Lowtax Jurisdictions
LEGAL SERVICES; PANAMANIAN CORPORATIONS, PRIVATE INTEREST FOUNDATIONS, IBC FROM BVI, BELIZE,CYPRUS,COSTA RICA, BAHAMAS,SEYCHELLES, ANGUILLA, BARBADOS, AND OTHERS, BANKING LAW, ASSETS PROTECTION AND ADMINISTRATION, INTELLECTUAL PROPERTY, DATA PROTECTION.
miércoles, 8 de febrero de 2012
Liechtenstein, UK Seal Tax Treaty
by Ulrika Lomas, Tax-News.com, Brussels
08 February 2012
During a recent working visit to Vaduz by Dave Hartnett, Permanent Secretary for Tax at HM Revenue and Customs (HMRC), Liechtenstein and the UK initialled a landmark comprehensive bilateral Income Tax Treaty, and extended the unique Liechtenstein Disclosure Facility.During the course of the visit, Katja Gey, Director of Liechtenstein's Office of International Financial Affairs, and Hartnett initialled a first-ever comprehensive convention on taxation of income and capital between Liechtenstein and the UK, based on the 2010 Organization for Economic Cooperation and Development (OECD) Model.
According to the Liechtenstein government, the agreement results from two years of talks and negotiations and evidences the long-term commitment of the parties to tax cooperation, clarity and compliance, and reflects and balances the interests and needs of both parties.
The Liechtenstein government stated: “Importantly, the treaty will encourage an increase in cross-border business between Liechtenstein and the UK, affording Liechtenstein tax residents a number of important UK tax advantages and clarity in their UK tax treatment.”
“Such benefits will also be available to qualifying Liechtenstein corporate entities, trusts, trust enterprises, foundations, establishments, and investment funds. The treaty, which will now go through formal procedures of signing and ratification, is expected to come into force from January 1, 2013.”
Commenting on the agreement, Liechtenstein Prime Minister Klaus Tschütscher emphasized that: "Once again we prove that we are a reliable partner. Our industry and our financial centre will be linked to the largest tax treaty network in the world. This treaty provides clarity and stability of tax treatment”.
In addition to concluding negotiations on the treaty, both parties agreed to an extension of the Memorandum of Understanding Relating to Cooperation in Tax Matters of August 11, 2009 (MoU), including the unique and favourable terms of the LDF for an additional year.
The government stresses that this will make voluntary disclosure of past due UK tax liabilities possible for UK taxpayers with non-UK assets who establish a meaningful connection to Liechtenstein until April 5, 2016.
Gey, who has led the efforts in Liechtenstein on the treaty and the MoU, stated that:
"We are delighted to have agreed a full tax treaty with the UK, evidencing Liechtenstein's genuine commitment to tax compliance and the UK's assistance to our work in ensuring the long term success of the Liechtenstein financial centre. The treaty will offer significant new clarity in how Liechtenstein residents are taxed when investing and doing business with the UK, and will encourage the use of Liechtenstein entities, bringing new business to both Liechtenstein and the UK."
"The extension of the favourable terms of the LDF for an additional year is of enormous value to UK taxpayers worldwide, and reflects our commitment to a win-win-win approach under which the interests of clients of Liechtenstein financial intermediaries are always, for us, at the forefront while we also seek to ensure both the development of our financial centre and the preservation of the legitimate tax collecting interests of the UK, our close partner in these arrangements. The additional year of application of the LDF will benefit all parties and, I am pleased to note, particularly UK taxpayers who maintain the requisite relationship with our financial centre."
During HMRC's visit to Liechtenstein, the Office for International Financial Affairs led meetings between HMRC and representatives and members of the Liechtenstein Association of Professional Trustees, the Liechtenstein Bankers Association and the Liechtenstein Insurance Association.
The parties also reviewed recently agreed procedures under which compliant UK clients of Liechtenstein financial intermediaries may certify their UK tax compliance, including through self-certification, ensuring that the process avoids unnecessary costs or delay.
