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Contrary to what even many colleagues think, offshore companies aren’t used exclusively for tax avoidance. The main advantage is being able to conceal properties with all the inherent advantages that go along with tax avoidance relating to “tax havens”, to protecting funds from spouses and creditors, etc.
Offshore: the term literally means “outside of territorial waters” or, in the case of a financial operation, realized outside the Country of residency (extraterritorial operation). Offshore operations are performed for protecting personal funds and reducing tax burdens.
Every country that is considered a tax haven offers some limited advantages to the residents or companies that are domiciled there. For example, in the Principality of Monaco, residents don’t pay personal income taxes, while companies pay very high taxes. In Panama, though, it is exactly the opposite; taxes aren’t paid when the companies domiciled there don’t carry out their activities in the National territory. In the United States, during the prohibition period, and when gambling was prohibited, some very audacious businessmen opened up floating casinos outside the territorial waters, and bets rained down through torrents of alcoholic beverages.
The offshore industry is small and mysterious, despite the latest estimates that it manages about sixty per cent of the world’s capital. Many continue to mistakenly think that tax shelter countries are patronized only by big financiers, corrupt politicians, jet-setters and ultra-billionaires that are dedicated to spending huge sums of money to feed idleness. Actually, any professional with an income of 30-40 thousand euro per year can get great advantages by using Tax Havens.
Of course, it's impossible to put everything about Tax Havens, Tax Planning, Tax Avoidance, Offshore Business, Panama Companies, Delaware Companies, Offshore Companies into a small booklet. But you can't deny that you've just added to your understanding about Tax Havens, Tax Planning, Tax Avoidance, Offshore Business, Panama Companies, Delaware Companies, Offshore Companies , and that's time well spent.
Last Updated on Sunday, 31 March 2013 19:17
Credit cards not linked to your account, price 250 EUR, which includes courier delivery and internet banking.
Obtaining a rechargeable credit card requires a copy of your passport, a referral letter from your bank, a copy of a utility bill (water, electricity, gas or land phone), so that in case of loss or theft we know where to turn for instructions. It can be recharged through Swift from a non-European offshore bank account. The cards use internet banking. The credit cards we offer are not linked to your offshore bank account and therefore cannot be retraced back to you; in case you are found, you can state that the cards were sent to you by OPM Security and that you haven’t deposited any funds.
Anonymous Credit Cards If you wish to have an anonymous credit card, with another name (international legislation states that the name of the beneficiary must appear in all credit cards) we can furnish a front man. In this case, you must sign a fiduciary contract, which service costs 200 Euro/ year. Beware that having an anonymous credit card, under a name under someone else’s name, may create problems when making purchases in stores.
Prices for anonymous credit cards offered by OPM Security:
Prices for anonymous credit cards offered by OPM Security:
Monthly fee 3.00 Euros
ATM withdrawal 3.15 Euros + 1.15% of the amount withdrawn
POS payments in stores 0.00 Euros
Fund transfers between cards (same type) 10.00 Euros
Fund refills (+draft fees) 10.00 Euros +60.00 Euros draft (does not apply if it is the same bank) + 2% for amounts above 9,999.00 EUR
New card because of loss or theft 170.00 Euros
Online Bank Statement FREE
Closure of the Account 70.00 Euros
Minimum deduction fee for deposit 9.00 Euros
Blocking lost or stolen card 13.00 Euros
Warning: Credit cards and anonymous credit cards that do not maintain a minimum balance of 20.00 Euros during a 30 day period will be closed without reimbursement or substitution.
To order a rechargeable credit card or an anonymous credit card, fill out this secure form and attach:
1. A copy of your passport
2. Utility bill (water, electricity, gas bill, etc.)
3. Copy of your payment
4. Fiduciary contract in the case of an anonymous credit card
Include your address complete with your Zip Code and phone number for delivery.
Last Updated on Friday, 12 October 2012 14:59
What is a tax haven?
