs), 75
Channel Islands (Guernsey/Jersey)
overviews/prof iles:
Guernsey, 162–166
Jersey, 166–171
treaties with U.S., 128
United Kingdom and, 58, 60
Charitable trusts, 92–93
Chile, 246
China, 25. See also Hong Kong
CIA, 25, 27
Cities, largest/capital (in tax haven
prof iles, alphabetical by country),
131–235
Citizenship, renouncing U.S., 42–43,
44–47, 52, 88. See also
Residency/retirement, offshore
Colbert, Jean Baptiste, 4
Commodity accounts, 81
Communication/transportation, as tax
haven selection criterion, 57
Compounded interest, tax-free, 79–80
Conf identiality. See
Privacy/confidentiality, offshore
Constitution and Bill of Rights, 22, 26
Contacts, business/financial/
professional:
f inancial and investment services,
275–279
non-tax haven countries:
Canada, 283–286
United Kingdom, 287–302
United States, 302–315
in tax-havens prof iles (alphabetical by
country), 124, 131–235
Controlled foreign corporations (CFCs),
110–111
Cook Islands, 71, 91, 122
overviews/prof iles, 171–173, 256
treaties with U.S., 128, 130, 171
Corporation laws:
in tax haven prof iles (alphabetical by
country), 131–235
as tax haven selection criterion, 57
Costa Rica, 128, 130, 247
Country code, in tax haven prof iles
(alphabetical by country), 123,
131–235
Credit/debit cards, offshore, 7– 8, 58, 78,
279
Currency:
gold-backed electronic, 84–86
multicurrency account, 75
resources, 276
in tax haven prof iles (alphabetical by
country), 123, 131–235
Transaction Reports (forms), 113, 114
Custodial accounts, 75
Cyprus:
overviews/prof iles, 173 –177, 256
treaties with U.S., 128, 130
Czech Republic, 129, 247
Davis, Garry, 45
Debit/credit cards, offshore, 7– 8, 58, 78,
279
Democracy, 19
318 INDEX
Denmark, 25, 59, 123, 257
Domicile, and taxes, 44, 45
Dominica:
citizenship/retirement, 42, 45, 52,
239–240, 279–280
overviews/prof iles, 239–240, 247
treaties with U.S., 128, 129
Dominican Republic, 128, 248
Dubai, United Arab Emirates, 128, 130,
177–179, 257
E-commerce, 72, 108–109
Economic Citizenship Programs, 43, 52,
88, 239–241, 279–280
Ecuador, 248–249
Egypt, 129
Einstein, Albert, 79
Embassies, in prof iles (alphabetical by
country), 124, 131–235, 241–254,
254–263
English:
international English language
newspapers, 281
as world business language, 60
Estate planning, offshore, 89–96
foundations, 50, 91–94
life insurance, 94
trusts, 91–94
variable annuities, 89–90
wills, 95–96
Estonia, 129
Eurodollar bonds, 86, 279
European Commission, FATF
membership, 25
European Union (EU), 6, 48, 58
Exchange controls:
in tax haven prof iles (alphabetical by
country), 124, 131–235
as tax haven selection criterion, 55–56
Exempt companies, 68
Expatriating, 35–36, 37–38, 41, 272–273.
