The global slowdown has affected each and every industry and the investment capacity of people. Tax havens have not been an exception. The Caribbean states are already feeling affected by this downturn in global markets.
One of the articles by Alastair Macdonald said that, Caribbean tax havens want to be seen as a part of a solution to the global financial crisis. As the article quotes Langston Sibblies, Deputy Managing Director of the Cayman Islands Monetary Authority- “We want to be a part of the solution to the world’s problems”.
The tax havens respect the decision of higher taxation countries that they want to stop any potentially taxable money from leaving their shores and they want to retain closer control over their citizens. This closer control will build greater stability in their opinion.
But Belize still remains an attractive offshore tax haven –
Belize began establishing as an offshore investment center in 1991, and introduced a series of offshore legislation to launch itself as one of the most attractive tax havens globally. It evolved as one of the most attractive tax havens and learned from the success and failures of other tax havens around the world.
Eventually, Belize was not only allowing the creation of offshore corporations but also passed the attractive trust law legislation, which made America to force Belize to sign the Mutual Assistance Treaty.
Belize agreed to sign the treaty and also agreed to cooperate with the information exchange policy in order to prevent drug trafficking and international terrorism. But Belize did not show the willingness to disclose its banking information and fiscal information. This led to anger and hostility by US and they penalized Belize by placing it into the list of countries unwilling to assist in the global battle against money laundering and drug trafficking.
Belize chose to remain true to its original convictions in spite of the hard actions taken by the US and refused to give in. Instead it came up with further attractive legislation that offered international banks to relocate to Belize, along with the introduction of the new privacy laws that included some anti money laundering provisions. This led US to remove Belize from the black list, since after the introduction of the new legislation Belize fell in step with US home banking policies.
Even today Belize IBC offers tremendous tax advantage, like –
- Exemption from all local taxes for international business companies
- Availability of free zones providing facilities for manufacturing and other business activities, such as warehousing, packaging, distribution of products and services
- Well developed financial services industry
- Well developed professional infrastructure
- Strict secrecy low, which prohibits disclose of banking and financial information
- Common law legal system based on English law
- Excellent telecommunications system
- Easy access to the NAFTA members Mexico, USA and Canada by land, sea and air
- No foreign exchange restrictions for IBC
- Stable political system with long history of peaceful and democratic development
- The country is not blacklisted by FATF and OECD
- Independent country, member of well recognized political organizations, such as of the British Commonwealth, United Nations and Organization of American States.
The primary language of Belize is English, Spanish being the second widely spoken language in the country. Belize currently offers one of the most competitive and attractive offshore corporation laws in the world.
International Corporate Services Ltd. offers a full range of www.offshorebelize.com/belize_ibc.html”>offshore services while providing accurate and efficient service to its clientele. Services include, but not limited to: preparation, registration and management of offshore companies and trusts in various jurisdictions, as well as registration of domestic companies.
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