British Labour Government, The Caribbean Tax Havens and the Dominica Advantage
One blog we frequently enjoy reading is that of former US congressman Bob Bauman, a privacy activist and tax haven commentator.
This week he talks about how ‘New Labour’ has “gotten very old” by attacking tax havens within the British sphere on influence…
The Labour party has aimed their high tax attack squarely at Brits’ offshore investments, banking, trusts and asset protection plans. U.K. banks have been forced to reveal accounts of all U.K. residents with offshore financial activity.
Tax collectors have also been hounding those named. Indeed, her Majesty’s Customs and Revenue, (aping the U.S. IRS), now seems to assume that any Brit with offshore financial activity is evading taxes.
Before the election rout last week, the House of Commons Treasury Select Committee announced one more major inquiry into tax havens. Committee MPs said they wanted to look at “offshore financial centers.” They wanted to investigate whether these jurisdictions “threaten financial stability,” transparency for U.K. tax purposes and their impact on the U.K. tax collections, among other things. The committee wants written evidence submitted by June 19.
This of course has a particular relevance to our report Offshore and Sunny:
First Class Carribean Bank Accounts By Mail … and indeed in that report your Global Nomads editors do take special care to point out that if you are thinking of doing business in the Caribbean, you should probably deal with an independent-minded sovereign state, rather than a dependent territory like the British Virgin Islands.
A typical sovereign state we recommend is Dominica. Dominica (not to be confused with the Dominican Republic) is known as the Caribbean’s nature island, an eco-tourism paradise, but also displays a healthy degree of skepticism when it comes to dictates from Big Brother states like the UK and the USA. In fact, Dominica recently aligned with the Petrocaribe group, accepting financial aid from Venezuela. But it demonstrates a steadfastly free market approach too, offering one of only two “second passports for sale” programs in the world, and continuing to promote its small but stable offshore financial sector. After all, why not accept aid from Chavez and stick your thumbs up at the UK and USA, while following a thoroughly free market program.
Dominica is one to watch. If you would like to start now, you’ll find our editors have been to Dominica and written up some useful information in the report Offshore and Sunny:
First Class Carribean Bank Accounts By Mail
