Archive for September, 2009
Offshore Taxes
About Offshore taxes
The main reason that people invest offshore rather than onshore is to avoid paying taxes.
Over the last years the evolution of telecommunication and technology has made it easier to gain access to offshore facilities. As a result, today’s offshore industry has developed into a major global industry across the entire world. Due to the proliferation of technology and offshore tax heavens, almost half the world’s financial transactions have some form of participation with these offshore centers.
The most common use of a properly structured non controlled Foreign Corporation, one that is owned by a Foundation or Trust is tax deferred investing. The difference between losing one third or more in taxes annually and tax free compounding over 20 or 30 years is so compelling, that no one would choose the former option.
One of the most fundamental concepts to keep in mind about benefiting from offshore tax havens is that the control and management of the tax generating entity be it a company, a Trust or a Foundation must be in the low or free tax jurisdiction.
Many powerful companies are using offshore jurisdictions to maximize the profits of their shareholders whilst ensuring their prices are rock bottom for consumers.
Offshore tax paradise
Offshore tax havens have a long and difficult history, dating back to the French revolution, when the wealthy people used them to shelter their assets from civil unrest and also to take advantage of the effects of compound interest in a free tax environment. As a consequence of a mixture of people’s ignorance, limited accessibility to offshore tax havens and offshore professionals, the charm surrounding the offshore world grew to mythical proportions.
It is kind of hard to rank jurisdictions as no haven can be all things for all people. However, the experts believe that these 10 countries can provide the best asset protection and stability: Switzerland, Panama, Belize, Jersey, Gibraltar, Lichtenstein, St. Kitts & Nevis, The BVI, Costa Rica and Antigua.
Offshore Investing
About Offshore Investing
As an introduction of this article, I want to explain what offshore precisely refers to. Offshore is now an international word meaning not only out of your country jurisdiction but out of the tax reaches of your country of residence or citizenship. Investing offshore is a good solution for companies that do a lot of international business and for individuals who want to protect their person assets. Offshore banking in mixture with having an offshore company guarantees high flexibility and efficiency.
Why investing offshore?
The main reason people usually invest offshore is to avoid paying taxes. An offshore investment can be better than an onshore investment because it is less regulated and the behavior of the offshore investment provider, whether he is a banker, a fund manager or a stock broker, is freer than it could be in a more regulated environment.
One important thing to consider, when investing offshore is the political stability of the country because you could lose all your of your money while trying to avoid paying taxes in your country. However our days, over half of world’s transactions take place offshore. Offshore Investments grow much faster, because the gain on investment that is reinvested is much larger, since no tax was paid on the gain.
Who can Invest Offshore?
Anyone residing remote of their home country for over 183 days is suitable to benefit from greater returns to be derived from offshore savings and investments by choosing to invest or save offshore rather than onshore. But, to benefit from the low tax regimes that are available offshore, the individual has to own a residence offshore and for a resident in a high-tax area, there must be an offshore structure distancing offshore gains from the onshore taxes.
A few tips
The most important thing as I said is the political stability of the country in which you chose to invest.
There has to be a banking secrecy and there should be no withholding tax for foreigners in that country.
The offshore country must have no information exchange treaties with your country.
It would be better if your offshore bank does not have any branches in your country.
You should avoid Muslim countries and don’t forget that there is nothing illegal to own a tax free corporation.
Oil Rig Work
Working conditions and benefits
Working in an oil rig company could be very challenge and very interesting. Beside of physical requirement, you can get a good salary and excellent facilities. Most of the workers rooms are similar to hi class hotels including food, laundry and any pension paid by the employer. The work schedule is very well organized by shift rotation with fourteen to twenty one days off. And even if that is not all after oil rig work there will be approximately three to five year offered to you as the vacation for your health recovery.
Working on an oil rig
Oil rig work on an oil platform can be physically demanded. The workers have to perform all the tasks as drilling man, tool pusher or motorman etc. These employers are also required to work in the rig platform as engineers, mechanical drilling rigs, drilling rig electricians, platform engineers, control men, chief engineers and medical team or what else is necessary.
However even though oil rig work is tough, workers can also gain lot of benefits such as convenient living life and high wage. Once the workers get on the rig platform, they will stay in the rooms that can clearly be seen as the luxury hotel rooms with other services like food and laundry included. Furthermore, one of the best benefits of oil rig work is to have fourteen to twenty one days off every year. And that means more than half a year you are free and you can do whatever you like.
Salary
There are a lot of oil rig companies located in many countries such as Saudi Arabia, USA, UK, Canada, Russia, China, Nigeria, Mexico, Norway, Kuwait, Venezuela or the United Arab Emirates. Working on an oil rig will probably bring you about 300$ per day or 50,000$ per year. The employment on specific positions will earn even up to $100,000 per year. So the average salary for an oil rig worker will range from about 50,000$ up to 220,000$ per year.
Safety
There are a lot of safety measurements that any oil rig companies must follow.
All workers should wear safety boots, helmets, safety glasses and other safety protection devices.
All oil rig workers have to stay alert during night time because they may require taking night shifts.
Smoking is allowed on the rig only in special places and oil rig workers have to remove their equipment when they want to eat. Weapons are strictly prohibited in the oil platform.
