Understanding the Different Types of Trusts
Trust can provide a number of different financial advantages, from helping your beneficiaries to avoid probate to ensuring a specific family member receives financial support after you have passed away.
Trust can provide a number of different financial advantages, from helping your beneficiaries to avoid probate to ensuring a specific family member receives financial support after you have passed away.
Many countries, including the U.S., tax citizens’ worldwide income — even if they aren’t living or working in their country of origin. In addition, most countries in the world will tax income generated by a person working and living within the country.
The term “offshore investing” refers to investment strategies that can help an investor capitalize on the benefits of investing in a jurisdiction outside of his or her country of domicile.
Trusts can be quite useful when it comes to tax planning, helping your beneficiaries minimize their tax liabilities. However, there are a few things you need to know, especially if you are planning on setting up an offshore trust.
Following the leak of the Panama Papers earlier this year, there has been much talk about tax evasion and tax avoidance and cracking down on the global elite to make sure they pay their taxes.
Bank secrecy refers to a type of legal requirements that exists in certain jurisdictions prohibiting banks from providing authorities with information about their customers and the accounts of their customers except in certain situations, such as when there is a suspicion of money laundering or a criminal complaint has been filed.
A number of countries worldwide allow for dual citizenship. The advantages of dual citizenship are no doubt numerous. In many cases, it makes travel easier, expands property ownership possibilities, and provides access to two social service systems.
The world is becoming increasingly globalized, and cross-border activity is now the norm. That means that countries across the world need to work together cooperatively and collaboratively in order to ensure that taxpayers are paying the correct amount of tax in the appropriate jurisdiction.
Ireland can be characterized as a mid-shore tax jurisdiction, meaning that it allows non-resident companies to register in the country, providing them with a lower tax rate and allowing them to create banking accounts anywhere in the world.
Unlike classic offshore jurisdictions, mid-shore jurisdictions adhere to all international standards on tax transparency while also offering a favorable, more interchangeable tax rate.