- 1 FATCA
- 1.1 I Have Overseas Accounts and Income, Now What?
- 1.2 Under FATCA, Does the IRS Want to Arrest and Prosecute People?
- 1.3 The Basics of FATCA, OVDP, and the “Streamlined” Program?
- 1.4 What Does “Willful” Mean?
- 1.5 If I Happened to be Willful, Can I Still Enter One of These Programs?
- 1.6 What is The Difference Between OVDP and The IRS Streamlined Program?
- 1.7 What Does It Mean To Not Comply With FATCA?
- 1.8 When Will These Programs Disappear?
- 1.9 Why Hire an Experienced International Tax Law Attorney?
Saint Vincent and the Grenadines is a common location for individuals to form an IBC (International Business Company) and conduct business. Why? Because under many circumstances Saint Vincent and the Grenadines is not liable for any taxation even if the company has its principal place of business/residence in Saint Vincent and the Grenadines. (This does not exempt U.S. Taxpayers from U.S. Tax or reporting under FATCA – See Below).
Moreover, the independent nation has its own specific confidentiality law that prevents disclosure of confidential information worldwide. The following is a breakdown of the different entity formations available in Saint Vincent and the Grenadines:
International Business Companies Act: This is one of the more common types of business entity structures. It requires only one shareholder and one director. Moreover, there is no specific reporting requirements, although financial records must be retained and most importantly – there is no requirements for a local director or limitations on where they be held. Moreover, share capital can be expressed in any different countries currency and various different types of shares may be issued. This type of company is exempt from taxation for 25 years.
Offshore Trusts: whether or not a US person will be subject to taxation on a foreign or offshore trust and depend largely on who is considered the grantor. One of the benefits of the trust in Saint Vincent and the Grenadines is that you will be allowed to appoint the protector – who holds the power to terminate a current trustee – and service additional person watching the trust. The trust will not be subject and taxation of these records with local law.