The wise man and the foolish man OR smart ways to repatriate your offshore funds

May 23, 2013 - by Nida U.
Tax Avoidance Loopholes

It’s your own fault for not being wise enough when transferring offshore funds “home” and your own liability towards your local tax authorities. Some clients presume, “ok, the IBC is tax free, cool, that will do!” They don’t consider all consequences that they should have beforehand, they simply transfer money from here to there and then wonder why they have to pay tax and are accused of tax avoidance. Exactly for this reason we always advise clients to seek independent legal and tax advice from local accountant or lawyer.

Every individual is liable to their local tax authorities in regards to any income they receive, that’s just the way it is! Just like when you are self-employed you go and declare your income and pay tax on it as needed. Same way, when you get income from offshore entity, it is your responsibility to declare it and return tax on it. In most cases no one does this, subsequently, possibly, becoming an object for investigation.

Question to declare the funds or not is entirely yours, bear in mind that sanctions may be painful in case of problems.

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Do I get any signed document to ensure the nominee shareholder will not claim the ownership of the company?

February 25, 2013 - by Nida U.

The professional service relationship between a Nominee Shareholder and the actual owner of the offshore company would usually be confirmed by a Trust Declaration. By means of this legal document, the owner would at any time be able to prove his ultimate ownership of the shares in the IBC, and his rights to all benefits, dividends and proceeds from such shares.

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