Category Archives: Finance, Second Passports and Offshore Banking

Why 0% Commission On Currency Is a Myth

Why 0% Commission On Currency Is a Myth

Why 0 Commission on Currency is a Myth!

Caribbean Ports Barbados

When you book a vacation or business trip, do you pay as much attention to saving money on your travel money as you do on your flights and accommodation?  If you do then you are the exception to the norm and very sensible.

The majority of us, on the other hand, spend hours researching holiday prices and travel costs and yet spend very little time, if any, researching the best ways to purchase foreign currency.

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Citizenship by Investment – 2 in 1

Citizenship by Investment – Two Investments in One

St Kitts citizenship by investment apartment for sale!

St. Kitts and Nevis Citizenship by Investment

St. Kitts and Nevis Citizenship by Investment. This distinctive apartment enjoys large balconies with views to the sea, that allow al-fresco dining and entertaining.

The apartment offers 4 bedrooms and large verandahs with sea views.

More importantly, it is just a few minutes walk from the beach and Caribbean sea, and qualifies the buyer for citizenship by investment.

What is citizenship by investment?

If you answer yes to any of the following questions then St. Kitts and Nevis citizenship is an option you might want to seriously consider:


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Benefits of a Second Passport

A Second Passport?

Economic Citisenship second passport

Second Citizenship offers worldwide security

Second citizenship can be something like a global insurance policy that entails any individual to make use of the dissimilar parts of two countries for a better set of options, most likely financially. It can become quite apparent in small nations with a not-so-bright socio-economic condition, where individuals often find it easier to make a better living in another country. One that you can choose. Dual nationality has always been held by wealthy people with a knowledge of world history. They know of the dangers of placing an entire future in the hands of politicians.


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New UK visa requirements for visitors from Dominica and St. Lucia

Visas to the UK for some Caribbean Citizens

The UK border agency has announced that it may introduce visas to the UK for visitors from Dominica and St Lucia, after analyzing the results of a Visa Waiver Test on seven countries in the eastern Caribbean.

The Visa Waiver Test is carried out to determine the risk that a specific countries’ citizens potentially pose to the UK in terms of illegal immigration, crime and security, to help decide where visas to the UK may be required.

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Initiation to Offshore Banking Terms

Offshore Banking Terms

Many investors are puzzled by the various terms used by bankers in describing ways to protect their money. Here is a short list of some of the most common ones.

Asset Protection Trust (APT) is an irrevocable trust, usually created (settled) offshore for the principal purposes of preserving and protecting wealth against creditors. Title to the asset is transferred to a trustee. It is used for asset protection and usually tax neutral. Its function is to provide for the beneficiaries of the APT. A trust is a contract affecting three parties, the settlor (who sets up the offshore trust; also called the grantor in U.S. or IRS terms), the trustee and the beneficiary. A trust protector is optional but recommended, as well. Through the trust, the settlor transfers asset ownership to the trustee on behalf of the beneficiaries.

Business trust is created for the primary purpose of running a business. These trusts are treated as persons under the Internal Revenue Code (IRC). It must have a commercial purpose and actually function as a business.

CARICOM is the Caribbean Common Market. Its members consist of 14 member countries of the Caribbean community, including Antigua, Bahamas, Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent, Surinam, Trinidad and Tobago. The purpose of this organization is to encourage free trade and free movement of labor. Conspicuous by their absence are the Cayman Islands and the British Virgin Islands, the two major players in international banking and finance, which did not wish to be regulated by a small local community because of greater international ties.

Discretionary Trust is a grantor trust in which the trustee has sole discretion as to who among the listed beneficiaries receives income and/or principal disbursement. The trustee has full authority over the fund, or it would cease to be a discretionary trust. A letter of wishes, or side letter, can provide guidance to the trustee without having any legal and binding effects. The letter(s) must be carefully drafted, as the trustee cannot be seen as a pawn of the beneficiaries or there is basis for the argument that there never was a complete renouncement of the assets.

Estate is the sum of personal interests in real and/or personal property.

Flight Capital is money which flows offshore and likely never returns. It is exacerbated by a lack of confidence in government fiscal management.

GmbH is a German form of a limited liability corporation.

High Net Worth (HNW) Person is any individual with more than $1,000,000 in liquid assets.

International Business Company (IBC) is a corporation formed (incorporated) under the Company Act of a tax haven, but is not authorized conduct business within that country. It is intended to be
used only for global operations. It is owned and operated by members and/or shareholders, just like other corporations.

Limited Company is not an international business company. May be owned by a resident of the tax haven and is set up under a special corporate law with a simpler body of administrative laws. A Limited Liability Company (LLC) consists of member owners and a manager, at a minimum. It has tax advantages and operational flexibility found in a partnership, operating in a corporate-style structure, with limited liability as provided by the state’s laws. A LLP is a Limited liability partnership, a form of the LLC frequently used for professional associations, such as accountants and attorneys. A LLLP is a Limited liability limited partnership, intended to protect the general partners from liability.

Member is an equity owner of a limited liability company ((LLC), limited liability partnership (LLP), limited liability limited partnership (LLLP) or a shareholder in an IBC.

NRA is a nonresident alien of the U.S. An NRA is not a U.S. person a  defined under the Internal Revenue Code (IRC).

Offshore is an international term meaning not only out of your country, but also out of its tax jurisdiction.

PLC is a UK public limited company.

The Revenue Reconciliation Act of 1995 proposed changes to the Internal Revenue Code affecting foreign trust reporting, among other changes.

Securities are shares and debt obligations of every kind, including options, warrants, and rights to acquire shares and debt obligations.

