Dart, a renowned vulture investor, presently resides in a guarded home in the Cayman Islands, and has renounced his US citizenship to become a citizen of Belize and Ireland for the purpose of avoiding US taxes. He is reportedly so obsessed with taxes that he is planning on keeping his brain alive after his body’s demise to avoid death and taxes in one stroke.
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Davidson, James Dale | 
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Co-author, with Lord William Rees-Mogg, of the book "The Sovereign Individual".
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A certificate of indebtedness, an instrument in which a corporation or a company acknowledges indebtedness for a specified sum on which interest is due until the principal is paid back.
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Deferred payment annuity |
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An annuity in which the first payment to the annuitant by the obligor does not begin until more than a year after the annuity valuation date.
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Delaware corporations |
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Delaware remains a popular jurisdiction in which to form a U.S. corporation. The state of Delaware corporate imposes no state income tax on corporations whose only connection to Delaware is due to their having been incorporated in the state. The annual fee is just $50.
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Designer taxation |
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A term applicable in the British overseas territories of Gibraltar, Jersey and Guernsey where rates are tailored to help companies avoid UK tax. These relate to the status of overseas-based citizens or subsidiaries of UK companies. It is intended to effect multinational companies in financial services with subsidiaries in the dependent territories of the UK and Ireland.
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Discretionary trust |
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A trust, with full powers in the trustee, which grants the trustee the exclusive right to add new beneficiaries and substitute assets of equivalent value. Although eligible beneficiaries can request distributions, they are at the sole discretion of the trustee and his or her interpretation of the charter and mission of the trust.
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A private currency and unit of account. It is defined in terms of highly liquid assets whose prices, or values, are readily determined in markets around the world.
The DMT rand is the creation of the Digital Monetary Trust, an international trust-or money market fund-which issues anonymous accounts denominated in major currencies, including the rand. The DMT rand is not in any way related to the South African rand. Rather, the name of the currency was chosen in honor of philosopher Ayn Rand.
The rand is a monetary unit defined in terms of gold and four fiat currencies: namely, the U.S. dollar, the European euro, the British pound sterling, and the Japanese yen.
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The act of replacing your own country's currency with that of another country, and not necessarily the U.S. dollar. According to International Monetary Fund, you don't need permission from the host nation to do so.
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1) The place of a person's permanent home and the means by which the person is connected with a certain system of law related to issues such as marriage, divorce, succession of estate and taxation.
2) The deemed place of a person's permanent home and the means by which that person is connected to a specific legal system encompassing marriage, divorce, succession of estate, and taxation. Many high-tax jurisdictions make themselves quite difficult to eliminate as domiciles for those wishing to escape their grasp for taxation or other reasons.
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Drug Enforcement Agency (DEA) |
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The DEA is a U.S. Government agency engaged in fighting the "War On Drugs".
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A person (usually the grantor or settlor of a foreign APT) shall be deemed to be under duress where that person is under the compulsion of any legal process, threat, coercion, duress or other force (whether the source of the duress is from a private party or governmental judicial or other authority). Upon that happening, such person is generally unable to legally act of his or her own free will in exercising any power or discretion or making any decision or taking any other action (or refraining from so doing) which such
person is otherwise authorized or permitted to exercise make or take.
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A technique of writing-off the interest your domestic (U.S.) company pays on loans that you received when you borrowed from your own offshore bank.
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A perpetual trust in which assets are accumulated. The assets are accumulated for the benefit of the "dynasty".
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This new concept is now backed up by private Bermuda legislation, which allows companies conducting international business to have an offshore presence at an extremely affordable price.
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Eastern Caribbean Securities Exchange |
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The Caribbean News Agency reports that as part of the process of creating a securities exchange, the Eastern Caribbean Central Bank will begin reviewing the legislation of its eight member territories. Once the review is completed, a consulting firm will send a team to meet the Attorneys General, bar associations and a national steering committee composed of members of the Eastern Caribbean Central Bank. There are presently over 25 companies within the Organization of Eastern Caribbean States that are eligible for offering securities on the exchange.
