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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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Manic Monday. No Rain, No Rainbows

Category: Tourism, Posted:20 Sep 2021 | 14:24 pm Rainy days and Mondays are no reason to get down. We have three new Thai Road Trip episodes from C9 Hotelworks and our friends at Delivering Asia Communications for you. Have a seat, throw the umbrella out the window and take a look now. INSIDE STORY Bill Heinecke’s Phuket Resort Home Phuket Hotel Insight – […]
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After The Sandbox – Phuket Hotels Ask What’s Next?

Category: Hotels, Posted:16 Sep 2021 | 09:37 am The resort island of Phuket’s proof of concept Sandbox advantage looks to dramatically change come October. Since the first of July island hotels have experienced considerably higher occupancy levels and much-needed revenue from international arrivals. This has been Sandbox generated, and travelers, not necessarily tourists. Bangkokians fleeing the red zone situation have also aided in […]
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Remembering Florian Hallermann

Category: Hotels, Posted:16 Sep 2021 | 08:56 am We’d like to take a moment to remember Zeavola General Manager Florian Hallermann. Florian tragically died in a hiking accident in Ko Phi Phi. He was a familiar face in Greater Phuket hospitality circles for many years and well-loved in Ko Phi Phi, which was his last posting. Looking back at the start of our […]