Lexicon Index |
This site was created by The WEBPage Office.
-A-
In the past, promoters of tax-avoidance trust schemes touted the benefits of tax shelters known as "family estate" or "pure equity" trusts...
See Pure Trust...
Can be thought of as a contract that one signs without...
The cost of property after adjustment for certain deductions or additions as permitted...
An administrative office is frequently located in a different...
The board is comprised of individuals appointed to advise the...
Anyone who is authorized to act on behalf of another...
Statutes of a Dutch company...
A German limited liability company...
The Alaska Trust Company has sample documents of...
Alderney is situated in the Channel Island...
It is an organization composed of people who...
Failure to prove impossibility of compliance with a court order...
Generally, any series of payments...
The person who receives an annuity...
A legal entity without shares established in...
Tax laws intended to curtail what is perceived by the tax collector as...
Almost 10 years ago, the Italian government enacted...
Certificate of Good Standing in connection with...
Property with a fair market value greater than...
A term used to describe a type of business relationship...
In late 1999, the SEC claimed that this renowned market forecaster was...
Usually used in an IBC or exempt company...
The idea that inanimate objects (property) can commit a crime is...
A person appointed by a written contract between...
The concept of legally transferring your assets into a legal structure...
A trust established offshore to protect settlor's assets...
Anti-avoidance German law whereby German citizens remain...
-B-
Defined as: An alien ...
This board has established a committee...
An unsecured bond issued against a bank...
They do not actually exist. They are simply a non-existent...
Located in Basle, Switzerland...
Phone: 441-295-4000. Very stable...
A banking passport means simply that you create a...
The term "Bankruptcy" comes from the practice of...
Also known as dry, formal, naked, passive or simple trusts...
See Leeson, Nick...
See adjusted basis...
Referred to as the Basle principles...
A negotiable share certificate...
Securities for which no register of ownership is kept...
The actual or economic owner of an offshore company...
"Tax Shelter Bermuda"...
The first reference to...
Blank check, or shell companies, are...
A trust in which the trustees are not allowed...
Term for "reserving" funds by one bank for...
It is an hypothecation of funds that are...
Any interest-bearing government or...
SEC vs. Brennan. The case cited is mostly a...
The Sultanate of Brunei, a tiny country on the...
The BIAC is the business committee of the OECD...
This is generally another variation of an abusive trust...
See obligor and transferee...
Used when a married couple has combined assets over...
-C-
The balance of these accounts can be...
Certain companies offer over the Internet or through mail order what are known as...
Defined as the sum of the total amount of cash and the...
The movement of money (a verb)from country to country...
For tax purposes, this is a gain on an asset...
A captive insurance company is a company whose charter (license) permits it to offer insurance to unrelated third parties...
Regulates trade in the Caribbean region...
The "little brother" to...
An e-mail monitoring system developed by...
This is a credit card-sized national ID...
The first use of cells was within an offshore insurance company...
This area is rapidly changing. If you have a Limited Partnership or so-called Family Limited Partnership for asset protection purposes...
A charitable lead trust involves a current gift of...
The CLIP is structured as...
The "charitable purpose trust" has been around for centuries, usually...
Offshore planning tip: If a charitable remainder trust is funded with cash...
A globally recognized standard for...
Applies to the LLC where an IRS tax election is made...
Chutzpah (noun), rhymes with "foot spa", gall, brazen, incredible "guts"...
One of the most thorough investigators and reporters on the subject of...
Jurisdictions not following a common law structure use...
A US resident (but not a US citizen) could claim...
An acronym for common law trust organizations...
The recognition of a foreign judgment in the local jurisdiction...
Generally an annuity issued by an insurance company...
This term has been interpreted to extend beyond the...
Another tax protest scam...
Commonwealth members...
A corporation whose liabilities are...
A corporation whose liabilities are...
Defined as all property owned, leased, or...
It is the situation where there is the transferor assigning a...
Competent authority provisions are found in tax treaties whereby...
See Pure Trust...
A U.S. price indicator that measures...
An Isle of Man entity. It is a variant of...
If 50% or more of a foreign company is owned by...
