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 offshore financial services

Offshore banking has often been associated with the underground economy and organized crime, via tax evasion and money laundering; however, legally, Offshore banking does not prevent assets from being subject to personal income tax on interest. Except for certain persons who meet fairly complex requirements, the personal income tax of many countries makes no distinction between interest earned in local banks and those earned abroad. Persons subject to US income tax, for example, are required to declare on penalty of perjury, any offshore bank accounts—which may or may not be numbered bank accounts—they may have. Although offshore banks may decide not to report income to other tax authorities, and have no legal obligation to do so as they are protected by bank secrecy, this does not make the non-declaration of the income by the tax-payer or the evasion of the tax on that income legal. Following September 11, 2001, there have been many calls for more regulation on international finance, in particular concerning offshore banks, tax havens, and clearing houses such as Clearstream, based in Luxembourg, being possible crossroads for major illegal money flows.


Defenders of Offshore banking have criticised these attempts at regulation. They claim the process is prompted not by security and financial concerns but by the desire of domestic banks and tax agencies to access the money held in offshore accounts. They cite the fact that Offshore banking offers a competitive threat to the banking and taxation systems in developed countries, suggesting that Organisation for Economic Co-operation and Development (OECD) countries are trying to stamp out competition.

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updated Fri. April 19, 2019

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Mauritius, which markets itself as a bridge between Africa and Asia, has been working to shift the economy from reliance on sugar, textiles and tourism towards offshore banking, business outsourcing, luxury real estate and medical tourism. (Reporting by Jean Paul Arouff Editing by Maggie Fick and ...
Antigua and Barbuda, like the other island jurisdictions on the lists, came in for scrutiny because of the disparity between its domestic corporate tax rates and the offshore banking tax rates. The domestic rate here is 25 percent whilst the offshore banking rate goes no higher than 2.5 percent. The E.U. wants ...

Under the 2010 Foreign Account Tax Compliance Act, the United States has been cracking down on taxpayers who fail to disclose their offshore bank accounts, experts said. Richard P. Donoghue, U.S. attorney for the Eastern District of New York, in a joint statement with Robnett, said: “This Office and our ...
Banking units in South Korea wholly owned by foreign financial giants are expected to send about 35-40 percent of their net profit to their respective parent companies outside Korea through dividends. The banking entities have said the dividend payouts stemmed from a surge in net revenue and adequate ...
Malaysian developer OSK Property has won funding from four international banks for its $2.8 billion mixed-use Melbourne Square project after Australian banks baulked at financing the massive development. Foreign banks are taking a larger role in the market, also stepping in to lend to offshore retail ...
“Cryptocurrency is trying to be the offshore banking system, I think. At least some of the cryptocurrencies. Most of the financial luminaries, I think genuinely, don't understand what it's trying to be. Jamie Dimon is an exception. By all accounts, I know people who spoke to him about cryptocurrency four years ...

