The International Consortium of Investigative Journalists (ICIJ) just released the latest tranche of information for public consumption as part of the Panama Leaks investigation. Of interest to Barbadians is that a browse of the information on the Panama Leaks website reveals the following linked to Barbados domicile:
Here is the link to the Barbados page.
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Ha-ha…what I dont get is as soon as these panama Leaks hit the media and were btought to the attention of the US presidented he made sure an immediate criminal investigation was initiated after an initial investigation inti corruption but not Fruendel Stuar he wants the public to find proof of cirruption and take it to the DPP themselves, the public must do his job becsuse he know he ent corrupt, so that is everyone else’s problem, not his.
I see Paul Altman’s name is there, what a thing.
Is that the Tisch, mulit gazilllionaires from the US real estate dynasty…wow
And who is Amphora Life Insurance.
Some of the names do sound false…but what do I know…lol
Peter Boos,, lol, now that is no false name, for sure
And on and on
Amphor Life Insurance is on the 2nd floor of CGI LIFE ONSURANCE at Warrens…is that a co-incidence, hell no, cause I dont believe in coincidences, nor santa claus nor the stork…nor any kind of fantasy.
Seems like a lot of entities, names, addresses etc. for 166 square miles
Blacklisting of Barbados “unfair and unwarranted”, says PM
http://www.nationnews.com/nationnews/news/81042/blacklisting-barbados-unfair-unwarranted-pm
PRIME MINISTER Freundel Stuart has described as “unfair and unwarranted”, the European Commission’s 2015 blacklisting of a number of countries, including Barbados, as uncooperative tax jurisdictions.
While delivering remarks today at the Delegation of the European Union at Hastings, Christ Church, at the Commemorative Ceremony for Europe Day 2016 and the 40th Anniversary of the European Delegation’s presence here, Stuart said Barbados was surprised at the backlisting.
The Prime Minister told his audience: “There are reports that in the wake of the so-called Panama Papers, the prospect of another list looms. I trust that this will not materialise and that the European Union has by now recognised that the financial services sector is a vital element of the economies of a number of Caribbean countries, touching their very existence.
“Harm to that sector unleashes a sequel of negative economic and social impacts on our development efforts which cannot easily be repaired, and which undermine legitimate initiatives at alternative options for development to replace those of old.”
Well Well & Consequences May 9, 2016 at 5:20 PM #
What? No Santa Claus? What are you saying????
Fruendel will probably say the Panama Leaks papers are false, he is already inviting citizens to do their own investigstions and present them to the DPP. For Fruendel alone he would shut down the Panama Leaks papers investigation, but this is way above his pay grade, he has no say in what happens next.
All because the politicians do not want to use whatever brains they have left to advance the country, but much prefer to remain dependant on tax evaders, as long as it puts money in yheir pockets……nice going.
Idiocy reins.
Lol….I am still trying to find company executives for Amphora Life Iinsurance, but they are none.
There is too much assumption that presence of international tax structures, means some level of illegality.
This is incorrect, largely these structures will be legal, in accordance with international tax treaties and done to enable the best use of investment funds.
Therefore, to talk of DPP etc is not only premature but unfair, without knowing the facts of each structure.
Certainly, there may be some structures done that avoid declaration to relevant authorities, but those will be evasion and not avoidance, i.e. those evade declaration of their existence rather than acknowledge the existence and follow existing tax rules.
But one cannot broadbrush all of the arrangements, one must decide on a case by case basis.
No matter if it seems mouthwatering and gossip-worthy, let us not run to conclusions.
That said, onto the reality:
The reality is that the existence of ‘beneficial tax structures’ (legal) is under attack and therefore without some lenience on the part of the finance ministers of developed countries, who could choose to recognize that such structures may assist to lubricate the runnings of international corporate structures as well as assist small island nations, likely we are looking at the last days of international tax benefits such that individuals and corporations can derive lenience in taxation based on the location of assets rather than being taxed on their ultimate country of residence.
This is very serious for those jurisdictions that rely on such business for income, it will be devastating.
Therefore, restraint may be needed before ‘pulling the rug’ from this industry, repercussions may be quite shocking and may cause economic issues at home as well, for those jurisdicitons that run roughshod over the industry.
”based on the location of assets rather than being taxed on their ultimate country of residence.”
To clarify, I mean the ultimate country of residence of the shareholders / beneficial owners.
I find it interesting that secret SWISS bank accounts were “accepted ?” until other countries got in the game.
