Tax Havens

Tax havens are not a new phenomenon, they have been around for decades and provide a necessary vehicle for international tax structuring. Tax havens are international jurisdictions where corporate taxes and legislation is favourable to international businesses.

This is not to suggest that all tax havens offer zero corporate taxation, but they generally offer tax requirements decidedly lower than tax rates in countries such as the UK, US or Western Europe. They also offer reduced audit requirements and a high level of privacy. In many cases, government legislation restricts the exchange of information with authorities from other countries, unless a criminal act has been committed. In order to allow international businesses to benefit from these relaxed trading vehicles, the tax haven allows non-residents to own and manage these companies.

The jurisdictions covered by Schuss & Co are all considered tax havens in the sense that they offer favourable corporate tax rates and reduced auditing requirements. These countries include Belize, the British Virgin Islands, Cyprus, Mauritius, Nevis, Panama, Ras Al Khaimah, and the Seychelles. Each of these locations is very distinct and offers a number of services that may meet your needs. When selecting a jurisdiction, please consider the various options carefully and make your selection on the features that suit your individual requirements. Our account managers will be more than happy to advise you on the best solution for you, and are available by telephone, email and live chat to discuss your requirements.

List of Tax Havens

• Belize Company - Belize was originally a British Crown Country, but became an independent in 1981. After this process, they have become one of the most frequently used offshore company destinations because of their ease of use and full support by the government as a tax haven.
• BVI Company - The British Virgin Islands is also another very popular choice since they are tax exempt and because they are very flexible with regulatory requirements.
• Cyprus Company - Cyprus is another tax haven which is located a few miles South of Turkey and is the 3rd largest island in the Mediterranean. While not all funds are tax exempt in Cyprus, it is still a very attractive choice for many businesses.
• Mauritius Company - Mauritius gains an advantage from a longstop tax rate of 3%, which can help those that fall under the GBC I company category in Mauritius.
• Nevis Company - The Nevis offshore exempt company provides a zero corporate tax rate and no need for the preparation of financial statements.
• Panama Company - Panama is growing in popularity as an international tax haven. They over full tax exemption for income derived outside Panama and have no double taxation requirements, making it a good choice for businesses and investors.
• RAK Company - Ras Al Khaimah is located within the United Arab Emirates or UAE, and was officially established in 1971. They have no corporate, withholding, or personal taxation and are therefore an extremely attractive destination as a tax haven.
• Seychelles Company - The Seychelles has attracted a number of offshore companies because of their simple approach to mutual funds, offshore accounts and Freeport activities. International companies are exempt from local taxation.

Factors worth considering when making your choice include annual license fees, the number of directors and shareholders required, and the requirement for financial account preparation. Each country varies slightly on these requirements and should be evaluated based on your personal needs. Please contact us today for a personal assessment.