There is a very significant difference between the ‘safe haven’ of The Emirates and other worldwide ‘tax shelters.’ The Emirates and other GCC countries of The Middle East are ‘tax free’ jurisdictions by nature and NOT by design.
The Emirates, in its very nature, has always been a ‘tax free’ country; A jurisdiction that has NO TAX.
NO corporation taxes.
NO capital gains taxes.
NO VAT.
NO personal taxes.
NO death duty taxes.
In short; it is, and has always been, a country WITHOUT tax!!
Other jurisdictions around the globe have become ‘tax havens’ by design.
Over the years governments have allowed various locations within their sovereignty to offer ‘tax havens,’ as a form of ‘shelter,’ therefore offering a facility for wealthy individuals or corporate clients to ‘move’ their finances away from tax authorities. An army of pin striped, suited lawyers or city accountants would work to protect their clients from the payment of taxes, by moving their interests to ‘tax havens,’ designed for this purpose.
Be careful when choosing your new ‘tax haven,’ as many jurisdictions have now been ‘redesigned’ and do not offer the security that they once provided – please consult FIRST Offshore for further information: info@firstoffshore.com