One ‘out’ may be to encourage the very wealthy to relocate and accept citizenship of the countries with low tax levels.
However, this has its own challenges, particularly where such countries have low country ratings and where it is uncertain whether foreign exchange is easily accessible.
One wonders if the cutting of correspondent banking ties in the Caribbean recently is tied to an attempt to cut such a move off at the pass i.e. if banking arrangements are weak, unlikely that such countries can attract the wealthy to accept citizenship / residence and all that entails.
Preemptive?
Hants May 9, 2016 at 8:09 PM # I find it interesting that secret SWISS bank accounts were “accepted ?” until other countries got in the game.
..
Just SWISS? How about Monaco, Lichtenstein, Delaware, Vermont?
Just another day in paradise. Ho hum.
Barbados is a low tax jurisdiction.
Barbados conforms to the tax treaties made with the Canadian government.
@Hants, good question, maybe I can hazard a guess of an answer.
How about…
The current thrust by developed nations to collect more taxes (could not care less before), is a tacit acknowledgement that their economies are in deep xxxt and that they are desperate for funds.
Aside from creating a third world war to eliminate a third of the population (which some people are capable of), what must they do?
Collect more taxes… ?
Hants May 9, 2016 at 8:16 PM #
Barbados is a low tax jurisdiction. Barbados conforms to the tax treaties made with the Canadian government.
..
And for how long will this arrangement stay?
http://www.cbc.ca/news/politics/mps-want-more-revenue-canada-powers-to-fight-tax-havens-1.1389175
Wont take up more of your space but for this post,
As for US and tax havens, be aware that due to FATCA, all banks wishing to do business with the US banks, MUST declare any accounts / funds held by a US citizen, wherever located, to the US authorities.
That is a mirror arrangement to the requirement that all US citizens, wherever located, MUST declare their accounts and income, wherever located and wherever they are located.
Any bank who does not adhere to this, will lose the right to do business in the US.
I believe that to avoid this cumbersome process, a few European banks have simply asked US customers to move their accounts to another bank.
@ Hants why do people who live in a low tax jurisdiction need to bank their money overseas?
@ Heather,
I don’t know anybody who banking money overseas.
Freundel Stuart says anyone with evidence of corruption in his Government should bring the proof – See more at: http://www.nationnews.com/nationnews/news/81043/nation-newscast-2016#sthash.ipjelLBe.dpuf
Hants May 9, 2016 at 8:44 PM # Well, for this government, I see three policy priorities, above all else:
water, energy and food security. More reservoirs, more water extraction methods, forget sugar and produce ground food and animals, support farmers, solar electricity
secure borders in all respects i.e. policing as well as putting in place ample measures for screening for viruses (temperature screening and quarantine).
decide who you would support in time of upheaval and lay the foundation i.e. US etc?
Reasons – (1) it should be obvious that there are signs of turbulence, and having survival resources in place is critical
(2) border security is critical if turbulence hits internationally. If that turbulence is in the form of a superbug, port screening and quarantine is essential
(3) If turbulence is in the form of a war, make sure you have your allies picked early and security measures in place.
(2) and (3) may sound far-fetched, but in times of severe economic issues, severe turbulence hits and my belief is that there are those who will try to stop it getting to the stage of criticality for themselves i.e. there are those who would see a third of the world population eliminated by war or superbug.
Superbug is less obvious and probably, will move faster.
Think it doubtful? Look at how fast chickengunga and zika spread, Were those ‘testers’?
Wild or not, as the scout’s say, be prepared.
decide who you would support in time of upheaval and lay the foundation i.e. US etc?”
To clarify, decide to support and show support for US etc early.
@ Hants, I asked the wrong question then. Let me re phrase it. If the assumption is that Barbados is a low tax jurisdiction why have some people who live here and are on the list opted not to bank their money here.
@ Heather,
it is not an assumption. Barbados is a low tax jurisdiction.
I have no knowledge of who banks their money in or out of Barbados and I have not read “the list”.
What I am getting from this is the island is a low tax jurisdiction for companies registered as offshore companies, like Gildan who pays a measly 1.5% in taxes, the gray area comes in why they feel the need to then have a few or 300+ shell companies in Panama, Bahamas, over here, over there and everywhere, if they are not engaging in downright criminal activities…
When the international investigators strip away the layers, they will know who did what, how much money, where it originated, it’s destination and I hope they know more often than not all money has to pass through a US clearing house aka US bank, then we will know who the money launderers are AND what attractive ciminal activity lured them from a low tax jurisdiction, to a no tax? jurisdiction..
