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Offshore Tax Haven's Days Numbered with Recent OECD Agreements

Category: Real estate, Posted:31 Mar 2009 | 09:47 am

Continued pressure by both the US and EU on the exchange of tax information by OECD
(Organization for Economic Co-operation and Development) standards looks to make a dent in the use of offshore companies formed in tax havens. Recent jurisdictions looking to see implementation over the short term include Hong Kong, Singapore, Isle of Man, Caymen Islands and Lichtenstein. The former had been included on the list of uncooperative tax havens with Andorra and Monaco.
Leaders of the G20 late last year agreed this to be a priority issue in addressing international cross border tax evasion. In the past many offshore purchasers of luxury residential and resort properties had used SPV's (specific project vehicles) or companies set up for the purpose of holding single assets. Must of the recent pressure on the offshore havens initially came with the rise in terrorism and money laundering.
In Thailand which has many dual taxation treaties there remain many beneficial advantages to a well structured and planned set-up, but professional tax advice should always be sought when making these types of decisions.

Other News

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Thailand’s Sandbox Is Not A Quarantine

Category: Tourism, Posted:12 Jun 2021 | 10:45 am As we are 19 days away from Thailand’s Sandbox tourism reopening in Phuket, there continues to be a misunderstanding of the overall rules and the term quarantine is incorrectly used. Quarantine by definition is isolation, whereby Sandbox travelers will be able to move throughout their hotel, visit beaches, restaurants, shops etc. Remember Phuket is about […]
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C9 Hotelworks Releases New Krabi Report

Category: Hotels, Posted:07 Jun 2021 | 06:00 am Comparing major Southern Thai resort destinations, Krabi is one that historically balances well between the international and domestic markets. In the new Krabi Hotel Market Update from C9 Hotelworks, we take a look back at pre-Covid trading to examine from what point hoteliers hope tourism will upcycle towards recovery and what will the trends be. […]
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SHA Plus Program In Focus

Category: Hotels, Posted:06 Jun 2021 | 13:17 pm A key part of the upcoming Phuket Sandbox reopening process is the requirement for incoming international travelers to stay in an SHA Plus hotel for 14 days, or shorter if only visiting the island. Those who want to travel onward to other destinations in Thailand can proceed after a 14-day period. As travelers are scrambling […]