See also Residency/retirement,
offshore
Federal Deposit Insurance Corporation
(FDIC), 74
Fiduciary accounts, 75
Fiji, 257
Financial Action Task Force (FATF), 6,
18, 24, 25, 48
Financial Crimes Enforcement Network
(FINCEN), 22, 25, 114
Financial information/business
opportunities, resources for, 268–269
Financial/investment services, resources,
275–279
Financial record keeping legislation
(Bank Secrecy Act, 1970), 25, 77, 115
Finland, 25, 257
Flags of convenience, 71
Foreign Controlled Corporation (FCC),
66
Foreign personal holding companies
(FPHCs), 66, 111–112
Forms/reporting requirements, 8,
113–114
Foundations, 50, 91–94
Framework Conditions, OECD, 108
France, 25, 48, 58, 257, 261
Franklin, Benjamin, 79
Fraudulent transfers, 105–106
Free market, 23
G-7 countries, 6, 48, 58. See also specif ic
countries
Germany:
FATF membership, 25
in G -7 group, 6, 48, 58
overview/prof ile, 257
Gibraltar:
hybrid company limited by guarantee,
68, 92
overviews/prof iles, 179–182, 257
treaties with U.S., 128
Gold. See Precious metals
Government:
attitude, as tax haven selection
criterion, 56–57
resources/publications, 275, 281–282
in tax haven prof iles (alphabetical by
country), 123, 131–235
Greece, 25, 43, 129, 258
Green List of favorites (T-7 countries),
48–53, 59, 123, 128, 130
Grenada:
overviews/prof iles, 182–183, 258
treaties with U.S., 128, 129
Grenadines. See Saint Vincent and the
Grenadines
Guatemala, 249
Guernsey. See Channel Islands
(Guernsey/Jersey)
Gulf Cooperation Council, FATF
membership, 25
Guyana, 128
Health insurance, 274
Hogan, Paul, 4
Homes, new/second/retirement. See
Residency/retirement, offshore
Honduras, 128, 258
Hong Kong:
FATF membership, 25
on Green List of favorites (T-7), 49, 53
overviews/prof ile, 53, 183 –187, 249
treaties with U.S., 128, 129
HQ Business Centers, 107
Hughes, Howard Robard, 79, 96
Hungary, 129, 258
Hybrid companies, 68–69, 92
Iceland, 25, 258
Identif ication (ID) card, national, 13
Immigration services, resources, 279–280.
See also Residency/retirement, offshore
Income source, and taxes, 44, 45–46
India, 258
Insurance:
offshore insurance bond, or portfolio
bond, 102
offshore life, 94
starting offshore company, 71–72
Switzerland, 100–101
International business corporations
(IBCs), 57, 62, 63–68
International English language
newspapers, 281
Internet:
casinos, 71–72, 114
e-commerce, 72, 108–109
online resources, 281
Investment accounts, 75
Investment funds, international/offshore:
investing with, 81–83
starting, 71–72
Investment incentives/opportunities (tax
haven selection criterion), 59
Investment strategies, offshore, 81–88
Eurodollar bonds, 86
foreign real estate, 88
funds, 81–83
gold-backed electronic currency, 84–86
managed commodity account, 81
physical storage/safe deposit box, 86–88
precious metal certif ications, 83–84
resources, 271
Iran, 27
Iraq, 27–28, 119
Ireland, 25, 249–250
IRS:
amnesty program (2003), 7–9
creation of (1913), 27
Isle of Man:
hybrid company, 68–69, 92
overview/prof ile, 187–192
resources/contacts, 69, 277
treaties with U.S., 128
Israel, 129, 258–259
Italy:
Campione, 104, 155–158, 245
FATF membership, 25
in G -7 group, 6, 48, 58
overviews/prof iles, 155–158, 245, 250,
261
San Marino, 261
tax havens used by Italians, 60
treaties with U.S., 129
Jamaica, 129, 259
Japan:
FATF membership, 25
in G -7 group, 6, 48, 58
overview/prof ile, 259
Jersey. See Channel Islands
(Guernsey/Jersey)
KYC (“know your customer”) regulations,
68
Labuan, Malaysia. See Malaysia/Labuan
Language, off icial (in tax haven prof iles,
alphabetical by country), 123,
131–235
Largest cities, in tax haven prof iles
(alphabetical by country), 131–235
Latvia, 129
Legal entities, in tax haven prof iles
(alphabetical by country), 124,
131–235
Legal system:
in tax haven prof iles (alphabetical by
country), 123, 131–235
as tax haven selection criterion, 58–59
Liberia, 122
Liechtenstein:
banking, 38, 42, 74, 87
companies, 69, 104
foundation (Stiftungen), 92–93
on Green List of favorites (T-7), 15, 48,
