Is it possible to keep money in this tax haven without your country knowing? Privacy in the Bahamas?
Today we talk about the holding of money in bank accounts in the Bahamas, and some problems that have emerged in recent years.
The Bahamas is a historic offshore banking center, where wealthy entrepreneurs, from all over the world, have maintained bank accounts for decades, and have always offered excellent privacy to residents of other countries.
However, a problem has recently arisen, namely the signing of international agreements on the exchange of information.
Many of the people, who had bank accounts in the Bahamas, have not updated their tax planning strategy in consideration of these
changes, and are now receiving requests for information by the Revenue Agencies of their countries of residence, or have already received very heavy penalties.
In fact, the Bahamas, as well as many other well-known tax havens, such as the Cayman Islands, Bermuda and Jersey, have signed an exchange agreement with the American government; the latter allows the Internal Revenue Service to obtain the details of offshore accounts held by residents of the United States, and effectively cancels the strict banking secrecy usually in force in the Bahamas.
The Bahamas have also agreed to implement the OECD Information Exchange Treaty, and have now moved, from the OECD gray list, to the white list.
All the problems that are emerging recently for many taxpayers in consideration of this, could and can be avoided by a careful modification of one's tax planning strategy.
If you have ever held money in banks in the Bahamas, immediately seek an international tax lawyer, so that you can evaluate together
if there are procedures to resolve the situation, and avoid penalties and complications.
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