The acquisition of Deutsche Bank's offshore banking business in Cayman, Guernsey and Jersey, followed almost immediately Butterfield agreeing to buy DB's Global Trust Solutions business outside the US. This includes about 1,000 trust structures for 900 private clients in Cayman, Guernsey, Switzerland, ...
The real wealth creators – that means all of us, not just those with offshore bank accounts – must share in the prosperity we all create. To achieve that, we must launch a global drive against tax dodging and financial secrecy, for democratic control over our economy and to protect our planet. The Davos few ...
Due to the massive potential of bitcoin, especially if it can target the $8 trillion market of gold and the $40 trillion offshore banking industry, the Winklevoss twins along with other billionaire investors such as Mike Novogratz expect the market valuation of bitcoin to enter the trillion dollar region within 2018.
Two of the packages promote setting up a company in one country, then creating a business address and offshore bank account in two more countries. Seychelles and Belize are offered as possible locations for the company set-up, while Malaysia is the chosen country for business addresses. Another site, Offshore Desk, ...
A senior judge warned Loblaws and the federal government this morning that she would not look kindly on any further procedural delays in a $400-million battle the two sides are waging in Tax Court. Loblaws and the government were in a Toronto courtroom in one of the biggest offshore corporate ...
Dominica's offshore banking facilities will be enhanced with the introduction of Digibank, a digital banking service powered by DBS Bank. According to a report by Dominica News Online, Digibank will join the ranks of Class-A licensed offshore banks of the Commonwealth of Dominica in late 2018.
Dominica's offshore banking facilities will be enhanced with the introduction of Digibank, a digital banking service powered by DBS Bank. According to a report by Dominica News Online, Digibank will join the ranks of Class-A licensed offshore banks of the Commonwealth of Dominica in late 2018.
Dominica is set for a new offshore bank this year, with Digibank announcing plans to begin operations. According to a press release, ... According to Digibank, awareness and market acceptance for offshore banking services in Asia increased from 5.6% in 2005 to 13.4% by 2015. Make this spaces YOURS!
Dominica's offshore banking facilities will be enhanced with the introduction of Digibank, a digital banking service powered by DBS Bank. According to a report by Dominica News Online, Digibank will join the ranks of Class-A licensed offshore banks of the Commonwealth of Dominica in late 2018.
This situation changed in 1995, with an amendment to the law that has made Macau's offshore banking less attractive to Portuguese banks. Several ceased their activities at this time but not to the point of having left a deserted landscape – which will only happen from 2018. Neither BPI nor CGD wanted to ...
As cryptocurrency hedge fund Blocktower Chief Investment Officer and Co-Founder Ari Paul explained, Bitcoin is capable of handling offshore banking operations better than the financial institutions that dominate the sector, like JPMorgan. Paul noted that bank executives like JPMorgan CEO Jamie Dimon ...