The Anglo-Saxons have painted it very well with “tax-haven”, or rather, a tax shelter or port. The translation “tax heaven” (or fiscal paradise) is incorrect, because it has no meaning in English. We often connect the term “fiscal paradise” to the image of a heavenly white beach, shaded by luxuriant palms, inclined toward a turquoise-colored sea. In certain ways, that is often the way it is, but a fiscal paradise or tax haven is also an ideal place to establish one’s business affairs and to take refuge from the tax bite. Obviously, as in every undertaking, the presence of the owner is not necessary in the tax havens and, according to the laws of most of these countries, the companies can be managed from any part of the world.
A tax haven is a country that has a series of peculiar characteristics, the most important of which is minimal or non-taxation on foreign capital and foreign profits of its own citizens and/or companies. More than 200 jurisdictions actually exist that offer one or more incentives to resident or non-resident investors; some of these countries are also real vacation paradises. Depending on the type of activity that you desire to undertake, one tax haven or another will be appropriate for your specific case. In certain cases, especially for using a double imposition treaty, it is opportune to use the “Chinese box system” and operate a structure from one tax haven, through the structure of another.
The question of tax havens that for many aspects should be defined financial and corporate havens, was brought clamorously to the limelight after September 11th, because of possible ties between international terrorist networks and a few offshore financial centers (literally out from the coast, out of territorial waters and limits), and are now “under the microscope.” Just a few months earlier, in May 2001, the USA Secretary of the Treasury Paul O’Neill had declared instead that “the United States will not maintain any attempt aiming to impose on any country their level of tax imposition” and that the OECD project on tax havens was too extended. The Organization for Economic Co-operation and Development (from which the acronym OECD is derived), established in 1948, has, in the last few decades, extended its objectives toward economic and financial integration of the major countries of the so-called Western World.
The OECD project on tax havens has thus become an international reference point and the official position of the more developed countries on the question of “harmful” tax competition. In 1998 the Organization published a report on harmful tax competition entitled: “Harmful Tax Competition: An Emerging Global Issue”, where a distinction was made between “tax havens” and “harmful preferential tax regimes,” which has since been used as a reference point for the revenue authorities in the Western countries.
Of preferential tax regimes there are many and the United States themselves are one of them, because of tax incentives offered by some states like Delaware and Nevada. But the real tax havens are not characterized by just having a low or non taxation level—as the USA Secretary of the Treasury seems to think. In order to be able to individuate them, in fact, the report lists some conditions that must exist: no taxation (or at most a very nominal level of actual taxation); the lack of an actual exchange of information with other States and an absolute lack of transparency. To this must also be linked the lack of cooperation in case of laundering dirty money. On the basis of these criteria the OECD has in fact individuated 41 “jurisdictions” (countries or territories) definable as out and out tax havens (the same have been pointed out on the Revenue Office’s black list).
The OECD’s list, for once, didn’t have just one knowing character. In fact, the ’98 guidelines against harmful tax practices provides for the obliged removal of all benefits obtainable in the tax havens by December 31, 2005 at the latest without economic sanctions. Countries considered tax havens could send Advanced Commitment Letters—or rather, letters stating the intention to overcome harmful tax practices—by February 28, 2002 (the expiration date was then deferred to the middle of April); these letters were considered official commitments and would avoid, if kept, the punitive sanctions foreseen by 2006.
Between 1999 and 2002, thirty-four of the 41 countries sent Advanced Commitment Letters. The last seven tax havens, which for various reasons haven’t yet adhered to the OECD request: Andorra, the Marshall Islands, Liberia, Liechtenstein, Nauru, Principality of Monaco, and Vanuatu, still risk sanctions. In the last few years, almost all have capitulated, signing treaties for the “exchange of information” in the case of crimes related to terrorism, laundering, international trafficking, etc. and therefore, there no longer exists a tax haven that can be considered 100% secure, because there is nothing that can prohibit a magistrate from inserting a non-existent crime into an on-going investigation, with the only purpose to obtain information that he wants to have. Obviously, seeing that our business affairs are legal and that we are working from a tax haven, the risk of an exchange of tax information is almost non-existent. It doesn’t hurt, however, to maintain a high level of security data in your personal operations and possibly use various offshore centers for your operations. Let’s also remember that the OECD doesn’t represent even one third of the world—the third that wants to impose their rules on everyone.