According to all the info coming out about how these accounts are set up, not so much the why….just yet…..but the intent was not honest and no one is surprised at the local names being called, because they are not known ss honest people.
Hants…I wonder who the captives in Amphora really are..lol
Crusoe…it’s obvious something is boiling.
Hants…if Mia was a serious leader, tomorrow during the no confidence motion, she would present the proof, but they all still feel it’s a game, so Fruendel is grandstanding. The list is at the top Hants, some names you may know.
And these shell companies should give more info on who owns them..Cotswold, although a south african company registered in Barbados, tells you who their executives are, with photos….not so Amphora….is there something to hide.
Like Crusoe has stated many many times, there is nothing wrong for entities to setup to benefit from double tax treaties. Now we have a searchable database for Barbados the FSC and Randy Graham will go to work behind the scenes to do their audits.
Well Well & Consequences May 9, 2016 at 5:16 PM #@
I and we already gave the PM as Pm and the PM as AG proof in 2009 and AG 2010 So he full of Jobby,
If he had acted on the Land Fraud alone he would have seen CLICO and all the other acting Big crooks liars and scumbags,
When white people talk Niigggaaa JUMP,, jump down to F for failing economy and F for the last down grade line for Barbados,
Panama Papers will leave Barbados with out jobby paper. Bim is next behind Venezuela
DBLP is full of Jobby as posted ,,
Harris is FUNDING SD PARTY AGAINST THE CUP, A ONE MAN PARTY and all the car fraud that was going on,
The Canadian government set up tax treaties to the benefit of rich Canadians. Barbados getting 2 % and Canadians reinvesting their money in Canada “tax free” but some uh wunna Bajans complaining.
The rich will do everything in their power to get richer.
Nothing significant revealed…two UK real estate tycoons and one famous member of Zepplin. Otherwise just names of those who get paid to facilitate such transactions.
@Hants BIM is only low tax if you have an IBC, locally it isn’t low tax.
@ Hants do not get defensive. I am just trying to draw some logical conclusions. You have posted quite a bit on this blog. Even if you have not read the list and we all agree that Barbados IS a low tax jurisdiction, why would locals not bank here? The question is open to all.
@ NorthernObserver,
I am well aware of taxation for the average Bajan.
@ Heather Cole, my family and friends who live in Barbados bank in Barbados.
@ Well well, I applaud you for your persistence. Some of us appear to be more concerned with discussing the meaning of words such as avoidance and evasion! The podcast below is self’ -explanatory. Good day to you.
Heather
You posted a question that obviously needs an answer. It is an answer that even if you come up with a logical explanation, the geographical position of Panama to that of Barbados will still make you wonder why Panama for banking and not Barbados. You would also wonder what advantages made Panama a suitable choice for banking that made Barbados the lesser of the two attractions.
Since the Panama leaks has open a pandora’s box of illegitimate business transactions, the likes of which has forced Presidents, and Foreign ministers to resign and flee their countries, caused prominent persons in other countries to be taken into custody, expose offshore companies belonging spouses of world leaders, and open up serious investigations into potential money laundering operations that are incriminating business names and people behind those business names, one can only conclude that for the same reasons these people found Panama as an attractive safe haven to do their particular business with that those named companies and the few names behind those named companies were in Panama and their banks for the very same reasons (i.e. protection from scrutinization in order to safeguard business transactions that were probably not above board).
Even if the undertakings of the named businesses are not associated with any skulduggery they will be hard pressed to escape any labels or investigations in light of all that has transpired since the leaks.
@SSS
Panama is not a well regulated jurisdiction when compared to Barbados.
@Heather, ”Heather May 9, 2016 at 9:13 PM # @ Hants, I asked the wrong question then. Let me re phrase it. If the assumption is that Barbados is a low tax jurisdiction why have some people who live here and are on the list opted not to bank their money here.”
..
You do understand that the world and its banks are ‘global’? The money can be banked anywhere. The international markets are located in New York and London mainly. That is where any logical investments will be.
Should not be hard to understand.
Well Well said ”According to all the info coming out about how these accounts are set up, not so much the why….just yet…..but the intent was not honest and no one is surprised at the local names being called, because they are not known ss honest people.”
…..
How do you know what the intent was? Both stating that the intent was not honest and that the names connected were not honest is straight out libel.
I am not saying that all of the companies connected with Panama, nor Barbados for that matter, are honest or not, but to broadbrush is simply wrong and unfair.