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Echelon is a code word for an automated global interception system
operated by the intelligence agencies of the U.S. (The NSA takes the lead.) According to reports, it is capable of intercepting and processing many types of transmissions, throughout the globe. The 626-member European Parliament considers it snooping or at worst spying. The U.S. has never confirmed the existence of the system and have denied eavesdropping on ordinary European and American persons. In Feb. 2000, the parliament alleges that the U.S. uses Echelon to monitor European businesses and has passed on information to help U.S companies gain competitive advantage. The US defends its action and claims it is only used where companies are suspected of violating U.N. sanctions or offering bribes to gain business. The Echelons stations are
located on US territories, in Britain, Canada and New Zealand. They
reportedly intercept billions of messages per hour.
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Companies involved in ECommerce in and through Bermuda, will
have to inform the authorities if they become aware of any illegal activity
on their networks under the new code of conduct to be introduced by
Government. Any business which flouts the new mandatory code will face fines
or could be struck off. The code is an extension of the Electronic
Transactions Act which came into effect on October 4, 1999. According to the
Minister of Telecommunications and ECommerce, Renee Webb, "We are at the
forefront of ecommerce legislation. Bermuda was the second country in the
world to implement legislation, and we are keeping ourselves ahead of the
game."
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Economic substance, Doctrine of |
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In U.S. tax matters, if a transaction has no purpose other than to avoid taxes, it lacks "economic substance" and can be disregarded for tax purposes.
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Economic substance test for trusts |
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In Dec. 1999, the U.S. Tax Court handed down an opinion that clearly restates IRS position towards "sham" trusts. The Court summarized the basic rules as follows: "If the creation of a trust has no real economic effect and alters no cognizably economic relationships, it will be disregarded for federal income tax purposes; our guidepost is the economic substance of the transaction. Whether a trust lacks economic substance is a question of fact. Relevant factors include whether the taxpayer's relationship as grantor to the property differed materially before and after the trust's formation, whether the trust had an independent trustee, whether an economic interest passed to other beneficiaries of the trust, and whether the taxpayer felt bound by any restrictions imposed by the trust or by the law of trusts."
As to the tax consequences of a sham trust, the U.S. Tax Court said:
"...taxation is concerned with actual command over the property taxed...and
the transfer of formal legal title will not operate to shift the incidence
of taxation attributable to ownership of property where the transferor
continues to retain significant control over the property transferred."
[attribution: Attorney J. Richard Duke]
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Educational trust |
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A trust in which the trustee is charged with the basic duty to use his or her best efforts to provide an education for the beneficiaries.
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Authored by Anthony Edwards, UK treasury senior bureaucrat, a 1999 UK Labour government study that is critical of the £350 billion financial industry on the Isle of Man and also the Channel Islands tax havens. The report's major demands were for: 1) implementation of "all crimes money laundering" laws; 2) easier police access to alleged criminal evidence offshore; 3) international cooperation with investigators' requests for information from any foreign government. 4) disclosure of previously confidential ownership of international business corporations. Reports, in early 2000, indicate that these islands have surrendered their most attractive privacy features on which their tax and asset haven reputations had been built. No one knows how much international business was and will be lost as a result. [attribution: www.campden.com ]
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Employee leasing plan, offshore (ELP) |
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1) Using the Irish/U.S. tax treaty, for example, we see offshore the ELP being offered to U.S. persons with high current taxable income. Whether they will survive an IRS attack remains to be seen. What they promise is the ability to convert your current high income to a stream of current income and deferred compensation by becoming an "employee" of the offshore employee leasing program. With deferred compensation comes deferring taxes until the income is drawn down. The deferred income then is used in various estate planning programs providing deferred capital gains taxes, as well. The ELP also provides medical insurance, life insurance and other perks with before tax monies. For a typical program see www.vfnathan.ie.
2) Programs of this type are used primarily as foreign deferred compensation
program using employee leasing and it is a highly controversial program among tax professionals, one that the IRS is taking the position that this kind of program is not justified by the tax law. Some tax professionals might argue that the IRS is taking an unjustified position on this matter, but this type of program is highly likely to result in a court case if the taxpayer is audited. Any assets set aside for a deferred compensation plan for employees must be available to the general creditors of the employer. However, a variety of arrangements can be established to make it harder for a creditor of the employer to get access to the deferred comp funds -- such as a foreign trust,
a limited partnership or a foreign LLC.