See related articles for update
Last Updated on Thursday, 27 September 2012 05:09
The dilemma in paying taxes
It seems that in many dictionaries, the word “terrorism” is defined as the “systematic use of terror as a means for coercion” and more than just a few believe that the North American government has actuated, during its history, multiple acts of terrorism. In accordance with the much criticized Patriot Act, approved shortly after the extremely woeful happenings of September 11, 2001, it is illegal to offer money to an organization that practices terrorism; therefore, following this reasoning, it is illegal to pay federal taxes in countries like the United States that practice state terrorism.
Of course, there are very many that oppose this idea. The big question seems to be “Why should we pay for state policies and programs that could put us in serious danger? The useless blood-letting in our name, paid for with money that we give the IRS, makes us ask, time and again “Why do we have to pay taxes on our earnings?” Actually, the richest people—barely 1%--receive more benefits and in comparison, actually pay less taxes. The millions of dollars that are wasted in unconvincing military campaigns, founded in lies, have arrived to the point that opinion polls clearly show a certain tendency that people are insisting more and more that less money be invested in military actions and more in social programs.
The dilemma goes beyond that: it’s not just how the taxpayers’ money is being used, but the enormous amount that doesn’t show up in the budget simply because the rich don’t pay everything that they owe. It’s no secret that each year corporations and people with higher incomes receive more advantages with their taxes. The oft repeated phrase continues to be valid: the rich are always richer, and a certain part of their earnings is destined to gain political favors in order to ensure fiduciary advantages.
Let’s return to the question: “What do we pay taxes for?” What would happen if we all refused to pay? Governments are vulnerable, because they depend on a system based on an income from taxes; if we consider that a large part of their budget is destined for war, it wouldn’t be wrong to say that we pay for the bullets of our death squads.
The case here is: “How is my money being used? How are the decisions regarding the budget being adopted?” With the economic world so convulsive, with so many crises, people pass much of their work time to pay rent, mortgages, without having enough to pay for medical insurance, and unemployment grows; without a doubt, they sometimes have to pay more than 30% of their income for those who pay nothing or very little, who already own yachts, jewelry, luxurious residences, and take advantage of more privileges. It makes no sense!
Fortunately, the number of people that say NO! is increasing. Those that resist paying taxes, for reasons of conscience, used for supporting the growing military boom, prefer redirecting their money to social programs; others refuse to pay for libertarian reasons and there are also those that, forced to choose between having enough food to feed their family or pay their taxes, choose the eminently political decision to go hungry. Of course, resistance to paying taxes has its risks. It can be done in a symbolic manner, let’s say, by putting a part of the taxes here and another, there; it can be done expecting to pay in interests or fine, as an extra cost for refusing to voluntarily cooperate, or it could require big changes in your life in order to meet the free uses of your taxes. Now, it’s very important to understand what the risks are. No one should risk this without understanding what it means. It could be more important to completely know that there are greater risks in passively cooperating with our own disappearance.
Last Updated on Wednesday, 26 September 2012 07:15
Offshore Companies of Panama
Offshore companies offer the anonymity of their clients. Operating from an offshore territory, we are able to limit the actionists’ responsibility by reducing or cancelling, in many cases, the tax burden. Panama has been the fiscal paradise since 1932, and today, with over 120 banks, it is one of the major financial centers of the world.
To be able to choose the best jurisdiction for your own company, you need to keep in mind a few primordial factors: political stability; ease of movements; little or no collaboration with international fiscal authorities; good telecommunications, to be able to communicate with your own Resident Agent or bank with ease; low legal, maintenance and living costs. Panama gathers all of these requirements together. The Panama companies are tax exempt, they are not obligated to present budgets and/or income tax returns and can be managed from any part of the world. Only three directors appear in the statute and the actions are made out to the bearer. If the client doesn’t desire to appear, the three directors are provided by our law office (the cost is €150.00 per year and is included in the initial constitutional fee) and a general power of Attorney apostilled (recognized by the Foreign Ministry) is furnished to the owner/actionist for business administration, buying, selling, opening bank accounts, opening branch offices, etc.
The only thing that needs to be fulfilled is the payment of an Annual Tax (Single Tax) and a payment to the Resident Agent (us) for a total of €450 annually, beginning from the second year. There are NO other taxes, fulfillments, obligations, duties, etc.