51, 71
overviews/prof iles, 50–51, 194–197, 259
safe deposit boxes in, 87
treaties with U.S., 128, 130
Life insurance, 94
Limited liability company (LLC), 69
Lithuania, 129
Loans, back-to-back, 80
Location of assets, and taxes, 44, 46
Location of country:
in tax haven prof iles (alphabetical by
country), 123, 131–235
as tax haven selection criterion, 59–60
Luxembourg:
FATF membership, 25
overviews/prof iles, 197–200, 259
secrecy, 59, 123
treaties with U.S., 128, 129
Madagascar, 60
Madeira, 128, 130, 200–202
Mail drop, overseas, 61–62
Malaysia/Labuan:
overviews/prof iles, 192–194, 259
treaties with U.S., 128, 130
Malta:
overviews/prof iles, 202–206, 250–251
treaties with U.S., 128, 130
Marital status, and taxes, 44, 45
Marshall Islands, 128
MasterCard, 7– 8, 78
Mauritius:
overviews/prof iles, 206 –208, 259
treaties with U.S., 128, 130
Melilla, Centa and (Spain), 256
Melton, H. Keith, 30
Mexico, 25, 43, 58
re-entry requirements to U.S., 264
tourism/residency prof ile, 259
treaties with U.S., 128, 129
Monaco, 60, 68
overviews/prof iles, 209–211, 251
treaties with U.S., 128, 130
Money laundering, 19–20, 21–22, 77, 115
Money market accounts, Swiss tax-free, 103
Montserrat, 122, 130
Morocco, 130
Multicurrency accounts, 75
Mutual funds, global, 279
Mutual Legal Assistance Treaties (MLATs),
56, 129–130
Napoleonic law, 58
Nauru, 16, 122
Netherlands:
Eurodollars, 86
FATF membership, 25
overviews/prof iles, 211–214, 251
treaties with U.S., 128, 130
Netherlands Antilles, The:
overviews/prof iles, 214 –216, 260
treaties with U.S., 128
Nevis. See Saint Kitts and Nevis
Newsletters, 265–267
Newspapers, international English
language, 281
New Zealand, 25, 260
Nicaragua, 260
Nonresident companies, 68
Norfolk Islands, 260
North Korea, 27
Norway, 25, 260
Offshore dossier, 281
Offshore, going:
caveat, 119–120
country profiles (alphabetical by country):
retirement havens and foreign
residence, 241–254, 254–263
tax havens, 131–235
creating legal business entity, 62
expatriating, 35–36, 37–38, 41,
272–273 (see also Residency/
retirement, offshore)
investing (see Investment strategies,
offshore)
without leaving home, 61–62
reading/reference works, 264–265
reasons for, 3–6, 10 –14, 33–34
taxes (see Tax havens)
travel destinations, 263–264 (see also
Travel/tourism)
Offshore Evaluation Service (OES), 47,
57, 120, 282
Operation Wickenby, 4
Organisation for Economic Co-operation
and Development (OECD), 6, 18, 20,
23–25, 48, 59, 108
Organizations (resources), 274–275
Pakistan, 260
Panama:
banking, 42
corporations, 67, 71
f lag of convenience, 71
foundations, 93
on Green List of favorites (T-7), 15, 49,
51, 71
legal system, 58
overviews/prof iles, 51, 217–220,
251–252
re-entry requirements to U.S., 264
resources, immigration services, 280
secrecy, 59
treaties with U.S., 128, 130
Paraguay, 260
Partnerships, offshore, 69–70
Passive foreign investment companies
(PFICs), 66, 82, 112
Passports/residency, in prof iles
(alphabetical by country), 241–254,
254–263
Patriot Act, 12, 21–22, 28
PayPal, 8–9
Pentapus, 110
Personal asset/portfolio management, 80,
99–100
Perth Mint Certif icate Program (PMCP),
83–84
Peru, 128, 261
Philippines, 130
Physical presence test, 40–41
Physical storage, offshore, 86–88, 276
Poland, 130
Portfolio bonds, 102, 277, 278
Portfolio management, 80, 99–100, 278
Portugal, 25, 252
Precious metals:
accounts, 75
certif icates, 83–84, 276
gold-backed electronic currency, 84–86
Swiss tax-deferred gold accumulations
plan, 102–103, 278
Privacy/confidentiality, offshore:
antisurveillance and privacy sources,
269
books on freedom and privacy,
270–271
erosion of, 11–13, 58–59, 117–118, 127
as tax haven selection criterion, 59
Prof iles (alphabetical by country):
retirement havens and foreign
residence, 241–254, 254–263
tax havens, 131–235
Publishers of unusual books and hard-tof
ind information, 271–272
Pugsley, John, 29
Qualif ied intermediary (QI) regulation,
83
Real estate, foreign, 88, 272
Reporting requirements/forms, for U.S.