Settle. To create or establish an offshore trust. Done by the settlor (offshore term) or the grantor (U.S. and IRS term).

Settlor. One (the entity) who (which) creates or settles an offshore

TCI are the Turks and Caicos Islands, a popular tax haven.

Trustee is the controller of a trust fund. This person is independent of the settlor or grantor and has the fiduciary responsibility to manage the assets of the fund as a reasonable prudent business person would do in the same circumstances. The trustee must defer to the trust protector when required in the best interest of the trust fund. The reporting requirements of the trustee are defined at the creation of the trust include how often, and to whom, the trustee will respond to instructions
or inquiries, investment strategies and fees for the trustee’s services. The trustee may have full discretionary powers to distribute the fund to beneficiaries.

Uniform Partnership Act (UPA) is one of the uniform laws adopted by some states or used as a baseline for other states.

Vetting is the process used by the offshore consultant for evaluating whether a prospective client is a good candidate for offshore asset protection.

World Bank was formed to be the lender and technical advisor to developing countries, utilizing funds and technical knowledge from member nations. It has often been criticized for promoting austerity programs in indebted third-world nations.

Hopefully this short guide will help investors seeking asset havens and offshore banking facilities.

Written by
Dillon Norris

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6 Advantages of a 2nd passport

Advantages of a Second Passport

The advantages of 2nd passport are many. They can bring much more freedom than many people realise. Unless your spouse or another member of your immediate family are of another nationality, you will most likely have to make a respectable payment for it, but in some cases it can be worth it. If you are having to bear the weight of being born into a country that does not have a passport that is widely accepted, then it’s a small price to pay.

Advantages 2nd Passport

Here are the top 6 advantages of having a 2nd passport:

1) Ease of travel through ports– Apparently the most convenient passports to hold are those from the US, Finland and Denmark. According to a study by Henley & Partners, these passports can gain you entry to 130 countries without needing a visa. The most unfortunate passports to hold will allow the holder to pass the port of only 12 countries without a visa. 2nd passports that are available through the program will allow you access to over 100 countries without applying for a visa

2) Did you know that passports do not belong to the holder they are issued to, but they belong to the government of the country who issued them? That being the case, it is a possibility that if tax is owed, or even if they just decide to do it, a government can demand their passport is returned or they can invalidate it. This could then render the holder immobile, however, if a 2nd passport is held, then travel is still possible.

3) Many people prefer to run their financial affairs privately and this is possible with a 2nd passport.

4) For importing goods such as cars or business equipment or even construction materials – it may well be a frugal and thrifty manoeuvre under certain circumstances.

5) You and your family can escape the preconceived negative perception caused by previous actions of your government.

6) You have more choice where to live or to work as you will automatically become a citizen of the country of a 2nd or even 3rd passport.

As you can see, it’s fairly handy to have an extra passport and will ensure that you can travel without restrictions placed by your country and you can escape the negative preconceptions of a pariah nation.

There are currently two Caribbean nations who offer 2nd passports on condition of an economic investment into their country and a due diligence process.

To find out more about acquiring a second passport, please contact us.

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Exchanging Large Sums of Currency

Exchanging Large Sums of Currency Using a Broker

When you purchase a home abroad, it’s sometimes necessary to exchange a large amount of money to another currency. What do you need to keep in mind?

When exchanging large sums of money, it would be cheaper to approach a broker for this instead of going to a bank. The rates you will receive with a broker will be better.

The broker will need to know your identity and he will need to confirm it. This is due to anti-money laundering laws. Documentation will need to be provided as evidence of identity, and proof of your address.

The broker will then start working for you to find a good exchange rate to buy your currency. When he contacts you with an exchange rate, you will need to instruct him to buy the currency on your behalf.

Once the purchase has been made, you will receive a contract note confirming how much you bought and the exchange rate. This contract note will inform you of where to send payment for the currency that has been purchased. It is also possible to transfer funds to the broker before the purchase is made, so that it is on hand for when the exchange rate is favourable.

Once the funds have been cleared, the broker will transfer the currency to the destination that you have stipulated. A payment confirmation will most likely be supplied by any principal banks that have been involved in the transfer.

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Saving Taxes with an Offshore Company

Offshore Company – A Legitimate Way to Save on Taxes

Saving on taxes is something almost everyone wants to do. However the majority of countries have tax laws that mean we must pay our taxes if we want to stay on the right side of the law. Yet there is a way to legally reduce the level of taxation you or your business are subjected to by forming an offshore company.
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The OPPLive Conference 2008

OPPLive Conference 2008

I’m packing my bags and getting ready to head for England! I’m not leaving my lovely island home forever, instead I am going to the UK to attend the OPPLive Conference in London, Nov 25-26th and give a presentation alongside CaribPro representative, Jason Kumpft. Our seminar entitled ‘Profitable Possibilities and Partners in the Caribbean’ will be held on 26th November from 11:00-12:00 in Theatre 3. The session will highlight the new opportunities that exist for both local agents and international partners in an exciting combination of real estate and offshore asset protection possibilities, including economic citizenship.
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Caribbean Second Passports

Starting a new life in the Caribbean with a second passport.

So you want to move to one of the Eastern Caribbean islands and start a new life? There are many decisions and even more options involved in such a move, and one of them can be economic citizenship.

Why economic citizenship? Economic citizenship programmes in the region allow foreign nationals a fast track to full citizenship of a participating country, through a government sponsored programme. For both personal and professional reasons, this can be a perfect solution for a number of reasons. If you have made a commitment to a lifestyle change, economically, physically and emotionally you want to move forward and finalise that commitment as soon as possible, which can include becoming a citizen.
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