What is the definition of
"offshore"?
The definition of
"Offshore" is that the term is about benefiting from the asset
protection services offered by
nations (commonly
known as "jurisdictions" or "havens"), such as Belize, British Virgin Islands,
Seychelles and Vanuatu, four of the most useful offshore havens in
today's times, and whose
legislation allows for certain important protection advantages (strong asset protection features,
no or low tax rates, business and banking confidentiality, company structure,
etc.) to be used by non-residents. To see the map locations of these four
favorable tax havens as well as other asset havens, please visit:
Tax Haven Map.
Offshore means that the offshore nation will allow the registration of a
business entity or
trust and offer that
company or trust certain tax freedoms in exchange for an annual license fee. It is
normally a legal requirement that the registered company must not conduct
any business or own any assets in the haven of incorporation or organization, other than
banking transactions.
The license registration allows companies and trusts to be set up in that
nation, and to own assets worldwide and to trade on an
international basis.. These havens often allow another company (usually
incorporated or organized in a separate asset haven) to be appointed as the Director and
Shareholder of a haven company, or as Trustee of a haven trust. Most non-haven countries today still
restrict, regulate, and tax not only the flow of money in or out of their
nation, but also levy high taxes on businesses, investments, and other
assets and income located in their nation. |
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