Offshore promoters in Costa Rica and elsewhere make claims for the...
Once a particular tax avoidance scheme gets on...
An annual adjustment of wages to...
A term used to indicate changes...
...of the IRS. Whenever greed leads to crime...
Used more in the context of activities between companies located in...
Crummey powers are used in U.S. trusts to avoid...
Cuba is a highly illustrative case of an emerging market fund...
A domestic bank can undertake such transactions but usually...
This is the most common type of...
A bank, financial institution, or other entity...
Those who reserve domain names and then seek to...
-D-
Dart, a renowned vulture investor, presently resides in...
Co-author, with Lord William Rees-Mogg...
A certificate of indebtedness, an instrument...
An annuity in which the first payment to the annuitant...
Delaware remains a popular jurisdiction in which to form a U.S. corporation...
A term applicable in the British overseas territories of...
The form of trust usually established offshore...
A private currency and unit of account...
The act of replacing your own country's currency with that of...
The place of a person's permanent home and...
The DEA is...
A person (usually the grantor or settlor of a foreign APT) shall be deemed to be under duress...
A technique of writing-off the interest...
A perpetual trust in which assets are accumulated...
-E-
This new concept is now backed up by private...
The Caribbean News Agency reports that...
Echelon is a code word for an automated...
Companies involved in ECommerce in and through Bermuda...
In U.S. tax matters, if a transaction has no purpose...
In Dec. 1999, the U.S. Tax Court handed down an opinion that...
A trust in which the trustee is charged with...
Authored by Anthony Edwards, UK treasury senior bureaucrat...
Using the Irish/U.S. tax treaty, for example, we see...
A new, self-proclaimed sovereignty in the Pacific...
A party to a...
Describes the stripping of equity from...
The amount of property value exclusion from...
The composite monetary unit consisting of...
An American dollar held by a...
An economic and political alliance...
A system established to encourage...
Another name for an international business company...
A Cayman limited...
The removal of ones legal residence or citizenship from one country to another...
The closest program to what could be construed as...
-F-
An amount that would be paid by a willing seller and...
A limited partnership intended for family estate planning...
Partnerships and closely held corporations are often used...
FASAB has been recognized by the American Institute of Certified Public Accountants (AICPA) as the entity to...
The FDIC has only ever had , throughout its entire history...
The US Central Banking system...
One of the twelve regional banks of...
The seven-member Federal Reserve System Board of...
The U.S. central bank...
An amount typically deposited with a Swiss Bank...
An amount typically deposited with a Swiss Bank...
An action group set up by the OECD...
A private computer network linking the U.S. banking industry to...
In November 1999, the U.S. Congress passed a...
The Financial Stability Forum was created by the...
London...
Equivalent to U.S. Dow index...
A euphemism for...
These deposits are made for a pre-determined period...
Vessels commonly owned by companies in highly industrialized countries...
A trust in which the trustee is granted broad powers...
A noun. See capital flight, the verb....
A contraction for a....
...
A U.S.-chartered bank subsidiary of a foreign bank is a domestic bank...
Fiduciaries of trusts and estates are deemed...
An account maintained in a bank in another currency than...
Generally, that tax law requires foreign owners of...
This is an amalgamation of terminology...
If they are used to hold investment assets and...
See non-resident alien....
FSC's are usually subsidiaries of U.S. corporations located in tax havens such as...
The process of purchasing at a discount registered bank paper...
The burden of proof for U.S. asset forfeiture by government requires only that...
This IRS form is the "Entity Classification Election"...
Treasury form due on June 30 of each year...
Foundations are formed frequently for wealthy families...
Operating under many aliases, he and his companies defrauded...
A free zone (or a free port, if it involves a harbour) is...
-G-
This is a July 2000 appellate decision involving...
A British overseas territory...
A transfer of property or money for less than...
A U.S. gift tax does not apply to transfers to...
An Internet pyramid scheme which promises to...
The Repeal of Glass-Steagall and...
The signing of the Gramm-Leach-Bliley Financial Services Modernization Act...
The person who creates and funds a trust...