3) The primarily reasons for someone participating in such plans are:
(1) such plans utilized include the maintenance of a deduction to the US employer without current income on the deferred salary for the US employee (as a result of the differences in US tax and Irish tax accounting),
(2) asset protection for the employee (in that the unfunded, unsecured promise to pay made to the employee by the Irish employer is of little current value to the creditor of the employee) and
(3) the ability to fund the deferred compensation account with
investments not available to a US person.
4) Typically, the promoter suggests establishing an "executive leasing
company" in in a jurisdiction such as Ireland, in order to place large
amounts in a non-qualified deferred compensation plan in Ireland.
5) The idea is to reproduce the tax deferral of a tax-qualified plan
because the investment income on the assets held by the Irish company to "fund" the deferred compensation benefits are not subject to tax in Ireland (Ireland does not tax such income) or in the U.S. (pursuant to U.S. tax treaty with Ireland). So the U.S. "lessee" of the employee in question gets an immediate U.S. tax deduction for the "lease" payment, and the investment income accumulates tax-free in Ireland, and the employee is subject to U.S. tax later when the deferred comp is received.
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EnenKio, Kingdom of |
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A new, self-proclaimed sovereignty in the Pacific. Claimed to ruled by His Majesty King Remios, Iroijlaplap of the Northern Ratak atolls of the Marshall Islands. Robert Moore of Hawaii has been nabbed by the SEC for selling gold bonds for the non-existent Kingdom of EnenKio.
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A party to a purpose trust. See purpose trust.
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Equity Stripping |
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Describes the stripping of equity from real property, whether by leveraging or otherwise, as a fundamental asset protection technique.
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(1) The amount of property value exclusion from U.S. estate (death) taxes officially rises to $675,000 on Jan. 1, 2000, from $650,000, eventually reaching $1 million in 2006. U.S. Treasury says only 8% of the dead each year have estates large enough to be taxed, but total estate tax revenue in 2000 is expected at US$27 billion, up from $23.5 billion in 1999. Sensibly, Canada abolished estate taxes years ago. [attribution: www.sovereignsociety.com]
(2) Currently (year 2000), estate taxes in the U.S. vary from 37% to 55% and start out on estates valued at $675,000. Only Japan has a higher
top rate than the U.S., 70% and that rate is for estates valued at $15.3
million or greater, compared to the U.S. maximum rate starting with estates valued at $3 million. Germany only takes a maximum of 40%, while Australia and Canada have no death taxes.
3) Under US estate tax law, a nonresident alien individual that dies
holding his US assets in his own name will be subject to US estate taxes at a rate of 55% - with no marital deduction allowed, and only a $60,000 exclusion. Foreigners that hold their US assets in offshore companies can avoid all US estate taxes. That's one reason why there are over 113,000 companies registered in the Bahamas alone - with another 350,000 in the BVI - another commonwealth country that does not tax these companies at all.
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The composite monetary unit consisting of a basket of European
Community currencies, introduced on 1999 January 1. Also called
European Currency Unit (ECU).
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An American dollar held by a foreign institution (usually a European bank) outside the U.S., often as a result of payments made to overseas companies for goods or services.
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European Community (EC) |
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An economic and political alliance designed to foster trade, cooperation, and political and economic control among its member countries.
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European Monetary System |
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A system established to encourage monetary stability in Europe, through the implementation of credit and exchange rate policies, and international financial controls.
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Another name for an international business company. Terminology used depends upon the language in a particular Act invoked in a jurisdiction.
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Exempted limited partnership (ELP) |
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A Cayman limited partnership.
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1) The removal of ones legal residence or citizenship from one country to another in anticipation of future restrictions on capital movements or to avoid estate taxes. "Expatriation is the ultimate estate plan."
2) Americans who give up their citizenship have been labeled as
"taxpatriots". The term Taxpatriate may have been invented by a writer for
Forbes Magazine in 1994. In accordance with the Health Insurance Portability and Accountability Act (HIPAA) of 1996, the IRS publishes "Quarterly Publication of Individuals, Who Have Chosen To Expatriate, as Required by Section 6039G." The names of those expatriating can be found on the Internet here.
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Export Import Bank of the U.S. (Ex-Im) |
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The closest program to what could be construed as the U.S. government being in private business. Looking for small and rural U.S. businesses wanting to go global. Ex-Im finances offshore growth of small export-import businesses lending nearly $17 billion in 1999.
