Category Archives: Caribbean Tax & Money Havens

One Year Lived by Adam Shepard – Share this post and get your Ebook for free

One Year Lived written by Adam Shepard is a story about travelling in different countries around the world. Adam hopes his story will inspire others to get out and arm themselves with a broader perspective.

ImageOneYearLived

The book is a compelling intro to places you want to go. You can buy the paperback just published at Amazon.com for USD 15.95 or get the full ebook version for free here by sharing this blog post within 48 hours.

From late 2011 to late 2012, spending just $19,420.68, less than it would have cost him to stay at home, Adam visited seventeen countries on four continents and lived some amazing adventures. “It’s interesting to me,” he says, “that in Australia, New Zealand, South Africa, Europe, it’s normal for people to pack a bag, buy a plane ticket, and get ‘Out There.’ In the U.S., though, we live with this very stiff paradigm—graduate college, work, find a spouse, make babies, work some more, retire—which can be a great existence, but we leave little room to load up a backpack and dip into various cultures, to see places, to really develop our own identity.”

His journey began in “the other Antigua”—Antigua, Guatemala—where Adam spent a month brushing up on his Spanish and traveling on the “chicken bus.” During his two months in Honduras, he served with an organization that helps improve the lives of poor children; in Nicaragua, he dug wells to install pumps for clean water and then stepped into the ring to face a savage bull; in Thailand, he rode an elephant and cut his hair into a mullet; in Australia, he hugged a koala, contemplated the present-day treatment of the Aborigines, and mustered cattle; in Poland, he visited Auschwitz; in Slovakia, he bungee jumped off a bridge; and in the Philippines, he went wakeboarding among Boracay’s craggy inlets and then made love to Ivana on the second most beautiful beach in the world.

His yearlong journey, which took two years to save for, was a spirited blend of leisure, volunteerism, and enrichment.

Adam has agreed that if you share this post with your friends within the next 48 hours you will get his complete ebook “One Year Lived” of 284 pages for free in your preferred format from Tax & Money Havens. This deal is now closed.

Tax & Money Havens

Why’s Puerto Rico’s Attractive as a Tax Haven

Puerto Rico (Spanish for “rich port”) is turning into the next Singapore. Wealthy Americans have already taken advantage of the year-old Puerto Rican law that lets new residents pay no local or US federal taxes on capital gains.”

Why you should move your US business to Puerto Rico. See the video interview with Barry Breeman on Bloomberg:

Source: Bloomberg

The Commonwealth of Puerto Rico is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin islands.

Due to the 1952 Commenwealth of Perto Rico creation by the US congress, Puerto Rican’s residents do not pay US federal income taxes. US Citizens who moves to Perto Rico pay 4% tax on earned income, no taxes on distribution and dividends, but only on Perto Rico source based income.

Citizens of Puerto Rico are bilingual and speak both English and Spanish fluently. Official languages of the island are Spanish and English, with Spanish being the primary language.

4 millions US citizens lives in Puerto Rico. Many US hedge funds and US private equity funds have already relocated. The islands also offers well educated work force, easy communication to New York and Miami, pleasant weather as well as great cafes and restaurants.

See the video above to learn more.

taxmoneyhavens.com

Islands trade quick citizenship for investment

According to The Detroit News:  Kingston, Jamaica — Hadi Mezawi has never set foot on the Caribbean island of Dominica, has never seen its rainforests or black-sand beaches. But he’s one of its newest citizens.

Without leaving his home in the United Arab Emirates, the Palestinian man recently received a brand-new Dominican passport after sending a roughly $100,000 contribution to the tropical nation half a world away.

Turmoil in the Middle East and North Africa has led to a surge of interest in programs that let investors buy citizenship or residence in countries around the world in return for a healthy contribution or investment. Most are seeking a second passport for hassle-free travel or a ready escape hatch in case things get worse at home.

Nowhere is it easier or faster than in the minuscule Eastern Caribbean nations of Dominica and St. Kitts & Nevis.

It’s such a booming business that a Dubai-based company is building a 4-square-mile community in St. Kitts where investors can buy property and citizenship at the same time.

