A feature about “tax havens”
As a Belize attorney my Belize law firm has dealt with the recent onslaught against “Tax Havens” that has effected the Belize IBC industry. Attorneys in Belize need to address these issues since Belize is quickly becoming a favored site for offshore financial activities. The Cambridge Learner’s Dictionary defines “tax haven” as “…a place where people pay less tax than they would pay if they lived in their own country.” Since many equate “tax haven” with “tax avoidance” a campaign was revived during the world-wide financial collapse whilst ”wealthy” countries saw their financial system get smaller. In fact, many first world commentators have held tax havens responsible for their role in the worldwide calamity.The “funny” part is that these “Offshore Financial Centers” were a creation of first world countries, and are today more transparent, and in contrast, the worst scandals were “onshore”.
Historical Beginnings
The Jersey, Guernsey, and Channel Islands, physically closer to France than the UK, are remnants of King William II, who acquired the England in 1066. A substantial measure of autonomy and certain rights (tax and otherwise) were their gift for their loyalty to the English government in 1204. They were thus referred to as “offshore”, i.e. not part of larger land areas. As such, the English formed the idea which has evened the playing field now require an excuse to contain and suppress global efficiency. Some states in America initially entered the arena after they realized the greater corporate registration revenues available by providing more flexible commercial laws. Delaware now calls itself a “Company Haven”, but as the saying goes a rose by any other name smells just as sweet. In tandem”, the European microcenters of Switzerland and Andorra had already served cross border industrialists, nobles and intertwined sovereigns for extended time period. These started giving way to comparable but more efficient centers like BVI, Bahamas and eventually Belize among others.
Nobody did anything until these colonies got Independence and then the wealthy countries’ sources gave way to global scattering of financial activties. Competition had arrived and thus an excuse was needed. The same way the 9/11 attacks provided the United States a excuse to enact civil liberty indiscretions, the recent financial turmoil and Bernie Madoff’s Ponzi Scheme came as a gift that could not be thought up had they tried.
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