Following the visit, Prime Minister Tschütscher stated that: “We are enabling attractive tax and financial positions through facilitated and transparent framework requirements, and will react cooperatively with professional partners to our clients' needs. It is especially clear to us, that those businesses with undeclared capital have no future".
martes, 7 de febrero de 2012
TRUST VS. FOUNDATION
TRUST VS FOUNDATION
Twitter - @panamalowtax
Historically a trust as a structure has been mainly used in common-law countries and still not always understood and appreciated by representatives of civil-law countries. They prefer to use foundations for different purposes as an alternative to Trust. The main difference between these structures is in the right to control them. A Trust must be fully controlled and managed by a trustee form the best interests of the Trust beneficiaries; once the assets are transferred to a Trust, a settlor no longer has any control over them. Every Foundation, in turn, has a Protector, who is generally a person connected to a Foundation founder (settlor) and therefore may have a certain influence on the development process and management of a Foundation. Moreover, a Foundation is allowed to have a bank account, in contrast to a Trust, where a trustee fully operates the capital. A Foundation is a separated legal entity and generally names one or more beneficiary for a socially responsible purpose, such as a charitable organization, education of children, etc. , Its owner its not registered in any public registries for the simple reason that a Foundation does not have an owner. Once such a Foundation owns shares of a particular company, such a corporate entity, becomes fully confidential as well. Foundations are effective structures for inheritance and holistic tax optimization purpose. Therefore, a Foundation when properly structured and incorporated in the appropriate jurisdiction for any special need and objectives can provide you the benefits of a commercial company, not-non-profit organization and trust. It will ensure confidentiality as well as effective assets protection and management opportunities.
Twitter - @panamalowtax
jueves, 12 de enero de 2012
READY MADE BVI OFFSHORE COMPANIES
BVI ready made offshore companies are availables as follows:
january 2012
september 2011
december 2011
www.laglex.com
gabriel.aguilar@laglex.com
january 2012
september 2011
december 2011
www.laglex.com
gabriel.aguilar@laglex.com
martes, 20 de diciembre de 2011
HOW TO INCORPORATE IN PANAMA
PANAMA CORPORATIONS
Panamanian corporations may be organized by two or more elderly (who may be Panamanian or foreign) as well as legal entities, for any purpose (lawful) for which the incorporators subscribe at least one share each (they are considered shareholders), the authorized capital stock of the corporation in training. In practice, two individuals or legal entities can act as any subscribers with the ability to waive their subscription rights and assign the rights as such for the real owners or beneficiaries. The authorized capital of a Panamanian corporation, does not have to be subscribed or paid.
The firm, or their attorneys usually act as underwriters of the social pact and are the resident agent of society, this is a legal requirement in Panama.
Traditionally, annual charges or fees Resident Agent service range from $ 150.00 to $ 250.00, and Resident Agent has no obligation to submit any report or report to the government of Panama. The role of Resident Agent today is to serve as a link between the corporation and the Panamanian government, according to the rules signed by Panama "know your customer".
The conditions for the formation and registration of a Panamanian Corporation at the Public Registry of Panama:
-The name of the company.You must include any of the following words or abbreviations: Corporation (Corp.) Incorporation (Inc.) or Company (SA). Names are allowed in any other foreign language. There can be two (2) companies with the same name, hence the need to check the availability of the name of the Corporation at the Public Registry. The name (s) available (s) can (n) be booked (s) for a period ofthirty (30) days renewable, if desired, at a cost of $ 40.00 each.
The firm, or their attorneys usually act as underwriters of the social pact and are the resident agent of society, this is a legal requirement in Panama.
Traditionally, annual charges or fees Resident Agent service range from $ 150.00 to $ 250.00, and Resident Agent has no obligation to submit any report or report to the government of Panama. The role of Resident Agent today is to serve as a link between the corporation and the Panamanian government, according to the rules signed by Panama "know your customer".
The conditions for the formation and registration of a Panamanian Corporation at the Public Registry of Panama:
-The name of the company.You must include any of the following words or abbreviations: Corporation (Corp.) Incorporation (Inc.) or Company (SA). Names are allowed in any other foreign language. There can be two (2) companies with the same name, hence the need to check the availability of the name of the Corporation at the Public Registry. The name (s) available (s) can (n) be booked (s) for a period ofthirty (30) days renewable, if desired, at a cost of $ 40.00 each.
-The Objectives of the society.Generally used broad and general goals, however, but if you want you can mention in the articles of incorporation of certain specific objects for which society is organized.
-The authorized share capital.
The authorized share capital may be indicated in any currency, it must also indicate the number of shares and their nominal value or no par value (if not used par value shares, then the government values each share at $ 20.00, with purpose of calculating the registration fee, based on the authorized share capital).
The authorized share capital may be indicated in any currency, it must also indicate the number of shares and their nominal value or no par value (if not used par value shares, then the government values each share at $ 20.00, with purpose of calculating the registration fee, based on the authorized share capital).
