Banking in the Caribbean
The Offshore Banks in
the Caribbean are located in well established Tax Havens and serve the
needs of traditional offshore companies (IBCs). These banks provide a
full range of offshore internet banking services, issue debit cards and
provide multi currency accounts.
We can refer you to a
well established private bank for your St. Vincent offshore banking.
With St. Vincent bank account you will be able to fulfill all your
personal bankings needs. St.Vincent offshore offers internet banking
with a multi-currency account and a debit card with worldwide access.
Guide to open Bank account at Saint
Vincent in the Caribbean
Banks in the Caribbean
Agricultural Development Bank of T&T
Altamira International Bank Barbados
Antilles Banking Corporation
BancAssurance Caribbean Limited
Bank Crozier Limited
Bank for International Settlements
Bank of Jamaica
Bayshore Bank & Trust Barbados
Caribbean Banking Corporation Ltd.
Caribbean Development Bank
Caribbean Mercantile Bank N.V.
Central Bank of Barbados
Central Bank Netherlands Antillies
Central Bank of Trinidad & Tobago
CIBC Jamaica Limited
CIBC West Indies Holdings
Citadel Bank & Trust Barbados
CitiBank Group Limited
CL Financial Group Limited
Cocorite St. James Credit Union
CDC Capital Partners
Development Finance Limited (DFL)
DGM bank & Trust Barbados
Eastern Caribbean central Bank
European Investment Bank (EIB)
EXCICO Export Bank of Trinidad
FINSAC Financial Sector Adj. Co.
First Citizens Bank Ltd.
First Citizens Mortgage & Trust Co.
Grenada Bank of Commerce
Grenada Capital Bank
The Home Mortgage Bank
Inter-American Development Bank
Inter Commercial Bank of Trinidad
International Monetary Fund - IMF
Jamaica National Commercial Bank
Maduro and Curiel's Bank Curacao
National Bank of Anguilla Limited
National Bank of Industry & Commerce Guyana
National Commercial Bank of Grenada
NatWest Banking Group
Promo Bank Haiti
Republic Bank Limited
Republic Bank T&T Barbados Limited
Republic Bank T&T Cayman Limited
FINCOR - Republic Finance & Merchant Bank
Royal Bank of Canada
Royal Bank Caribbean
Royal Bank of Trinidad & Tobago
Royal Bank Trust Co. (Trinidad) Ltd.
Royal Merchant Bank & Finance Co. Ltd.
Scotiabank Trinidad & Tobago Ltd
Scotiatrust and Merchant Bank
Standard Chartered Bank
St. Kitts Nevis Anguilla National Bank
Trinidad & Tobago Unit Trust Corpn.
Triton Capital Bank Group
Credit Card & Online Services:
Bermuda Financial Network - Easy Pay
Discover Card Services
1 Offshore Banking & Offshore Company Formation Services Ltd.
Bahamas Financial Services Board
Bahamas National Investment Policy
Bahamas Offshore Accounts
Bayshore Bank & Trust Barbados
Caribbean Business Services Ltd - CBSL
Caribbean Group for Cooperation in Economic Development
Chartered Trust Company
Dehring Bunting & Golding - Jamaica
Elite International Services
DEG German Invest & Dev. Co.
International Development Ireland Ltd
International Compliance Organisation
International Corporate Management Services
International Finance Corporation (IFC)
JAMPRO - Jamaica Export & Investment
KPMG Corporate Services (Belize)
MIGA MultiLateral Investment Guarantee Agency
Offshore Financial Centres
Offshore Secrets Network
Small Business Development Company Trinidad
Statistical Institute of Jamaica
Wall Street Offshore
Amethyst Ships - USVI
CaribInfo - Research & Business
CPS Offshore Banking Forums
Trinidad & Tobago Stock Exchange
Wealth International Limited
World Trade Organisation
The U.S. National
Bureau of Economic Research has suggested that roughly 15% of countries
in the world are tax havens, that these countries tend to be small and
affluent, and that better governed and regulated countries are more
likely to become tax havens, and are more likely to be successful if
they become tax havens. In 2010 it was reported that Google uses
techniques called the "Double Irish" and "Dutch Sandwich" to reduce its
corporate income tax to 2.4%, by funnelling its corporate income through
Ireland and from there to a shell in the Netherlands where it can be
transferred to Bermuda, which has no corporate income tax
Andorra – No personal
Anguilla – A British Overseas Territory and offshore banking centre
Antigua and Barbuda
The Bahamas levies neither personal income nor capital gains tax, nor
are there inheritance taxes.
Barbados – A 'Low-tax regime' not 'Tax haven'. – The
government of Barbados sent off a high level note to members of the
United States Congress recently in protest of the label "Tax Haven"
stating it has the potential to undermine or override the
Barbados/United States double taxation agreement. Since appearing on
the 2009 OECD/G-20 white-list, the Barbados government began an
international ad-campaign to market the country as the only Caribbean
country to be included on the white-list.
Belize – No capital gains tax.
Bermuda does not levy income tax on foreign earnings, and allows foreign
companies to incorporate there under an "exempt" status. Companies are
"exempt" from the local 60/40 ownership laws, and are not offered any
special tax status. Exempt companies are also limited from doing local
trade and may not hold real estate in Bermuda, nor may they be involved
in banking, insurance, assurance, reinsurance, fund management or
similar business, such as investment advice, without a license. The
island also maintains a stable, clean reputation in the business world.
