There are some interesting tax laws for operating financial firms offshore that allow 100% US ownership and no current tax; you are taxed on distribution for US citizens. Very complicated, very expensive and very interesting ...
Ok, got your number now metoox - I also saw the article below when it came out ... so Bahamas experiencing a sudden spurt in the insurance business? 'Petris Underwriters Ltd.' ... hmmm. Tell us, is the venture actually launched or still in the works? http://www.nytimes.com/2003/04/01/business/01INSU.html "Help for Bad Times Now Helps Rich By DAVID CAY JOHNSTON Fifty years ago Congress, trying to help farmers and others having a hard time getting insurance, allowed the creation of tiny, tax-exempt insurance companies. Now, some of those taking advantage of the program do not make their living off the soil. One is Peter R. Kellogg, a billionaire Wall Street investor who has used the insurance exemption to escape more than $100 million in taxes on investments in four years. Eighty-five hospitals in New York State have avoided $27.5 million in taxes over five years. Alfa Mutual Fire Insurance in Montgomery, Ala., saved $58 million on federal corporate income taxes over three years ..."
Yes, the Keys have crystal clear water and reefs galore. One of the differences is that most of the islands are connected via bridges, so you are not isolated and can drive from key to key - it's about 80 miles or so from the top (Florida City) to the bottom at Key West which is 90 miles from Cuba. So if you live in the middle keys like Marathon you can be in Key West in one hour and you can be be in Miami in one hour and a half. You can go shopping in the bigger keys or Florida City or Miami and also get a flight out to Europe etc. It's the best of all worlds. You also have DSL in most of the keys and Internet Cable is being installed at this time. As far as tax advice is concerned - I thought Income Tax Accounting at the university and am familiar with most of the intricacies of off-shore money strategies. While there are some tax saving strategies, they are basically available to big business only. Tax shelters and organizations set up solely for the purpose of tax avoidance are not legal and that's what these advertised specials amount to. Just check what the Justice Department is doing in this are and you will se that the good old days are over.
at the university (yes, I'm being a wiseass) btw - metooxx, I owe you a very overdue e-mail or call. sorry, things took a very strange turn some months ago and I've been very busy.
itrader1 that was a nice little plug for living in the Florida Keys, but I am still wondering what you meant by ... "and remember who runs the Bahamas" in your previous post would you mind to elaborate a little or will you just just leave it as an innuendo??