We no longer recommend offshore company incorporations or offshore bank accounts in:
the British Dependant Territories:
- BVI, (US)
- Montserrat and
- Turks & Caicos.
or the Isle of Man and the British Channel Islands:
These jurisdictions are no longer suitable for asset protection because of current and/or impending British and EU legislation.
The offshore privacy and confidentiality features of these traditional jurisdictions are rapidly being eroded by the enactment of "mutual assistance", information exchange" and "gateway" legislation (particularly in BVI). Further, the EU commission on "harmful tax competition" has indicated its intention to implement a withholding tax on bank account interest, dividends and gains throughout the EU, and it will try to include the above jurisdictions. Witness the withdrawal of the famous Irish non-resident company legislation in the 1999 Finance Act.
We strongly recommend that clients with offshore structures and bank accounts in these jurisdictions, redomicile to suitable independent sovereign countries. Countries like Vanuatu, Dominica and Panama fit these specifications.