citizens, 8, 77, 113–114
Residency/retirement, offshore, 238–254
citizenship, renouncing U.S., 42–43,
44–47, 52, 88
country prof iles (alphabetical by
country), 241–254
Dominica, 239–240
expatriating, 35–36, 37–38, 41,
272–273
overview/introduction, 238, 239
resources, 273, 279–280
Saint Kitts and Nevis, 240–241
taxes, 39–41, 44
bona fide residency test, 39–40
physical presence test, 40–41
Resources, 112, 238, 263–282
antisurveillance and privacy sources, 269
banks/bank web sites, 269
expatriate information, 272–273
f inancial and investment services,
275–279, 282
f inancial information and business
opportunities, 268–269
freedom and privacy, 270–271
global mail drops, 281
government publications, 281–282
government web sites, 275
health insurance for expatriates and
travelers, 274
immigration services, 279–280
international English language
newspapers, 281
investment and economic books, 271
newsletters, 265–267
offshore dossier, 281
Offshore Evaluation Service (OES), 47,
57, 120, 282
online, 281
organizations, 274–275
periodicals, 272
powers behind-the scenes affecting
daily lives/liberties, 270
publishers of unusual books and hardto-
f ind information, 271–272
reading/reference works, 264–265
real estate, 272
retirement, 273
tax problems, 280
travel, 267–268
worldwide serviced offices, 280–281
Retirement havens. See
Residency/retirement, offshore:
Roman Empire, 29
Romania, 130
Safe deposit box, offshore, 86–88
Safekeeping accounts, 75
Saint Kitts and Nevis:
business and e-commerce, 38, 42, 72,
122
citizenship, 42, 43, 45, 240 –241,
279–280
on Green List of favorites (T-7), 49, 52
immigration services, 279–280
overviews/prof iles, 52, 220 –221,
240–241, 252
treaties with U.S., 128, 130
trust laws, 91, 122
Saint Lucia, 128, 130, 261
Saint Martin (French)/St. Marteen
(Dutch), 261
Saint Vincent and the Grenadines:
overviews/prof iles, 221–223, 261
treaties with U.S., 128, 130
Samoa/Western Samoa:
overviews/prof iles, 125, 235, 261
treaties with U.S., 128, 130
San Marino (Italy), 261
Secrecy. See Privacy/confidentiality,
offshore
Seychelles:
overviews/prof iles, 224 –225, 261
treaties with U.S., 128, 130
Ship and yacht registration/flags of
convenience, 71
Singapore, 25, 261
Smurf ing, 115
South Africa, 130
South Korea, 130
Sovereign Society, 29
Spain, 4, 25, 130, 256, 262
Stability, political/economic:
in tax haven prof iles (alphabetical by
country), 123, 131–235
as tax haven selection criterion, 55
Stiftungen, 50, 92–93
Structuring, illegal, 115
Suspicious Activity Report (SAR), 114
Sweden, 25, 262
Switzerland:
annuities, 278
asset protection certif icate, 278
banking, 38, 42, 50, 74, 80, 98–100,
278
company/corporate vehicles, 104
FATF membership, 25
foundations, 93
gold accumulations plan, tax-deferred,
102–103, 278
on Green List of favorites (T-7), 48,
49–50
insurance industry, 90, 100 –101, 278
money market accounts, tax-free, 103
neutrality, 74
other Europeans and, 60
overviews/prof ile, 49–50, 97–104,
225–229, 252–253
personal asset/portfolio management,
80, 99–100, 278
Portfolio Bond, or Offshore Insurance
Bond, 102
premium deposit accounts, 102
privacy/secrecy, 50, 87, 118
resources, 278
treaties with U.S., 128, 130
T-7 countries/Green List of favorites,
48–53, 59, 122, 128, 130
Taxes, foreign:
eight ways to f ind yourself subject to,
44–47