-The type of shares.Corporations Law of Panama allows shares and / or bearer shares, common and / or preferred shares and class - Class A or Class B (if appropriate), with or without voting rights, as well as any right and / or restrictions you want to set.
-The Directors.The law requires a minimum of three (3) directors, and can be natural or legal persons or any other national jurisdiction. For natural persons requires the full names (no initials) and addresses. For legal entities required name (s) official (s) complete (s) and address (es), and if they are foreign, are required notarized and apostilled certification (or Panamanian Consul authentication), the competent authority (s) jurisdiction (s) for (s), indicating that the entity is legally enforceable and who is his legal representative. Law firms providing the services of nominee directors on the basis of annual fees.
-The Officers.The full names of the first officers: president, secretary and treasurer, or others. These may be natural persons or legal entities, national or other jurisdiction. There is the option of appointing vice presidents, sub/secretaries and other sub-dignitaries and the same person may hold other positions as officers, not just as director, but we recommend that the President should not act as Secretary at a time, for practical reasons. The Directors may also act as officers. The directors and officers need not be shareholders, and Panamanian citizens or residents of Panama.
-The duration of the company.It may be perpetual.
-Name and address of resident agent.
It can be a lawyer or a local law firm.
It can be a lawyer or a local law firm.
-Address of the society.Is the registered address
-The registration fee.They refer to the authorized capital and paid described once when registering the Articles of Incorporation with the Public Registry of Panama, according to the following rates:U.S. $ 50.00 (minimum) on the first $ 10,000.000.75 per U.S. $ 1,000.00 over the next 90,000.000.50 per U.S. $ 1,000.00 over the next 900,000.000.10 per U.S. $ 1,000.00 1,000,000.00 in excess ofplus a surcharge of 20%
-Period of Incorporation of the Corporation.The organization and registration of a corporation takes two (3) to three (3) working days and the cost varies according to its resident agent, usually dependent on its articles of incorporation, this amount ranges from U.S. $ 450.00 onwards.
-Offshore Company.If a Panamanian corporation does not engage business in Panama, is not subject to income tax, but may have in our country offices to manage their international operations, so you can keep their books in the way you want and anywhere in the world. Companies with local operations should be kept here all his books and records, which can be manually, mechanically or electronically.
The use of a corporate seal for companies is not required by law in Panama, its use is optional. If desired, you may obtain a Certificate of Public Registry of Effective society when its constitution is registered. No Certificate of Incorporation is issued in this jurisdiction.
-Annual maintenance fee.There is an annual tax of $ 300.00, $ 250.00 the first year, which taxes the government to maintain an active company, is best known as an annual rate of companies. Late payments are subject to a surcharge of U.S. $ 50.00. Additionally, delayed payment of tax for two consecutive periods, causes a fine of $ 300.00. The fee payment must be made before June 30 to companies incorporated during the first half, and before December 31 to companies incorporated during the second half, it is important to know the period of incorporation.Resident Agent's fees are above $ 150.00 per year.The annual fee for the service of directors and / or officers are U.S. $ 100.00 onwards.Therefore, annual maintenance charges of a Panamanian corporation may fluctuate between U.S. $ 450.00 upwards, depending on the number of directors and / or local dignitaries.
-Meetings.Shareholders' meetings, meetings of directors or liquidators may be made by telephone, facsimile or other electronic means is not necessary to be in Panama, provided that the Articles of Incorporation so permits, it is necessary to issue a report detailing how the communication was made and resolutions adopted.It also allows shareholders' meetings and meetings of directors or liquidators of consent, even when the document showing signatures in different places and dates.
-Redomicilio.
The change of domicile or jurisdiction (redomicilio) to Panama, a foreign corporation is allowed.The Panamanian company redomicilio to other jurisdictions that accept such redomicilio is also allowed, if so stipulated in the articles of incorporation.
-Dissolution.The formal dissolution of the company voluntarily at any time is permitted. It requires shareholder approval at a meeting called for that purpose. In this case, you must obtain a certificate of dissolution and subsequently published in the Official Gazette and a local newspaper. Specific liquidators may be appointed for the purpose of concluding the business of the company during the three year settlement period established by law, which is suitable for companies that have operations abroad. Otherwise, the directors act as trustees of registered society for the purpose of liquidation.
-Model of Articles of Incorporation are availables upon request.
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