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Fair market value |
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An amount that would be paid by a willing seller and accepted by a willing buyer, both of whom are under no compulsion to buy or sell and both of whom have full knowledge of the significant facts about the property.
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Family limited partnership (FLP) |
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1) A limited partnership intended for family estate planning availing itself of a favorable discount in the valuation of assets transferred into the FLP. Fraught with danger of attack from the IRS where the discount is excessive or where the donor/general partner operates the entity in a manner which has distributions which are disproportionate to partnership interests and appear more like a parent making spending decisions than that of a true general partner managing a partnership.
2) If one of the purposes of the FLP is the ability to make value-compressed gifts, Nevada, Texas, Alaska and Delaware are superior jurisdictions. For example, an FLP could be formed in Nevada and then registered to do business in California.
3) We have heard of using a charitable organization as a limited partner in a FLP to aid in asset protection and supposedly save taxes. Sometimes referred to as Humanitarian FLPs.
4) There was a major victory for the IRS and the most important ruling to date on family limited partnerships and discounts. Adopting the government's "gift on creation" argument, the court said that the transfer of assets to the partnership for less than full and adequate
consideration in this case was an indirect gift to the partners.
5) It is becoming apparent that the IRS is consistently victorious in FLP and LLC cases where the owners do not respect the form of the entity. An FLP or an LLC needs to be treated as any other valid business entity, and during the stage of formation, the individual owners should take back an equal interest to their contribution.
6) For some specific data on discounts and business purposes for FLP's go to www.bus.ucf.edu/weaver.
5) There seems to be a nationwide trend towards liquidation of the LP interests to satisfy the claims of creditors who are otherwise stuck behind a charging order.
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Family Partnerships, Limited Liability Companies and S-Corporations, in
General |
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Partnerships and closely held corporations are often used to hold
family businesses. Asset protection and discounting techniques
(due to lack of marketability and control) are the principal estate
planning benefits.
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Federal Accounting Standards
Advisory Board (FASAB) |
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FASAB has been recognized by the American Institute of Certified Public Accountants (AICPA) as the entity to establish Generally Accepted Accounting Principles (GAAP) for the Federal Government under Rule 203 of the AICPA's Code of Professional Conduct.
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Federal Deposit Insurance Corporation (FDIC) |
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The FDIC has only ever had , throughout its entire history, enough funds on hand to cover at the most around 2% [often less] of all "insured " US
bank deposits, should a general US banking crisis ever develop.
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Federal Reserve (FED) |
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The US Central Banking system, established in 1913 and responsible for managing the US Dollar, both within and outside the US.
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Federal Reserve Bank |
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One of the twelve regional banks of the Federal Reserve System. Maintains reserves, issues bank notes, and lends money to member banks.
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Federal Reserve Board |
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The seven-member Federal Reserve System Board of Governors that oversees Federal Reserve Banks, establishes monetary policy (interest rates, credit, etc.), and monitors the economic status of the country.
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Federal Reserve System |
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The U.S. central bank. A private corporation controlling the U.S. government monetary system.
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Fiduciary Account |
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An amount typically deposited with a Swiss Bank which will redeposit the sum with a third party bank outside Switzerland in its own name (to eliminate Swiss withholding tax on interest).
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Financial Action Task Force (FATF) |
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An action group set up by the OECD to attack money-laundering, and which issued a list of 6 offshore jurisdictions which it said lacked effective controls on money-laundering.
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Financial Crimes Enforcement Network (FINCEN) |
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U.S. money laundering tracking unit which monitors the use, movment, or disposal of your money in ways not approved of by governments.
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Financial Services Information Sharing Center |
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A private computer network linking the U.S. banking industry to anonymously share information about rogue employees, software bugs, viruses and hackers. Urgent alerts are sent by email, pagers or cell phones. Costs: $13,000 to $125,000 per bank depending upon the number of users per bank.
