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October 5, 2014 - Zeroing in on Your Money

You may have heard about increasingly intrusive laws against so-called tax evasion, especially in the West. One of the most prominent of these laws is known as the "automatic exchange of information."

Automatic exchange of information is a legal device in which signatory countries enforce the sharing of data by financial institutions. Agreements such as the Multilateral Competent Authority Agreement have outlined the framework of cross-border exchanges of data to prevent tax evasion, tax havens, and tax inversion. Bank accounts of individuals and legal entities (international business companies, domestic corporations, etc.) are both targets. For legal entities, the data of "controlling persons" and "beneficial owners" is fair game.

The caveat, of course, is that the agreements apply only in the countries which pledge to enforce them. Countries like Belize oppose automatic exchange agreements and refuse to abide by them.

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Automatic exchange of information is not necessarily an immediate concern. Many jurisdictions are preparing to collect and exchange data on all bank accounts beginning on January 1, 2016 (which is an immediate concern!) Yet others - for legal or practical reasons - are in no shape to begin the process for at least a few years. Experts suggest automatic exchange in Spain and Italy, for instance, won't begin until 2021 or later. Yet the point here is this: automatic exchange appears to be on the way, and with the other problems plaguing the same countries that tend to be gung-ho about it, (ahem, Spain and Italy), why wait around to move your money?

Recognized as one of the best countries for offshore bank accounts and offshore investment, one of the best countries for international business companies, and one of the best countries for confidentially protecting data for both individual and legal entities ... Belize awaits. You can avoid automatic exchange of information in Belize, and since Belize has been steadfast in its refusal to go along with such agreements, you can rest securely in the knowledge that it will stay that way.

Other advantages of investing in Belize? The country is English-speaking, a politically stable democracy, and extremely safe for residents and non-residents alike. Belize offshore companies, limited liability companies, offshore trusts, and offshore foundations are only a few of the investment tools you can explore in a confidential, tax-exempt atmosphere. To learn more, contact us today.

References

  • Organisation of Economic Development

  • United Kingdom Goverment Website


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