Offshore Company And Trust Owners In Belize Will Loose Confidentiality Protection
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Breaking News: Belize will make available to the public company and trust registers
Given the new laws on trusts Trusts are no longer private and must be kept in a public registry. Note that there is also an upcoming Law that will be approved soon in February [2020] that will also make IBC property no longer private. There will be a registry for all types of companies and it will be a public registry.
You must also take into account, as of December 2018, an IBC is required to pay income tax in Belize according to the Income and Business Tax Law, at a rate of 6% of monthly income and / or corporate tax at a rate of 25% of the income attributable after expenses. You can choose to treat the aggregate business tax paid in any base year as your final tax.
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Alternatively, you can choose to treat the aggregate business tax paid in any base year as a prepayment or credit toward your 25% tax on taxable income. Keep in mind that the previous tax rates are currently under review with a view to a possible reduction in them. An IBC incorporated on October 16, 2017 or earlier (as long as there are no IP assets acquired from a related party), will continue to benefit under the previous IBC regime until June 30, 2021 only in the main income generating activities. All other income must be subject to taxes under the new regime. As of June 30, 2021, all IBCSs are expected to be registered for taxes.
Since December 2018, there is an exchange control restriction if the an IBC is deemed resident in Belize. There is also a new requirement for registration of an IBC under the Economic Substance Act if the IBC is deemed to have substantial. An IBC incorporated on or before 16 October 2017 (provided there are not IP assets acquired from a related party), continue to benefit under the prior IBC regime up to 30 June 2021. As of 30 June 2021 all IBCs are expected to comply with the new regime.
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Cooks Island is an alternative jurisdiction to open a Trust. It enjoys a sound legislation for asset protection and allows the Trustee to move the assets of the Trusts to another jurisdiction for the benefit or security of the Trust as well as declare that the Trust shall take effect in accordance with the law of another jurisdiction different from Cook Island’s.
Readers should note that this article is only intended to convey general information on these issues and that FAS CPA & Consultants (FAS) in no way intends for the contents of this article to be construed as accounting, business, financial, investment, legal, tax, or other professional advice or services. This article cannot serve as a substitute for such professional services or advice. Any decision or action that may affect the reader’s business should not rely solely on the contents of this article, but should rather be consulted on with a qualified professional adviser. FAS shall not be responsible for any loss sustained by any person who relies on this presentation. This article is subject to change at any time and for any reason.
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