Archive | November, 2006

The US tax residency trap

If you are a non-US person who happens to spend a lot of time in the United States you are secure in the fact that you will not become liable for US taxes on your worldwide income so long as you do not spend 183 days or more in the United States during any tax […]

Continue Reading

Analyze Your Assets, Then Decide

The first step is to analyze each of your assets and categorize them according to both their volatility and their exposure. Volatility denotes the amount of risk associated with each asset. Exposure denotes how easily the asset can be attacked. (This does not indicate the probability for success of such an attack, merely its exposure […]

Continue Reading

Building on the right foundation

The Panama private interest foundation is considered by many to be one of the best asset protection vehicles in the world. As such it is highly promoted as an effective alternative to an asset protection trust. In most circumstances those claims are true. But, Panama foundations have also been promoted as providing tax benefits for […]

Continue Reading

The ABCs of IBCs

The international business company or IBC is the second oldest entity in the offshore practitioners’ bag of tools. It is from that venerable creation that virtually all other non-trust entities are derived. It was originally called an IBC to distinguish it from a domestic company. In the early days of offshore companies an IBC could […]

Continue Reading

Can you trust a trust?

The trust is the oldest of all of the entities currently used in international financial planning. Some say it dates back to Roman times, but it certainly dates back at least to the time of the Crusades, when it was used to protect the estate of the knight or Lord who went to fight in […]

Continue Reading

Territorial limits? What territorial limits?

The world was shocked when the US government arrested a prominent UK businessman for violating US law, even though he runs a perfectly legal UK licensed gaming company…. Who the heck do US officials think they are? What jurisdiction do they think they have? No emperor, or commissar, pope or prince in all of history […]

Continue Reading

Q&A: Netherlands Antilles and Austria Part 2

Yesterday, I responded to the first half of Ed’s question: I’m interested in the Netherlands Antilles and Austria as offshore jurisdictions. Do you have any info? Answer Part 2: Austria Austria’s appeal is limited to a few people with very particular needs—if you had asked me about quality of life I could have waxed eloquent […]

Continue Reading

Q&A: Netherlands Antilles and Austria

“Happy Thanksgiving to All! May you have fair winds and find your way safely to your home port!” Ed asks this question: I’m interested in the Netherlands Antilles and Austria as offshore jurisdictions. do you have any info? Answer Part 1: The Netherlands Antilles The first thing to note about the Netherlands Antilles (NA) is […]

Continue Reading

Central Asia miracle bank faces bankruptcy

The “miracle bank” of Central Asia, Asia Universal Bank in the Kyrgyz Republic has had an involuntary bankruptcy petition filed against it. The petition alleges that AUB illegally “froze” some US$11 million in order to cover its own liquidity problems. When questioned, AUB opined that it was required to freeze the funds under the anti-money […]

Continue Reading

Query re: Foreign Non-Grantor Trust

QUESTION: I have some questions as a beneficiary from an offshore non grantor trust. My father established the trust in the Isle of Jersey, off of UK in 1978. Out of the seven family beneficiaries, three reside in the US. My brother who is not a US resident is insisting that we may loose as […]

Continue Reading