A trust in which a U.S. person is the settlor/grantor/creator...
An alien and individual holding a U.S. green card is considered to be...
A tax haven in the Eastern Caribbean...
The Group of 10 is made up of eleven industrial countries...
The G8 comprises the following countries:...
A 1999 U.S. Supreme Court case where the majority of the Court held...
Guaranteed funds are issued by the leading UK institutions...
A former (in liquidation in 1995) Cayman Island bank...
-H-
Italy is one of very few European civil-law countries that have...
The UN and the OECD (see this Lexicon) have taken the controversial position that...
A joint RCMP-Turks & Caicos Islands police...
No longer the sole domain of the very wealthy...
Another version of the prime bank guaranty high yield scam...
Typically worthless bonds sold by scam artist of defunct company...
(1) Cross between a corporation and...
-I-
Polices all financial and...
Now you can insure against the damages from identity fraud...
A new threat to your financial privacy...
This means there is at least a 50% medical probability that...
U.S. judges can use their powers to incarcerate anyone for...
Interest rates that are assumed when there is no explicit rate in a specific transaction...
Many IRS tax issues arise on the question of what is U.S. source income...
Payment of premiums is no longer...
Securitization is a process whereby claims capital is...
The rate at which banks...
Created under a special act. Abbreviated as IBC...
Located in Paris, France. The institution that issues the rules...
A knock-off of the U.S. term Federal Depositors Insurance Corporation (FDIC)...
Legitimate and authentic international driver's licences can be...
An international financial center is...
Another name for an offshore...
By the nature of offshore banks being offshore, these banks are...
For tax purposes, this is the amount that is paid by the buyer of the property...
A company whose sole business consists of...
Internal Revenue Code...
Insurance trusts are formed to own insurance policies...
Filed with the IRS by non-resident aliens...
A U.S. company doesn't issue Form 1099 to...
Also applies to distributions from offshore trusts...
Filed upon the transfer of assets to...
A new form making U.S. private foundations more transparent...
Internal Revenue Service...
Israeli trust law is very new and not...
Almost 10 years ago, the Italian government enacted a law...
-J-
A very stable international financial center...
a person who is one of two or more people...
An annuity in which the payments continue after the death...
In the whimsical sense, a necessary delay occasioned by...
Personal jurisdiction requires more than access to a Web site, two federal court rulings held...
-K-
An older form of transferring funds between banks...
The fictitious Kingdom of Enenkio is not...
Canada's Supreme Court ruled on the Shell case...
Banks use their KYC system, inquiring of existing and...
-L-
Labuan is planning to establish an international...
Money laundering is the process of cleaning illicitly gained money...
The subject of the "Lawrence case", a Florida bankruptcy case in 1999...
A Singapore-based rogue trader in derivatives who, in 1996 single-handedly lost...
Liechtenstein offers a number of structures, which are...
A document prepared by the settlor or grantor of a trust...
The grand old dame for offshore tax haven companies...
The Internal Revenue Service has published tables of the...
An annuity that ceases at the death of the annuitant...
Currently we have identified three offshore jurisdictions with LLC types of acts...
An excellent asset protection vehicle for partnerships...
These structures enable a defendant to move...
One of the major advantages of investing in The Bahamas is...
-M-
A fully-legal commercial enterprise using a...
Effectively a nominee settlor or grantor...
An offshore bank also known as a Class "B" or Cubicle Bank...
With respect to an LLC, it means those persons...
Defined as those provisions of an Ordinance which may not...
A certain type of U.S. corporation doing business in Mexico...
In 1999, Harris lost resoundingly in his claim for a...
Investigative reporter David Marchant, the controversial...
Intended to remedy possible abuse by a debtor or party...
The U.S. personal income tax rate on married couples filing jointly is...
Mr. Mathewson, having moved back to the States after...
Mauritius provides the double benefit of...
A European form...
Melchizedek exists only as an Internet site...
Dog droppings...
Where a domestic (onshore) trust contains...
A short (usually preprinted) form of a trust...
The technique of "filtering" profits from...
These accounts permit you to maintain an account in...
The person who brought you in...
