TAX HAVENS OF THE WORLD & TAX HAVEN REPORTER

Over 20 tax havens are covered in the book TAX HAVENS OF THE WORLD including, the Bahamas, Caymans, Switzerland, Vanuatu, Bermuda, Barbados, Hong Kong, Singapore, Channel Islands & The Isle of Man (famous havens used by modern British businessmen), Campione, Panama, Anguilla, Antigua, Liberia, Gibraltar, Cyprus (shipping tax haven) and little Nauru (3rd smallest nation in the world), and many more. Also covered are the Exempt Companies, the International Business Corporation (IBC), the Foreign Trust, the Foreign Personal Holding Company, Exempt Shipping Companies, Exempt Offshore Banks, exporting U.S. products tax free, the important U.S. Income Tax Treaties, and Australian & Canadian tax havens. Of great important to the American planner is a complete disclosure on How to Avoid the U.S.A.’s “Controlled Foreign Corporation” (CFC) legislation. In Chapter 11 (FOREIGN TRUSTS) you’ll find out how the Big “8” accounting firms exploit IRS Revenue-Ruling 69-70 to pass foreign source income onward to U.S. beneficiaries free from Federal Income Taxes. It’s legal to do if you know how. Learn all about tens of thousands of foreign companies and trusts domiciled in no tax havens like the Bahamas and the Cayman – where American megabucks are hidden and secure. About the Author…My name is Tom Azzara. Foreign banks and offshore companies avoid all U.S. capital gains on their stock market trades! Really!! I live in the Bahamas. I know! I work independently of/with a Bahamian bank owned by a US$20 billion dollar parent bank from South Africa. I’ve formed over 800 International Business Companies since 1991. Most of my companies end up with this bank for banking, investing and trading.

When I’M NOT WORKING ON MY NEWSLETTER, OR WITH A CLIENT, I’M OUT SWIMMING, DIVING OR SPORT
FISHING IN THE SUNNY-TAX-FREE BAHAMAS.

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Asset Protection Tax Haven

A secondary reason people bank in the Bahamas and the other tax havens is for asset protection.
The IRS cannot seize, lien on or investigate bank records here. The government of the Bahamas
has a bank secrecy code. All the largest banks in the world have offices here and in the Caymans.
U.S. judgments have to go through the local courts. I’ve never witnessed an IRS court proceeding
of any type in this country – ridiculous. U.S. lawyers have a problem too. Only citizens of the
Bahamas can practice law here. U.S. lawyers need to hire a Bahamian law firm to pursue
judgments, etc. Generally speaking, foreign generated judgments are frowned upon by the
authorities.

Acknowledgements & Reviews

One international tax lawyer, graduate of the NYU School of Law, whose law firm has offices in
Geneva, London (Imperial House) and the United States write…”I would like to repeat that I
find your analysis of the Tax Code to be excellent. I enjoy each and every issue of “Tax Haven
Reporter”. I commend you on your jurisprudential reasoning and treatment of international tax
matters discussed in your newsletter. Please let me know if you would be interested in
receiving articles for publication dealing with other specific areas of international tax law
and/or estate planning as e.g. Swiss Bank secrecy, use of trusts, doing business in Russia…”

Another man (John) from Southwick, Mass. wrote…”Your book is better than (Professor)
Marshall Langer’s “Practical International Tax Planning.” (Over US$200 a copy).

C. Brooks a CPA from Pennsylvania write…”Best book on tax havens I’ve ever read.”

“I’d like to meet with you since you’ve taken the time and effort to pass this useful information
along to me. How about being my guest on a cruise sometime in the future?” (Captain Mike Burke,
Windjammer Barefoot Cruises Ltd. (Miami, Florida).

“I don’t know where to begin describing my happiness with the purchase of “TAX HAVENS OF THE
WORLD”. I have devoured every word of the book already, twice. What shocks me is the detail and
accuracy in your book. I have asked tax lawyers everywhere the same topics and the only answer is that
…”offshore is not possible, and I don’t do any.” Great answer. (Comments from the head of
a Certified Public Accounting firm with offices in Newton, Mass., and Providence, R.I.).

A lot of Americans don’t understand why offshore IBCs are so popular. So, here are a few good
examples…

American owned service oriented businesses, where the services are performed in the tax haven
itself, can legally avoid U.S. income taxes…

Foreign individuals (called nonresident alien individuals by the IRS) are subject to U.S. estate taxes
on their U.S. assets (stocks, bonds, real estate) when they die, just like the American
taxpayer, at the same high tax rates. But, under U.S. tax law, foreign, nonresident alien
individuals that hold their U.S. assets in an offshore holding company (instead of in their
own name) can legally avoid all U.S. estate taxes when they die.

Tax Loophole for Non-Residents & Selling The Empire State Building Without Incurring U.S. Capital Gains Taxes

Under the U.S. Tax Code, if a foreign company (or IBC) based in the Bahamas purchased all the
shares in a New York Corporation that owned the Empire State Building for US$400,000,000 in
1990, and then in 1999, the foreign owners of the Bahamian IBC for US$1 BILLION, there are no
U.S. capital gains taxes legally owed on the transaction. Sound impossible?

Just read 78 and 79 of TAX HAVENS OF THE WORLD, for the U.S. Treasury Department’s own
regulations and explanations. Under U.S. tax law, capital gains taxes do not extend to the sale
of shares of one foreign company by/to another foreign company, even if the downstream
holding is a USRPHC (i.e., a United States Real Property Holding Corporation. Reference T. Regs.
�897-2(e)(1), Example.

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