As for Exclaimer ” words such as avoidance and evasion’.
Yes and why do you think ‘some of us’ are discussing those words? That you do not understand their meaning and implications speaks volumes. Those two words imply to vastly different scenarios and arrangements, one within the law and one outside of the law.
And any tax regulator, coming to assess, will have those two scenarios, that those words describe, top of mind.
Lawdy, talking to bricks.
http://www.nationnews.com/nationnews/news/81062/movement-money-worry
Well the central bank governor is worried. I say those companies who are not evading taxes should welcome an international investigation to clear their names….hmmmm.
Exclaimer…many dont realize how convoluted these tax games can becone…thin line between capitalim and thievery. The Tisch on the list is connected to Gildan.
A relative of mine who has international interests was thinking of setting up offshore in Barbados, seeing that the funds were being earned offshore…so I suppose the local people who have offshore companies registered in Barbados, which makes no sense, will have to prove HOW their funds are being earned offshore and the ones who have offshore companies registered in Paname will have to prove a hell of a lot more.
There is an international investigation ongoing, a local investigation will not be trusted or acknowledged, given that Fruendel already believes he can cover up.
@Crusoe
The haste to judgement by some has to do with a wish to have greater transparency in how we do business in Barbados. Many projects, including Cahill, HRL Ltd and many others,clearly show there is a need.
Crusoe…calm down, there is a reason why there is an international investigation, it was first deemed that there is criminality involved, hence there was reason to proceed to investigate, you are looking at it from a local perspective, which is useless, we are a looking at it from an international perspective, which is more realistic.
Hants May 9, 2016 at 11:06 PM # The Canadian government set up tax treaties to the benefit of rich Canadians. Barbados getting 2 % and Canadians reinvesting their money in Canada “tax free” but some uh wunna Bajans complaining.
….
So the wrong impression is not left hanging for others to read.
The above is factually incorrect. The Canadian government created beneficial tax arrangements by tax treaties in order for Canadian entities to have a vehicle to be competitive in international markets, by having a lower based tax regime to work with.
And many entities made use of this arrangement, as any logical person / company would.
If you have a problem with some people being wealthy, heck state so.
They have every right to make use of the legislation as it stands.
If you think that such arrangements need to stop, state that the legislation should change.
But I have an issue with people accusing people they do not know, nor the circumstance, of malfeasance.
For the record, I am not wealthy, nor have such holdings, but am simply trying to be fair and balanced in this.
And for the record, obviously there will be some who are flying below the radar, but one cannot blame all for the actions of a few./
BTW Crusoe, dont care how you look at it…international banks can and will, as they have been saying ad nauseum and with regularity for the last year, close these accounts, so we are not the bad guys, just being realistic.
This chat about libel will not phase international investigating agencies or their accompanying policing agencies.
@ Well Well,
You are looking at it from an international perspective? How? So am I.
You state that the investigations are now ongoing because criminality is involved.
How can one even begin to make such an assessment, without first understanding the circumstances in each case?
Putting the cart before the horse.
Yes, there have been a few caught in the early exposures, but if you think that such will be the norm, you are in for a surprise.
For the record however, my contention is that such arrangements will come to an end, due to changes in legislation across the world.
Except maybe for Monaco, Lichenstein , Vermont and Delaware. (sic).
@ Well Well ‘this chat about libel..”
…
That is because the investigating agencies will first examine each on a case by case basis, rather than rampantly accusing all of malfeasance.
And because those agencies would never boldly proclaim such arrangements to be all illegal, as a few of you here have inferred.
@Crusoe
Thanks for your dispassionate interventions. Many need to understand that doing business in the offshore world is not illegal. We have had a system breach that made this information dump possible. We need to let the regulators go to work. After tourism the international business sector helps to pay the bills. Some of us do not like it but this is how small islands are set up. We need to continue to diversify how we plan to support our people. How we produce in a more sustainable way.
Again…as long as criminality was found in the initial investigation, as was found last month, triggering a criminal jnvestigation, yes, every company has to be looked at with suspicion….what we can all say is, the companies have to know if they are engaging in criminal activities and what will be the outcome….company by company, because yes, they will be investigated one at a time and very thoroughly.
And that is what the local politicians should be focusing on…how to diversify to sustain island people, not hoping it all goes away re offshore companies and investigations, they can hope for the best expect the worse, because I will give another dose of reality, the amount of billions many countries have been losing in taxes due to evasion….they will look for any thread and pull.
Under international criminal laws, it’s a cakewalk.
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