A treaty which provides for mutual legal assistance...
-N-
Similar to the IRS "economic reality test"...
One of the two countries forming the...
The Securities and Exchange Commission entered a final judgment of...
Presence in (for instance) a US state...
Activist as Bystander: The Oft-Quoted Reflection,...
The German philosopher Friedrich Nietzche once said...
A company formed for the express purpose of...
A director whose function is passive...
Name in which security is registered...
A trust created by a non-U.S. person...
Gifts to U.S. person that are delivered within the U.S. are...
Canadian tax authorities have decided to...
These deposits can be withdrawn after...
These accounts can be any of other...
-O-
The person or company that is obliged to...
OFAC issues bank reporting rules with respect to...
Offshore is simply a "code" word for away from your own...
Any bank outside of the country in which...
Some include Guardian Bank-Cayman, Euro Bank-Cayman...
By popular usage, the establishment and operation of...
A bank in an offshore financial center...
An offshore financial center used by...
See International Business Company or exempt company...
A country or jurisdiction where...
Established in October 1980 at the instigation of...
An Institute originally formed by...
The pros and cons of offshore investing...
Where a foreign based insurance company issues a universal or variable life policy...
A partnership, the general partner of which is...
Branches of major international banks and...
How much you want to spend on an offshore provider depends on...
The quality that differentiates an offshore trust from an onshore trust...
RevCan rules differ somewhat from the IRS rules but both seek to restrict or limit...
In the vernacular, usually refers to having set-up an APT many years prior...
The term old money was given new meaning by...
Appears to be an offshore MLM program where...
In an effort to skirt U.S. laws against gambling, many companies...
The domestic (AK, DE, RI, NV) asset protection trust is unproven and...
An offshore trust with discretionary beneficiaries...
A body of laws, similar to an Act...
For tax purposes, this is a category of income that does not enjoy any special tax advantages...
This is the international organization of the...
A combination of contradictory or incongruous words...
-P-
Up to 100% per month return on deposits!...
Seventy percent of Panama's economy is derived from the...
This is Panama's version of...
... paradisi fiscali, pianificazione fiscale...
The IRS imposes severe tax penalties to discourage...
Things move slowly offshore...
A non-grantor trust established under section 663(a)(1) of the IRC...
Generally means a natural person, partnership, domestic or...
"Planned" forgiveness of a loan constitutes...
Ponzi's first name was Charles. Not very Italian for an immigrant to...
Under the US Uniform Commercial Code...
These are nations whose international financial center and laws are...
The immediate value of an amount or series of amounts that are not due until...
In 1991, computer programmer and civil libertarian Phil Zimmerman created...
An older term for a well known...
Guarantees issued by prime banks...
U.S. and Colombian officials have reported that...
Generally an annuity contract that is not issued by...
An entity used in St. Kitts...
Private foundations (PF) are tax-exempt entities...
In some jurisdictions, the international business company or exempt company is...
This type of U.S. foundation is required by the IRS to...
This is is insurance that the purchaser negotiates...
A company incorporated in certain offshore jurisdictions...
The body of law which governs the validity...
An evolution of the limited liability company (LLC). Each cell within the LLC is insulated...
A person appointed by the settlor/grantor of a trust...
A committee of advisors convened to guide the trustee...
PT is a term coined by...
A sham concept promoted by fringe marketers. The so called
"pure" trust has now become a code word for a trust that is...
A trust without beneficiaries which allegedly does not...
-Q-
A formal valuation and appraisal analysis by a qualified appraiser who...
Used when one or both spouses are U.S. residents, but not...
An intermediary is defined at...
A QTIP trust is used to insure that assets are...
In the whimsical sense, a fictitious unit of currency...
-R-
A trust which enables you to defer receipt of...
Offshore banks, because of their...
Some offshore jurisdictions allow...
The sharing of the risk between the principle carrier...
A Receiver is a Manager who, in almost all circumstances...
Generally this includes a spouse, children, parents or grand-children and...
New legislation in Bermuda under a proposal from the...
A person who lives in the U.S. for an extended period but who is not a citizen...