Only operating from an offshore territory is it possible to reduce the liability of the actionists and at the same time reduce tax burdens. Furthermore, the offshore company can be utilized for the following purposes:
1) To open accounts abroad and/or stock exchange investments and be able to conceal the real beneficiary in case of need (divorce, distraint of goods, etc).
2) To participate in national companies, concealing the real partners.
3) To buy and sell merchandize to your own national business or else to others, putting the desired price in the invoice.
4) To invoice services as though they had been performed abroad, avoiding the payment of taxes, (consultations, web services, projects, books, articles, etc.)
5) To protect your goods in Italy or abroad.
6) To avoid judiciary distraints.
7) To avoid inheritance taxes and to guarantee a better future for your family.
8) To create an alternative economy in complete anonymity.
9) To reduce tax burdens.
10) To invest abroad.
The price is insignificant when you think of the advantages, USD 1500.00 all included. The offshore companies can be utilized for all activities that can be managed from abroad and that don’t need to issue invoices to their clients. If your clients need to be able to deduct your invoices, you can use the USA companies.
In business, offshore banking is normally managed through a foreign society constituted in a fiscal paradise, by someone who resides in a country with high taxation and who wants, at least in part, to elude taxes. The action appears (and must appear) as though from a resident abroad, the invoices are issued abroad, and they must always be paid from abroad (unless your client pays you in cash. You may withdraw your money from your offshore account as you wish but it must never be sent to your account. Keep in mind that the offshore scheme differs from case to case. For some activities (for example, buying/selling merchandize and products) it’s not possible to completely elude taxation, but it can be reduced by using European companies in countries with a low tax-level. Our consultations are free for those clients acquire our services. The offshore scheme can be repeated various times so that security can be increased.
Price: 1500 USD
What you receive when you order an offshore company in Panama.
1) Escritura Pùblica, the statute of the company, (Escritura por la cual se protocoliza el Certificado de Constituciòn de la sociedad denominada--Name of your company) is the constitutional document of your company. Some banks also require the Certificate of Constitution and Validity, but there is really no need to require it if the company is new; we attach it only if it is requested.
2) Subscription Transfer: This document is not shown to the banks or to others; it is a document that proves 100% your ownership.
3) Poder General or Power of Attorney: this is the proxy that permits you to operate the name of the company anonymously. You must keep in mind, however, that the GdF has prepared officials and they will not believe that someone that doesn’t have connections to a company has a plenipotentiary proxy. It is therefore not advisable to use it in the country in which you reside. This proxy should be presented the offshore bank where you will be opening your account, keeping in mind that if the bank is domiciled in a fiscal paradise you will be covered by the bank secret. To sign contracts you may use invented names (or our directors) seeing that in the case of contentious jurisdiction it will be the company to protest or respond and not the natural person. For the purchase or sale of property we advise you to choose (in the country in which you reside) a reliable consultant or lawyer as representative with limited buying power, whereas for sales, you can draw up a specific proxy from time to time (it’s a bit more costly, but also more secure). If you open a branch we will prepare a separate proxy for the fiscal representative. Remember that lawyers have the privilege of professional secrecy, consultants, no. If you use a third party, be careful of whom you choose.
4) Single Tax: the annual tax that you pay to the Panamanian government, the only tax that you will have to pay.
5) Actions to Bearer: They guarantee the ownership of the company. You must keep them in a safe place. A safe deposit box in your name or that of a family member is obviously NOT a safe place.
6) Pamphlet: How to Use an Offshore Company.
Note: The statute and the proxy have an affixed apostil. The apostil consists in the certification of the authenticity of the signature and of the legal quality of the official that has subscribed acts, certificates and formats in the Italian State and is also valid abroad, to be shown in countries that have adhered to the Hague Convention.
The Hague Convention 5 October 1961
Law 20 December 1966, n. 1253
The countries that didn’t adhere to the Vienna Convention require that the documents be stamped by the proper embassy or consulate or by that of a friendly country. The EU has adhered to the Convention.
Last Updated on Friday, 19 October 2012 14:05