Resources to learn about offshore companies, asset protection, tax optimization?

[CanadaOffshore93]

Hey all,

I am brand new to the forum, so please excuse my newbie question.

I am looking for resources to learn about all things offshore, from asset protection to tax optimization? I've noticed that a lot of the threads on this forum presuppose a general understanding of how everything works. Where can I read some solid background info so I can properly understand things?

Thanks all

 

[Sols]

This question comes up every once in a while, and they never get an answer. Things like tax optimisation and asset protection are, when done properly, very complex and touch on a lot of areas: tax law, corporate law, financial laws, international treaties, nuances of political influence, and changes over time. Books written on this topic are — more or less — out of date as soon as they hit the shelves.

That said, a good way to get into things is to read up on and look into:

• Tax residence (corporate and personal), permanent establishment, CFC, and control and management (look into OECD models, read tax treaties, read law).
• FATCA, CRS/AEOI, EUSD, and other EOI (Exchange Of Information) protocols such as the now outmoded TIEA.
• Brochures from FATF-GAFI and local FATF style regulatory bodies (country reports, general reports) to dive into money laundering.
• Brochures from service providers like Trident Trust, Sovereign, Vistra, Appleby, Drill, Carey Olsen, Grant Thornton and the Big Four. Focus on ones touching on taxation or reports about specific jurisdictions and as recent as possible.
• Visit the websites of the financial service authorities in each jurisdiction and absorb information.
• Read laws in jurisdictions that interest you, and your home jurisdiction. Don't assume you've fully understood them the first time. It gets easier with time, and you start finding similarities and differences.
• Attend industry events, make connections, have something to offer and they will happily share their insights.
• With a big pinch of salt, read investigative reports into tax havens, spectacular bank failures (Intra Bank, FBME), bank money laundering scandals, and so on. They often get the finer details wrong but are still worth reading.
• With an even bigger pinch of salt, read independent blogs about this topic. I'm not aware of any that are truly neutral. Instead, they are often grifters feeding on gold bugs, fringe libertarians, and other nutjobs who think they are 10x to 1,000x richer than they are, trying to sell some garbage products or services. But you might find mentions of specific subject matters that are worth finding primary sources for and research further (even if just to assure yourself it's garbage).

And of course: Keep an eye on this forum and ask specific questions — if someone knows the answer, you'll find out. If not, that's your cue to use the aforementioned tools to find it out.

 

[CanadaOffshore93]

Thank you very much!

Anyone else with helpful tips?

This question comes up every once in a while, and they never get an answer. Things like tax optimisation and asset protection are, when done properly, very complex and touch on a lot of areas: tax law, corporate law, financial laws, international treaties, nuances of political influence, and changes over time. Books written on this topic are — more or less — out of date as soon as they hit the shelves.

That said, a good way to get into things is to read up on and look into:

• Tax residence (corporate and personal), permanent establishment, CFC, and control and management (look into OECD models, read tax treaties, read law).
• FATCA, CRS/AEOI, EUSD, and other EOI (Exchange Of Information) protocols such as the now outmoded TIEA.
• Brochures from FATF-GAFI and local FATF style regulatory bodies (country reports, general reports) to dive into money laundering.
• Brochures from service providers like Trident Trust, Sovereign, Vistra, Appleby, Drill, Carey Olsen, Grant Thornton and the Big Four. Focus on ones touching on taxation or reports about specific jurisdictions and as recent as possible.
• Visit the websites of the financial service authorities in each jurisdiction and absorb information.
• Read laws in jurisdictions that interest you, and your home jurisdiction. Don't assume you've fully understood them the first time. It gets easier with time, and you start finding similarities and differences.
• Attend industry events, make connections, have something to offer and they will happily share their insights.
• With a big pinch of salt, read investigative reports into tax havens, spectacular bank failures (Intra Bank, FBME), bank money laundering scandals, and so on. They often get the finer details wrong but are still worth reading.
• With an even bigger pinch of salt, read independent blogs about this topic. I'm not aware of any that are truly neutral. Instead, they are often grifters feeding on gold bugs, fringe libertarians, and other nutjobs who think they are 10x to 1,000x richer than they are, trying to sell some garbage products or services. But you might find mentions of specific subject matters that are worth finding primary sources for and research further (even if just to assure yourself it's garbage).

