The international financial climate continues to be chaotic. Geopolitics are wreaking havoc upon Ukraine’s economy and, to a lesser extent, the rest of the former Soviet states. China’s growth is crashing into a wall of reality. And of course, the euro continues its slow-motion dissolution.
If you have your money tied up anywhere in these regions, you certainly want to consider moving it to safer havens. Maybe you already have. If so, unfortunately, that may not be the end of the matter. Especially in the West, where public debt is still high, countries are putting pressure on low-tax or tax-efficient countries in an effort against so-called tax evasion. The following mechanisms are aimed at low-tax countries:
- Tax Information Exchange Agreements (please see previous post)
- Double Taxation Agreements
- Foreign Account Tax Compliance Act in the United States
Signatories to these and similar such agreements are a threat to the wealth accrued by individuals, who often desire discretion and privacy when banking internationally. Dozens of countries have pledged to enforce agreements such as the automatic information exchange, which end confidentiality in international banking in these countries and is planned to go into effect in 2017. Notably, existing bank accounts will be included.
Amid this growing international atmosphere against so-called tax havens, Belize continues to be an excellent, investor-friendly option for international offshore banking and other financial services. Belize has shown zero inclination to join agreements such as those listed above and lacks foreign exchange controls.
Opening a Belize international business company (IBC) or other financial mechanism (Belize offshore banking account, Belize offshore trust, Belize offshore foundation, etc.) is as easy as ever. You are ensured confidentiality and tax-efficient laws, not to mention an English-speaking populace. If you open a Belize offshore company with Wrobel & Co, you are also guaranteed to work with a lawyer who knows the Belize legal system and has experience with offshore accounting. Let us show you why Belize is the best country for opening an offshore bank account today.
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