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OFFSHORE TAX HAVENS IN THE US

03.10.2019, 09:00

OFFSHORE TAX HAVENS IN THE US

Tax havens create various possibilities for company development and allow to make decisions that will lead to the most effective company management. Few people know that there are several tax havens in the United States which give companies numerous privileges in registration, taxation, currency control and other aspects of business activity.

Interestingly, the United States, taking advantage of its position in the international arena, conducts a peculiar policy of fund raising. Being the main initiator of the international financial information exchange, they do it unilaterally, i.e. they don’t provide any information about foreign account holders of American banks. This is the only developed country in the world that does not participate in the automatic exchange of information initiated by the OECD.For non-residents, such a cunning policy provides exclusive benefits.

The most popular tax havens in the USA are as follows:

  • Delaware
  • Wyoming
  • Nevada
  • US Virgin Islands
  • Puerto Rico, and others.

Let's take a closer look at non-classical American tax havens such as Delaware, Nevada and Wyoming. These territories can be called financial centers rather than offshore. They are not included in any blacklists of tax havens, but at the same time provide preferential taxation and legal advantages like that of tax havens.

Delaware TAX SHELTER

One of the most popular jurisdictions with a special tax regime is located in Delaware. This state is famous for its ultra-liberal approach to economic policy. Delaware provides preferential taxation to companies that conduct their business outside the US. The companies incorporated here are almost completely exempt from taxes, and are not required to provide a number of information regarding the ultimate beneficiaries. Incorporation takes 1-2 weeks, and the most common types of legal entities are corporation and limited liability company.

You can register your business in Delaware for a relatively small amount equal to approximately $1000. Due to the high popularity of this tax shelter, here you can always buy a ready-made company, sharpened for a specific type of activity. But as in many other states, there are restrictions on opening insurance companies, banks, trusts and funds for managing third-party’s capital. All these activities require an additional license. But there are quite simple rules for registering companies engaged in ordinary activities. Here, the services of nominee directors and shareholders are allowed, the terms and conditions for submitting financial statements are simplified as much as possible, and there is no currency control.

NEVADA TAX HAVEN

Another popular state with a special tax regime is Nevada. As you know, this is one of the few US states where the gambling industry is allowed. Also, in this state there are no corporate income taxes, taxes on shares or property of limited liability companies. In addition, in Nevada there is no need to pay personal income tax, and all information on shareholders is confidential. As well as gambling business, hotel and exhibition business areas also enjoy special tax breaks in the state. At the same time, it is worth remembering that the offshore in Nevada is famous for its high registration fees, as well as the need to purchase an additional license, necessary even if you want to open a simple corporation or LLC.

BUSINESS IN WYOMING

Wyoming is probably the least advertised American low-tax jurisdiction, which means little competition and significant benefits for business.

The main tax optimization instrument in Wyoming is Wyoming LLP – a limited partnership. It is this type of company that enjoys maximum tax benefits.

Key benefits of company incorporation in Wyoming:

  • simplified audit and tax system;
  • information about the owners is kept in a closed register and does not go beyond the United States;
  • no substance requirements;
  • reasonable cost;
  • no taxes, such as income tax, corporate tax, franchise tax, VAT, etc.
  • simple closure procedure.

If you conduct business outside the United States, and the main currency of transactions is the dollar, American tax havens is a smart strategy for protecting assets and obtaining tax advantages.

By Alexey Shilov

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