A bank, trust company or holding company...
nder the immigration laws of the United States...
A company with a banking and/or...
The Canadian counterpart of the IRS...
The OECD has also compromised on its desire to remove...
See Bank debenture or medium-term note....
The process of co-mingling legal and illegal funds to....
-S-
In the L.A. Times on Wednesday, June 7, 2000 on the front page...
There are a number of perfectly legitimate reasons for securing a...
Securing a second passport depends upon your needs...
An offshore trust privately administered...
A domestic insurance policy can be exchanged for an offshore insurance policy...
There is no such thing as...
Available in the states of Rhode Island,...
See transferor and annuitant...
A Delaware statute was the first to authorize...
Financial planner, CPA...
A pseudo-check where there is a credit debit card charge...
An offshore IBC or exempt company with...
Author of a number of investing books in the...
See...
Most international banks will not clear third party checks because...
Investing in stocks that are...
A limited liability company, for example in Mexico...
Executed in writing by a candidate grantor...
Led to a speculative frenzy and the first stock market crash in...
A former Austrian type of bank passbook savings account...
"It would seem to be a risky proposition to establish a trust without...
Stock market manipulation. Placing phantom bids for...
Spurious passports have the appearance of a passport, but...
Locatated in Antigua, it is owned by Allen Stanfor...
A Cayman Islands form of...
Alaska's soon to be implemented program contains...
A German word for foundation which is used in some civil law jurisdictions,...
A contractual right to purchase a specified number of shares of ...
This is offshore income to U.S. persons. It is extremely difficult to define, but...
U.S. banks are required to report on any bank transaction if...
An acronym for The Society for Worldwide Interbank Financial
Telecommunication...
Available in Switzerland, providing regional banking institutions without...
-T-
International tax attorney, J. Richard Duke, calls to our attention...
When tax benefits are part of a jurisdiction's...
Tax evasion is a crime in the U.S., and...
Allowed under IRC section 501(c)(3). But, there are other exempt entities...
Depending how one classifies a countries attributes, one author claims that...
The Internal Revenue Manual, Audit, defines "tax protester" as...
Tax treaties between countries provide for...
This relates to the law regarding taxation of...
The U.S. is one of the few countries...
Tax his cow, Tax his goat; Tax his pants, Tax his coat;...
This new word is defined as a...
A request by a local IRS office or the taxpayer or both to the IRS national office...
The U.S. Treasury Department maintains a data bank which is...
A term for the participation in...
A specified part of a larger transaction...
The person or organization that receives property in exchange for...
The annuitant who transfers property for the annuity...
For U.S. T-bills the face value on these instruments is only valid on...
The quarterly expiration of stock options,...
A contractual arrangement between the owner of property (the grantor), a beneficiary and...
A contractual arrangement between the owner of property (the grantor), a beneficiary and...
The trust protector of a trust is generally granted limited powers...
Turks & Caicos Islands offer a UK type of...
Creator of the "colato" and...
-U-
Those individuals who have assets of more than....
Asset protection is required where you are exposed to potential claims that are uninsurable or economically not feasible to insure....
Generally means a unit representing....
These products are single premium bonds which....
The world's largest "offshore" jurisdiction that offers....
A natual person who is not related to the taxpayer...
The general credit of the obligor/transferee is the only form of security available...
Provides for mutual enforcement of tax obligations between...
-V-
A tax that applies throughout the...
An insurance policy in which the...
In late July 2000, the California State First District Court of Appeal...
A well-established and completely legal tax-exempt structure...
-W-
Brent Wagman has was sentenced in late 2000 to...
It's called a walking trust since...
A bank used to help evade taxes...
Stock-market gains make consumers feel richer than...
With Western Union Quick Pay, the customer of a legitimate U.S. company simply...
Generally involves tax fraud (evasion, false tax returns, failure to file), money laundering...
Most countries levy a tax on various types of...
The WRAP trust (Wealth, Retirement, Asset Protection) is an...
-X-
-Y-
-Z-
Zumua v. C.I.R., 731 F.2d 1417 (9th Cir. 1984), which held that:...
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