The history of “non tax jurisdictions”

As Belize attorneys our Belize law firm has dealt with the attacks against “Tax Shelters” that has effected the Belize IBC industry. Attorneys in Belize need to respond to these attacks since Belize is quickly becoming a favored site for offshore financial activities. One definition of “tax shelter” can be found in the English Collins Dictionary as “…a country or state having a lower rate of taxation than elsewhere.”  Since many equate “tax haven” with “tax avoidance” a campaign was invigorated during the recent banking collapse whilst ”first world” countries saw their financial system get smaller. In fact, many first world observers have held tax havens responsible for their part in the worldwide calamity.The interesting thing is that these ”non tax jurisdictions” were a consequence of first world countries, and are today more transparent, and in contrast, the worst scandals were  “onshore”.

Historical Foundation

The Channel Islands, physically closer to France than the UK, are remnants of King William II, who acquired the England in 1066. A substantial measure of autonomy and supplementary rights (tax and otherwise) were their prize for their loyalty to the UK Crown in 1204. They were labeled as “offshore”, i.e. not part of larger land areas. As such, the English formed the concept which has leveled the playing field now require an excuse to contain and suppress world-wide efficiency. Delaware came into this area of finance after they realized the additional business revenue available by providing more flexible commercial laws. The State of Delaware now calls itself a “Corporate Haven”, but as the saying goes a rose by any other name smells just as sweet. In tandem”, the European microcenters of Luxembourg and Liechtenstein had already served cross border foreigners for very long time. Business started going to related but more efficient centers like Bahamas, the Caymans and eventually Belize.

These former colonies obtained self government and then the wealthy countries’ sources gave way to global scattering of income. More countries were involved and a “reason” needed to be created. The same way the 9/11 attacks provided America a justification to enact the Patriot Act, the Madoff’s Ponzi Scheme came as a miracle that could not be thought up had they tried.

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