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Financial Services Modernization Act of 1999 |
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In November 1999, the U.S. Congress passed a financial services modernization bill which will have a substantial impact upon how financial transactions are conducted in the U.S., and abroad. The Act repeals the Glass-Steagall Act. Glass-Steagall had prohibited banks from conducting stock brokerage or insurance business). Further, it expands S-Corporation election availability to smaller banks, limits ATM fees, and attempts to provides privacy protection for bank customers. It further broadens powers of some federal and quasi-federal agencies, from the FRB to the FDIC to promulgate regulations to regulate banking activity, as well as apparently brokerage activities and some insurance activity. [attribution: Adkisson Analysis]
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Financial Stability Forum |
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1) The Financial Stability Forum was created by the “Group of Seven” industrial nations in 1999. On May 26th, 2000, the FSF published a survey of, essentially, offshore financial centres. The survey grouped them into three categories: the Good (well regulated), the Ugly (could do better), and the Bad (poorly regulated). [attribution: www.falc.com]
2) An action group set up by the G7 (top nations club) to prevent a recurrence of the 1998 Asian melt-down, and which issued a list of 15 (mostly offshore) jurisdictions which it said represented a threat to global financial stability.
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Financial Times (FT) |
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London Financial Times, that is.
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Financial Times stock index (FTSI) |
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Equivalent to U.S. Dow index.
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A euphemism for tax evasion.
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Fixed Period Deposits |
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These deposits are made for a pre-determined period, from one week to one year. A depositor is not normally allowed to break (or withdraw funds) from a fixed deposit until the maturity date has been reached. Exceptions might be allowed though a costly penalty will invariably be imposed.
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Flag-of-convenience ships |
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Vessels commonly owned by companies in highly industrialized countries but registered with foreign flags to save on labor costs and taxes and to avoid complex safety regulations. Some countries currently favored include Panama, Cyprus, the Cayman Islands, and Belize.
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Flexible or discretionary trust |
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A trust in which the trustee is granted broad powers to distribute both capital and income to the beneficiaries of the trust.
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A noun. See capital flight, the verb.
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A contraction for a “FOReign COmmon LAw Trust Organization”. A variation of the pure trust and a scam.
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Foreign Asset Protection Trust (FAPT) |
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A U.S.-chartered bank subsidiary of a foreign bank is a domestic bank. A foreign bank's presence in the United States may consist of a single branch or agency or multiple branches/agencies in a single state.
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Foreign beneficiaries |
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Fiduciaries of trusts and estates are deemed IRS withholding agents for payments to nonresident alien beneficiaries. The amount of the withholding depends upon the type of income and the treaty provisions.
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Foreign Currency Account |
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An account maintained in a bank in another currency than the currency of the country in which the bank is located. Foreign currency accounts can be maintained for depositors by banks in the United States.
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Foreign Investor in
Real Property Tax Act of 1980 (FIRPTA) |
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Generally, that tax law requires foreign owners of U.S. real property to pay a tax on their gains from the sale of U.S. realty. By contrast a non-resident alien does not have to pay U.S. taxes on gains in U.S. stocks. Under IRCode
sections 897 and 1445, on the sale of U.S. real property by a non-resident
alien (NRA), the buyer is required to withhold the tax and remit it to the
IRS. The withholding is equal to ten percent of the sale price, unless
reduced by the IRS pursuant to a request for a withholding certificate. The
withholding ensures payment of the tax and protects the IRS.
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Foreign non-grantor trust (FNGT) |
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This is an amalgamation of terminology. The term "grantor" has its genesis from the Internal Revenue Code (IRC) and is not a term usually used outside of the U.S. Using the two word pair "non-grantor" is intended to specifically exclude the trust from being treated as a U.S. grantor trust, by labeling it accordingly. Adding the preface of "foreign" may be overkill---but it tells it all!
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Foreign Personal Holding Company (FPHC) |
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If they are used to hold investment assets and to earn investment income or gains, then they could be foreign personal holding companies if more than 50% of the value of the stock is owned by five or fewer US persons and if more than 60% of the corporate income is derived from passive investments such as dividends, interest, capital gains, rents (with some
exceptions), royalties, personal service contracts and some other forms of passive income.
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Foreign persons |
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Foreign sale corporation (FSC) |
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1) FSC's are usually subsidiaries of U.S. corporations located in tax havens such as the Virgin Islands, Barbados or Guam. U.S. firms exporting through them qualify for income tax relief on the condition that a large part of their product is manufactured in the United States.Payments by FSC's to their U.S. parent companies are not subject to U.S. taxes.
