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Loading ...THE BAHAMAS - ONE OF OUR TOP 10 TAX HAVENS
Posted by Roy
The Bahamas merits serious consideration as a tax haven – primarily but not exclusively - as a business tax haven and it also offers similar tax advantages for the retiree.
Situated 50 miles from mainland USA, it has a superb climate, excellent communications (the equal of major cities in USA) and a stable economy and government. If that is not enough to tempt you, how about this list of items which are not taxable or applied to a business:
Personal or Company Income Tax
Capital Gains Tax
Witholding Tax
Business Tax
Estate Tax
Gift Tax
Death Duties
Sales Tax
Inheritance Tax
Exchange Controls
The key to benefit from these concessions is to form (as in Belize), an International Business Company. Not a difficult exercise, cheap and possible to set up within 24 hours. An IBC apart from benefiting from the tax system for a minimum of 20 years, does not require public records, has no minimum capital requirements and you may lease but not buy an office property in the Bahamas. Needless to say no business may be conducted with Bahamanians. Most types of business are allowed apart from those in the financial sector and banking. The ideal location for the IBC is in the Freeport Free Trade Zone on Grand Bahamas since no taxes are paid on imports and exports through this gateway.
Residency for retirees is difficult but not impossible. The Home Owners Residence Card required in the purchase of property acts as both visa and residency permit.
This “Tax Free” paradise obviously has many attractions apart from the tax situation but it has one drawback in that being an island, imports for sale in Bahamas carry customs duty making goods in the shops expensive which tends to make the cost of living high.
The Bahamas is one of our top ten Tax Havens. We hope you agree it is definitely worth considering. As with all advice on Tax Havens consult your financial advisor for help with your particular circumstances.
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