The EU apparently wants to block access to offshore tax havens. But thanks to Brexit, the UK and its offshore territories will probably not be affected. This will benefit investors, like certain Brexit power-brokers. And it will also benefit their allies in the US, like billionaire Robert Mercer.
WHEN he saw armed men striding towards him across the underground car park beneath his home on January 19th 2011, Rudolf Elmer's first thought was that it was a contract killing. After that brief moment's panic, he quickly realised the men, some of whom wore ski masks, were police. As he and his wife ...
Established by the Saabs in the early '80s, FBME offered all the trappings of a modern offshore banking sanctuary to its legions of clients in Russia and other money laundering hotspots around the globe. It had the palm-lined island base in the Cypriot city of Nicosia, the network of shady shell-company ...
Visibility grows on those caught in the Steinhoff fiasco – offshore banks hardest hit. Trade INL on Easy Equities. EDINBURGH — As the Steinhoff scandal reverberates around South Africa's financial services community, Investec has revealed that it has exposure to the retail group. Steinhoff is teetering on ...
Tough new international rules on tax havens are forcing Mauritius's offshore banks to evolve. Like other parts of the economy, the financial sector is looking to Africa for growth as it also moves away from plain vanilla services to provide more sophisticated financial products. For a country that prides itself on ...
The couple denied allegations that they had used secret offshore bank accounts to hide payments from the ruling family of Azerbaijan. Caruana Galizia was highlighted by politics website Politico as one of 28 individuals who would have a major impact on Europe in 2017 after her work in exposing ...
Back in Turkey, Erdogan is facing a claim from the country's main opposition party that it has documents proving that individuals within the president's inner circle made millions of dollars of offshore bank transactions to a British tax haven. On Friday, the spokesperson for the Republican People's Party ...
In a rare move, China's foreign exchange regulator named Friday four banks that have violated rules on providing guarantees for loans issued by offshore banks, amid broader efforts to crack down on illegal capital outflows. The State Administration of Foreign Exchange (SAFE) targeted branches of China ...
Offshore banking itself isn't illegal, but hiding assets is. Most governments would rather ... Money laundering through offshore banks is equally illegal. Money laundering is big business for ... If you're not a criminal and pay taxes on themoney, offshore banking is not immoral. What is immoral, however, is the ...
... to job creation and a sound economy. Only one bank, Barclays Bank Ghana, began Offshore Banking services in September 2007, following an amendment to the Banking Act that year.However, the bank's offshore licence was withdrawn in 2011. To date, no other bank offers offshore banking services.
Access to basic healthcare is already out of reach for so many in poor countries, now a new study reveals that the medicines people are able to get hold of may be making them sicker. One in ten medical products in developing countries are either substandard or completely falsified, the World Health ...
Paul: So there are quite a few use cases. I think the biggest and clearest, and easiest to understand, is as a store of value that can't be censored and is resistant to seizure. And so, the really clear example of demand for this, that I see, is the offshore banking system. Which is roughly 20 trillion dollars today.
Only one bank, Barclays Bank Ghana, began Offshore Banking services in September 2007, following an amendment to the Banking Act that year. However, the bank's offshore licence was withdrawn in 2011. To date, no other bank offers offshore banking services. “We have stated in 2018 we are reviving ...
The leader of Turkey's main opposition has produced what he claims is evidence of millions of dollars held in offshore bank accounts linked to Turkish President ... All alleged payments were made to an account on the Isle of Man, a British Crown dependency in the Irish Sea renowned for offshore banking.
There are copious country-specific grounds for opening an OBC. Under the prevalent ones grouped are internationalization of commercial banking expertise, increased efficiency of the banking scheme both through exposure to the practices of offshore banks and through increased competition, attraction of ...
Lawyers allege that when Ablyazov fled to London in 2009, he absconded with as much as $10 billion, squirreling it away in offshore banks ...
Revenue have confirmed that they are working to identify any taxpayers who are avoiding paying taxes by using offshore bank accounts.
It only took me 20 minutes to open this offshore bank account in Georgia. ... at which bank you can easily begin offshore banking in Georgia.
Offshore banking is very popular in the Caribbean. It is an attempt for Caribbean countries to generate income as most are not industrialised ...
Breitbart was all over the Panama Papers when that data trove of offshore bank accounts went public in 2016, highlighting the Clinton ...
This was another case of the big and the powerful undercutting the tax systems of the world. But could anyone be genuinely surprised at the ...
What are the Paradise Papers? The Paradise Papers are a huge leak of financial documents that throw light on the top end of the world of ...
November 6, 2017, 7:14 AM | A large cache of leaked documents exposes the offshore tax secrets of the rich and famous. It includes alleged ...
International cooperation between jurisdictions has rendered less attractive business models that focused strongly on offshore banking and ...
As a result, offshore banking changed forever, with all other Swiss banks eventually having to release records. In the IRS offshore bank cases, ...
Trillions of dollars are currently being stored in offshore banking accounts and wealth management products (WMPs). But, institutional investors ...
They then allegedly funneled the money through offshore bank accounts to the Brooklyn townhouse and the SoHo condo, among other deals.
The two men, who pleaded not guilty, are charged with setting up offshore bank accounts and making wire transfers from them to directly pay ...
According to the indictment, more than $75 million flowed through their offshore bank accounts. Manafort allegedly laundered more than $18 ...
The son of Putin's cousin has amassed close to $600 million in assets and kept offshore bank accounts. Journalists behind the Panama Papers ...
You have probably heard of offshore bank accounts and Swiss bank accounts. ... be the term you have heard the most in relation to offshore banking. ... A number of wealthy individuals keep their wealth in offshore banks and ...
Their much praised welfare systems are under huge pressure as more and more money swells the offshore bank accounts of the very rich while ...
The new routing number is for an offshore bank, and if the victim wires the money, there is no way to get it back. Jessica Edgerton, associate ...


 

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