And of course: Keep an eye on this forum and ask specific questions — if someone knows the answer, you'll find out. If not, that's your cue to use the aforementioned tools to find it out.

 

[JohnLocke]

As sols already mentioned, spend some time on this forum and maybe even join the mentor group for even more information. Not all is answered here at OffshoreCorpTalk, far all, but since we are the only and the biggest forum on this planet with topics around what you ask for, chances that you find something useful, are good.

You can even ask questions on OffshoreCorpTalk, and if someone knows, you get an answer. The forum is full of professionals specialized in all areas around business done abroad / offshore.

Open your eyes and spend some time here.

Enjoy your stay

 

[CyprusLawyer101]

Depends on what is your objective.
Do you want to gain the knowledge to advice others or to effect some plan of yours?

 

[CanadaOffshore93]

Depends on what is your objective.
Do you want to gain the knowledge to advice others or to effect some plan of yours?

I am interested in potentially advising people on these topics.

I'm currently a law student in Canada. I've taken Tax, International Tax, Corporations, etc. but, in my experience, offshore knowledge is fairly niche and not easy to find.

 

[CyprusLawyer101]

Look into the ADIT materials there is a Chapter on Offshore Financial Centres.
Might also be helpful to look into Roy Rohatgi's books on international Tax, especially the 2nd edition which deals with practice. The books are old but it puts the mind in the right perspective. Other than reading, most important is practical experience and discussing with like minded individuals working in the offshore industry. Try first to understand one "tax haven" jurisdiction very well ( i.e. Bvi, seychelles, belize, panama ), then understand very well one of the intermediary/holding jurisdictions
(malta, cyprus, mauritius, netherlands, uk-the holding regime). Look also to one of a few special regimes like the UAE and Hong Kong and a jurisdiction with teritorial taxation. Finally look into one of the big boys like Germany, US, India, UK, to understand how they seek to protect their tax base from the others. Once you have a good understanding of one jurisdiction from each of those categories then you will be able to apply a comparability approach and navigate around more easily . Hope this helps, somehow

 

[CanadaOffshore93]

Look into the ADIT materials there is a Chapter on Offshore Financial Centres.
Might also be helpful to look into Roy Rohatgi's books on international Tax, especially the 2nd edition which deals with practice. The books are old but it puts the mind in the right perspective. Other than reading, most important is practical experience and discussing with like minded individuals working in the offshore industry. Try first to understand one "tax haven" jurisdiction very well ( i.e. Bvi, seychelles, belize, panama ), then understand very well one of the intermediary/holding jurisdictions
(malta, cyprus, mauritius, netherlands, uk-the holding regime). Look also to one of a few special regimes like the UAE and Hong Kong and a jurisdiction with teritorial taxation. Finally look into one of the big boys like Germany, US, India, UK, to understand how they seek to protect their tax base from the others. Once you have a good understanding of one jurisdiction from each of those categories then you will be able to apply a comparability approach and navigate around more easily . Hope this helps, somehow

Thank you so much for this!

I have not heard of ADIT before, so this helps a lot. Have you heard of STEP -- Society of Trust and Estate Practitioners? Are they a useful source for offshore knowledge?

 

[CyprusLawyer101]

Thank you so much for this!

I have not heard of ADIT before, so this helps a lot. Have you heard of STEP -- Society of Trust and Estate Practitioners? Are they a useful source for offshore knowledge?

You are welcome!
Yes I know STEP, they are indeed a prestigious group and usually members are well acquinted with the subjects of the offshore world. I know they are issuing some booklet with articles which are usually really useful, if you could get your hands on any. Good luck !!