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Press Releases

FOR IMMEDIATE RELEASE

Date: October 21, 2013

  • Contact:
  • Hoyt Barber
    Vancouver, B.C.
    Telephone 604-657-8689

2013-14 T-8 Annual List of the World's Best Tax Havens and Offshore Banking Centers—Just Released

Tax havens and offshore banking authority and author, Hoyt Barber, 58, releases his 5th annual "List of the World's Best Tax Havens and Offshore Banking Centers," also known as "The Green List."

This list evolves each year with new developments in offshore banking, asset protection and tax havens, and a few changes have been made for 2013-14, and recent indications show that more changes to the list will be necessary in the next few years.

The 2013 T-8 List reflects the best of no-tax or low-tax jurisdictions, money and asset havens and/or offshore banking centers. The carefully selected venues are based on Barber's twelve criteria for evaluating the overall worthiness of an offshore financial center, including the requirement to have strong bank secrecy laws and no Tax Information Exchange Agreement (TIEA) with the United States, or Canada, with exception of St. Vincent and Nevis, neither of which has signed with the U.S., while both have signed with Canada.

The twelve criteria include: 1) tax structures; 2) political and economic stability; 3) exchange controls; 4) treaties; 5) government attitude; 6) corporation and trust laws; 7) communication and transportation; 8) banking and professional support services; 9) legal system; 10) secrecy and confidentiality; 11) investment incentives; 12) location.

As a result of recent financial and political developments over the recent past, European banking centers, in particular, have lost favor with Barber, as they find themselves today under extreme pressure from outside forces like the United States, the United Nations, the European Union, the G-20, the OECD, Germany and France and other international organizations. As a result, they have seriously compromised their bank secrecy laws and increased their mutual cooperation with other major countries like the United States, for the exchange of previously confidential financial information.

According to Barber, "Fortunately, there are still excellent alternatives to European banking centers that offer the strongest bank secrecy in the world, have no taxes, or low taxes that would impact foreign investors, and that simultaneously provide maximum asset protection."

“The other good news is that excellent alternatives also exist to countries and banks that feel compelled to comply with the fully optional U.S. Treasury’s new legislation called the Foreign Accounts Tax Compliance Act, or “FATCA,” which potentially goes into full effect in July of 2014. As of this press release, only nine countries have signed agreements, although U.S. authorities are negotiating or attempting to negotiate more. This new law applies to accounts with over US $50,000 in value. As a result, many Americans are looking for safe and intelligent alternatives, with some even going so far as to renounce their U.S. citizenships. Barber intends to keep his clients and readers abreast of the best jurisdictions and financial institutions with which to conduct business and banking to secure utmost personal and financial privacy.

Barber warns that FATCA is an arrogant long-arm reach by a U.S. government agency into the sovereignty of other nations, and that this new law is an act to attempt forced repatriation of assets and funds belonging to U.S. citizens and held in other parts of the world, and as a likely precursor to passing currency exchange control laws within the next few years. Such laws could prevent U.S. citizens from moving their money overseas from the U.S. without permission from the Central Bank or a designated government authority.

With these new developments foremost in the minds of many Americans today, and together with broader considerations of import to sovereign individuals globally, Barber offers his 2013-14 T-8 List as a guidepost for the coming year.

Barber points out that the order of the list does not necessarily reflect preference, as much depends upon the specific scenario and goals of the individual who is choosing a venue.

Barber's new 2013-14 T-8 Annual List of the World's Best Tax Havens and Offshore Banking Centers are as follows, together with the specific merits and advantages of each jurisdiction:

  • Belize—Asset Protection Trusts (APT's); International Business Corporations (IBC’s); Limited Liability Companies (LLC’s); offshore banking; investment management; e-commerce and offshore business; and the Qualified Retirement Program (QRP); strong bank secrecy; no TIEA with the U.S. or Canada.
  • Cook Islands—APT's; IBC's; offshore banking; investment management; offshore annuities; strong bank secrecy; no TIEA with the U.S. or Canada.
  • Nevis—APT's; IBC's; Limited Liability Companies (LLC's); offshore banking; excellent economic citizenship program; strong bank secrecy; no TIEA with the U.S.
  • St. Vincent & the Grenadines—IBCs; offshore banking; private offshore bank licensing: flag-of-convenience; strong bank secrecy; no TIEA with the U.S.
  • Vanuatu—Offshore companies; trust formation; flag-of-convenience; strong bank secrecy; no TIEA with the U.S. or Canada.
  • Hong Kong—Offshore corporations, offshore banking; strong bank secrecy; no TIEA with the U.S. or Canada.
  • Panama—Foundations; offshore corporations; offshore banking; investment management; flag-of-convenience; strong bank secrecy; no TIEA with Canada.
  • Switzerland/Liechtenstein—Offshore annuities; portfolio bonds; life insurance; and private banking, if bank secrecy is not required, with a minimum US $1,000,000 under management; low tax jurisdictions. TIEA's are being negotiated with the U.S., Canada and others.

Hoyt Barber has eleven published books, several on the topics of offshore banking, tax havens, asset protection and personal finance, including his latest book, Freedom Without Borders: How to Invest, Expatriate and Retire Overseas for Personal and Financial Success (2011) published by Praeger, Santa Barbara, CA, and two current titles published by John Wiley & Sons, Inc., Hoboken, NJ,--Tax Havens Today: The Benefits and Pitfalls of Banking and Investing Offshore (2007), and Secrets of Swiss Banking: An Owner's Manual to Quietly Building a Fortune (2008). Barber is also President of Barber Financial Advisors, provider of offshore financial services to those seeking asset protection, privacy, sovereignty and refuge from excessive bureaucracy. For further information, please visit www.barberfinancialadvisors.com and www.hoytbarber.com.

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