in prof iles (alphabetical by country):
retirement havens, 241–254
tax havens, 124, 131–235
structure, as tax haven selection
criterion, 55
Tax evasion versus avoidance, 4
Tax-free compounded interest, 79–80
Tax-free earnings, $80,000 annual
loophole, 39–41
bona fide residency test, 39–40
physical presence test, 40–41
Tax havens:
criteria for selecting, 54–60
favorites (T-7/Green List), 48–53, 59,
122, 128, 130
historical perspective on, 15–17
inf luences on:
anti-money-laundering legislation,
21–22
“Barbarians at the gate,” 26–30
international dragnet, 18–20
OECD (“the tax police”), 23–25
legislative developments, 16
prof iles of today’s:
alphabetical by country, 131–235
introduction, 122–125
reasons for going offshore, 3–6, 10 –14,
33–34
Tax Information Exchange Agreements
(TIEAs), 49, 56, 59, 115–116, 122,
124, 127–128
Tax planning, international, 110–116
accumulated earnings (AE) tax, 112
controlled foreign corporations
(CFCs), 110–111
foreign personal holding companies
(FPHCs), 111–112
passive foreign investment company
(PFIC), 112
Pentapus, 110
reporting requirements of U.S. citizens,
113–114
resources, 277, 280
structuring to avoid money-laundering
detection, 115
tax treaties, 115–116
Terrorism, 26 –27, 30
Thailand, 130, 262
Time (international), in tax haven
prof iles (alphabetical by country),
123, 131–235
Timing, and taxes, 44, 46
Transportation, as tax selection criterion,
57
Travel/tourism:
destinations, 263–264
in prof iles (alphabetical by country),
241–254, 254–263
re-entry requirements (National Passport
Information Center), 263–264
resources for information on, 267–268
Treasury Form TD F 90-22.1 (FBAR:
Report of Foreign Bank and Financial
Accounts), 8, 114
Treaties with U.S., tax:
Mutual Legal Assistance Treaties
(MLATs), 56, 129–130
in tax haven prof iles (alphabetical by
country), 124, 131–235
Tax Information Exchange Agreements
(TIEAs), 49, 56, 59, 115–116, 122,
124, 127–128
Trinidad and Tobago, 128, 130, 262
Turkey, 25, 130, 262
Turks and Caicos Islands (W.I.):
overviews/prof iles, 229–231, 253
treaties with U.S., 128, 130
Twin accounts, 75
Ukraine, 130
Union Bank of Switzerland (UBS), 76
INDEX 323
United Kingdom:
contacts (investment/business/legal
advisors), 287–302
FATF membership, 25
in G -7 group, 6, 48, 58
legal system and confidentiality, 58
overview/prof ile, 253–254
stance against tax havens, 6
tax rebellion (1970s/1980s), 4–5
treaties with U.S., 130
United Nations, 18
United States:
contacts (investment/business/legal
advisors), 302–315
criminal justice and Constitution,
24–25
FATF membership, 25
in G -7 group, 6, 48, 58
reporting requirements/forms, for U.S.
citizens, 8, 77, 113–114
secret federal court in, 12
stance against tax havens, 6
as tax haven, 20
taxpayer breaking point, 5
taxpayer status, 38, 83
U.S. Government Guide to Surviving
Terrorism, 30
Uruguay, 130, 254
Vanuatu, 16, 59
overviews/prof iles, 231–235, 262
treaties with U.S., 128, 130
Venezuela, 130
Vietnam, 262
Virgin Islands, British:
hybrid company, 68
overviews/prof iles, 151–154, 263
treaties with U.S., 128, 129, 151
Visa, 7, 78
Wealth management, resources, 277
Web sites, in prof iles (alphabetical by
country), 124, 131–235, 241–254,
254–263
Western Samoa. See Samoa/Western
Samoa
West Indies, British/French, 263
Wills, offshore, 95–96
Yacht registration/flags of convenience,
71