In its first phase, some 375 shareholders will get citizenship by investing $400,000 each in the project, which is expected to include a 200-room hotel and a mega-yacht marina. Others will get passports for buying one of 50 condominium units.

“The more they fight over there, the more political problems there are, the more applications we get here,” said Victor Doche, managing director of another company that offers four condominium projects where approved buyers are granted citizenship in St. Kitts, which is less than twice the size of Washington, D.C.

It’s impossible to say how many people have used the cash for citizenship programs. Officials in both countries declined to respond when asked by The Associated Press.

But Bernard Wiltshire, a former Dominica attorney general, said there were already around 3,000 economic citizens when he left government about a decade ago. The country now has roughly 73,000 inhabitants in all.

“Investor visa” or citizenship programs are offered by many nations, including the United States, Canada, Britain and Austria. But the Caribbean countries offer a fast path to citizenship at a very low cost. The process, including background checks, can take as little as 90 days in St. Kitts. And there’s no need to ever live on the islands, or even visit.

A foreigner can qualify for citizenship in St. Kitts with a $250,000 donation to a fund for retired sugar workers or with a minimum real estate investment of $400,000.

The minimum contribution in Dominica is $100,000.

See the full article in The Detroit News.

taxmoneyhavens.com

Simplified Tax Regime for Jamaican Registered Yachts

Picture of James Bond beach on Jamaica courtesy of Banjoman1

Jamaica’s Cabinet has approved proposals to introduce an annual fee to replace the multitude of levies in place on Jamaican-registered yachts in a bid to improve the attractiveness of the local registry.

It was on Jamaica that Fleming wrote more than a dozen novels and short stories featuring Agent 007. Of these once best-selling volumes of action pulp, “Dr. No,” “Live and Let Die,” “The Man With the Golden Gun” and the short story “Octopussy” are largely or partly set in Jamaica, and the films based on the first two were also shot there.

The annual fee will replace the existing customs duty, customs user fee, environmental levy, and General Consumption tax charges on flags registered in Jamaica, providing for a simpler, streamlined regime for boat owners. In addition, yachts of less than 25 feet will be exempt from registration and safety inspection fees for the first two years of their registration.

Jamaican information minister, Sandrea Falconer said that the government hoped to “stimulate nautical tourism and yacht registration in Jamaica,” and “enhance the competitiveness of the Jamaican Shipping Registry by encouraging the registration of pleasure craft and facilitating home porting in Jamaica.” She identified that presently around 8% of yachts berthed in Jamaica are locally registered.

The plans include the introduction of a cruising permit fee, under the Shipping Act, to be paid by visiting yachts bearing other territories’ ensigns.

taxmoneyhavens.com

Cayman Islands to name previously hidden companies

Cayman Islands, picture courtesy Burtonpe.

The Cayman Islands will open the thousands of companies and hedge funds domiciled on the offshore Caribbean territory to greater scrutiny, in a break from decades of secrecy.

CIMA, the three-islands’ monetary authority, sent proposals, seen by the FT, to Cayman-based hedge funds and outlined plans to create a public database of funds domiciled on the island for the first time and will also list the funds’ directors, pending an ongoing consultation process due to close in mid-March.

The British overseas territory, which has been criticised as being one of the most secretive finance jurisdictions in the world, is introducing reforms that will make public the names of thousands of previously hidden companies and their directors, reports the Financial Times,

CIMA, the islands’ monetary authority, sent proposals, seen by the FT, to Cayman-based hedge funds and outlined plans to create a public database of funds domiciled on the island for the first time and will also list the funds’ directors, pending an ongoing consultation process due to close in mid-March.

“In the 24 months subsequent to the onset of the financial crisis, the BVI Financial Services Commission, the Central Bank of Ireland, the Jersey Financial Services Commission, the Bahamas Financial Services Board and the Isle of Man Supervision Commission all updated their corporate governance codes, laws and/or regulations,” the FT reports CIMA said in one document.

CIMA did not respond to the FT’s request for a comment.

The Cayman Islands are seen as a tax-haven by many companies to avoid payer higher rates of tax in other countries.

taxmoneyhavens.com