In Oct. 1999, the World Trade Organization issued the final report of its dispute panel regarding the European Union's complaint against the U.S. foreign sales corporations regime. To no one's surprise, the final report confirmed what the interim report had said in July of 1999 -- the FSC regime is an illegal export subsidy, and should be withdrawn "without delay." [attribution: international@lists.tax.org]
2) The United States' crusade to save the foreign sales corporation may be
coming to an end, having been dealt a major blow by the World Trade Organization Appellate Body's announcement that it would uphold the dispute panel's report that FSCs constitute an illegal export subsidy that must be terminated by October 1, 2000.
But could this really be it for FSCs? As Robert Goulder reports, the United States could avoid EU trade sanctions by abolishing the FSC legislation by the October deadline, but "implementation of that step seems impractical given the political realities of a U.S. presidential election year." A more likely resolution may involve a direct settlement between the European Union and the United States that could also address previous U.S. WTO victories on bananas and beef importation.
3) Estimates in March 2000 were that there were approximately 5,000 to 6,000 American exporting companies using the FSC.
4) President Bill Clinton signed the FSC Repeal and Extraterritorial Income Exclusion Act of 2000. Apart from a few pesky transition rules, U.S. Internal Revenue Code sections 921-927 have now been consigned to the dustbin of tax history. The law's enactment ends several months
of legislative scrambling and permits the next session of Congress to
address bigger and better issues. We may not yet know whom the next president of the United States will be, but we do know this much -- the European Union is not pleased with the FSC replacement regime, and a World Trade Organization dispute panel will soon be established to consider whether Brussels may impose retaliatory sanctions. The excitement of the past few months has not ended, it has just relocated from Washington to Geneva.
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The process of purchasing at a discount registered bank paper which will mature in the future without recourse to previous holders of the receivable. Comparable to factoring.
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Forfeiture rules, asset |
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The burden of proof for U.S. asset forfeiture by government requires only that they establish "probable cause" that the asset was used for illegal purposes. If the government just suspicions that property (an asset) was used to commit a crime, that property can be confiscated. There is no need to charge anyone person with a crime for the asset forfeiture to be effective. The burden (attorney's fee and time) of proof then shifts to the property owner to convince the court otherwise.
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This IRS form is the "Entity Classification Election" whereby certain legal entities may elect to be taxed either as a partnership or as a corporation. A "per se corporation" is a corporation in certain listed
countries that can't elect to be taxed as a partnership. These countries are listed in IRS Regs. 301.7701-2. Reg. 301.7701-2 only includes a listing for a Barbados limited company and a Belize Public Limited
Company.
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Treasury form due on June 30 of each year for offshore accounts aggregating over $10,000.
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1) Foundations are formed frequently for wealthy families. For U.S. people, they are formed for charitable purposes and not to benefit the family. They do provide asset protection, since the person has truly given the assets away to charity.
2) In Europe, families often form foundations for the benefit of members of the family. However, if a U.S. person were to form such a foundation under European law it would still have to be characterized as a corporation, partnership or trust for US tax law purposes. Whatever U.S. reporting and taxpaying requirements apply to the analogous entity would apply to the foundation.
3) A possible benefit involving foreign foundations is that it may be possible to avoid the reporting and penalty tax regimes that apply
to U.S. private foundations if you form the foundation offshore. By doing so, the U.S donor may well forfeit any charitable
deduction for the contribution to the foundation. But if saving U.S. taxes is not the goal and the person wants to reduce the cost of maintaining the foundation, this may be worth exploring.
[attribution: APF-Digest]
4) A foreign foundation must be classified for U.S. tax purposes as a
trust, a corporation, a partnership, or a disregarded entity. This classification is determined under U.S. regulations, not on its legal status under the foreign law. The only exception to these classifications is a true non-profit charitable entity.
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Frankel, Martin R. |
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Operating under many aliases, he and his companies defrauded insurance companies out of hundreds of millions of dollars using elaborate schemes involving offshore shell corporations and bank accounts.
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A free zone (or a free port, if it involves a harbour) is a designated geographical area in a country which enjoys special privileges that are unavailable anywhere else within that country. Examples of these special privileges include: favourable export processing, ease of transshipment, and reduced or non-payment of customs duties. Free zones are found worldwide in both high-tax and low-tax jurisdictions. For example, there is a free port in Labuan (a tax haven in Malaysia) and also a free zone in Colon, Panama, and many others scattered about
various points on the globe.
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