As a Belize attorney my Belize law firm has dealt with the attacks against “Offshore Shelters” that has effected the Belize Offshore industry. Attorneys in Belize need to deal with these questions since Belize is quickly becoming a favored site for offshore financial activities. ”Tax haven” is defined by the Business Directory as “a geographical area outside the jurisdiction of one’s home country which imposes only a few restrictions on legitimate business-activities within its jurisdiction, and little or no income tax.”  Since many equate “tax haven” with “tax avoidance” a crusade was restarted during the world-wide financial collapse whilst ”high income” countries saw their financial system diminish. In fact, many first world commentators have held tax havens responsible for their part in the global calamity.The irony of it all is that these “Offshore Financial Centers” were a consequence of wealthy countries, and are today better regulated, and in contrast, the worst scandals were  “onshore”.

Historical Origin

The Channel Islands, Jersey and Guernsey, physically closer to France than the UK, are remnants of King William I, who acquired the British Isles in 1066. A considerable share of autonomy and additional privileges (tax and otherwise) were their bonus for their loyalty to the UK Crown in 1204. They were identified as “offshore”, i.e. out of the country. As such, the English formed the idea which has proven successful at leveling the playing field now require an excuse to contain and suppress world-wide efficiency. Some states in America initially entered the arena after they realized the increased money available by providing more flexible commercial laws. The State of Delaware now calls itself a “Corporate Haven”, but as Shakespeare says a rose by any other name smells just as sweet. In tandem”, the European microcenters of Austria and Switzerland had already served cross border foreigners for very long time. Money was invested to related but more efficient centers like the Caymans, BVI and eventually Belize among others.

Many of the colonies that are “offshore” financial centers gained self-rule and then the wealthy countries’ sources gave way to global scattering of money. Competition had arrived and thus an excuse was needed. The same way the 9/11 attacks provided the United States a highway to pass civil liberty indiscretions, the recent financial crisis came as a gift that could not be created had they tried.

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