At present, there are no benefits for individuals. In fact, for a
non-Bermudian to own a house on the island, they would have to pay a
foreign ownership tax of 25% of the purchase value, and minimum of
$15,000 a year in land tax alone. They also can only purchase homes of a
specific type and high value (over $4 million), so the tax is generally
greater than $1 million.
Bosnia and Herzegovina – 10% corporate income tax, 10% income tax, 10%
capital gain tax
British Virgin Islands: the 2000 KPMG report to the United Kingdom
government indicated that the British Virgin Islands was the domicile
for approximately 41% of the world's offshore companies, making it by
some distance the largest offshore jurisdiction in the world by volume
of incorporations. The British Virgin Islands has, so far, avoided the
scandals which have tainted less well regulated offshore jurisdictions.
Bulgaria – 10% corporate income tax, 10% income tax, 10% capital gain
Campione d'Italia an Italian enclave within Switzerland
In the Channel Islands, no tax is paid by corporations or individuals on
foreign income and gains. Non-residents are not taxed on local income.
Local taxation is at a fixed rate of 20% in Jersey, Guernsey, & Alderney
and 0% in Sark.
Cyprus: this jurisdiction has grown recently in popularity and
anticipates further future growth. As a jurisdiction Cyprus is in a
position to exploit its unusual position as an offshore jurisdiction
which is within the EU. 10% corporate tax (0% for shipping companies),
20 - 30% income tax, 20% CGT
State of Delaware a State in the USA which charges no income tax on
corporations not operating within the state,
Egypt – 20% corporate income tax, 20% income tax, No capital gain tax
Gibraltar is no longer considered a non-cooperative tax haven since
30 June 2006. No new Exempt Company certificates are being issued from
that date. All previous Exempt Company certificates will be
ineffective from 2010.
Hong Kong's tax rates are low (16.5%) enough that it can be considered a
tax haven. Hong Kong does not levy tax on capital gain as well. However,
it contains a highly vibrant service economy and its low taxes were not
designed to make Hong Kong a tax haven. Hong Kong itself has usually
rejected the label. The former financial secretary, Nicholas Haddon-Cave
has asserted: "In Hong Kong we rely on our low tax structure and free
movements across exchanges to encourage investment, and not on the usual
gimmicks of tax holidays and quick write-offs found in tax havens."
The Isle of Man does not charge corporation tax, capital gains tax,
inheritance tax or wealth tax. Personal income tax is levied at 10–20%
on the worldwide income of Isle of Man residents, up to a maximum tax
liability of £115,000 (as of April 2010). Banking income tax is levied
on the profits of Isle of Man based banks at 10% and income from the
rent of Isle of Man property is levied at the same rate.
Labuan, a Malaysian island off Borneo
Macau - Corporate tax rates between 9-12%. Personal Income tax rates
between 5-12%. No capital gains tax. No tax for companies operating "off
shore". The overwhelming majority of the Macanese gov't taxes are
derived from a hefty casino tax of 39%. All Macanese Residents
(Temporary and Permanent) are entitled to an annual cash handout from
the gov't of MOP3600 or MOP6000 (Approx. $450 USD/ $750USD).
Mauritius – based front companies of foreign investors are used to avoid
paying taxes in India utilising loopholes in the bilateral agreement on
double taxation between the two countries, with the tacit support of the
Indian government, who are keen to improve figures relating to inward
investment. The use of Mauritius as a gateway to funnel foreign
investments into India has always been controversial. Mauritius's
financial regime has a number of the key characteristics of a tax haven,
which has helped to facilitate this.
Republic of Macedonia – corporate taxes 10%, income taxes 10%, tax on
reinvestment profit 0%
Monaco does not levy a personal income tax.
Nauru – No taxes. Only tax in country is an airport departure tax.
Netherlands Antilles – In October 2008 the State Secretary of Finance
announced that the Netherlands Antilles along with the Isle of Man would
begin to seek ways to combat the 'Tax Haven ' label that has been placed
on their territory by some governments. The leaders hinted they would
welcome a more level playing field in terms of the international
financial services industry.
New Zealand does not tax foreign income derived by NZ trusts settled by
foreigners of which foreign residents are the beneficiaries. Nor does it
tax the foreign income of new residents for four years. No capital
Norfolk Island – no personal income tax.
Panama 'Offshore' entities are not prohibited from carrying on business
activities in Panama, other than banks with International or
Representation Licenses (see Offshore Business Sectors) but will be
taxed on income arising from domestic trading, and will need to
segregate such trading in their accounts.
Russia – 13% personal income tax
St Kitts and Nevis
St Vincent and the Grenadines
Switzerland is a tax haven for foreigners who become resident after
negotiating the amount of their income subject to taxation with most of
the cantons of Switzerland in which they intend to live. Typically
taxable income is assumed to be five times the accommodation rental
paid. French-speaking Vaud is the most popular canton for this scheme,
thus it is usually called "forfait fiscal". For businesses, the canton
of Zug is popular, with over 6000 holding companies.
Turks and Caicos Islands The attraction of the Exempt Company lies in a
combination of its tax exempt status and minimal disclosure and
administrative requirements. In order to obtain tax exempt status the
subscribers must at the time of incorporation lodge at the Companies
Registry a signed declaration stating that the business of the company
will be mainly carried on outside the Turks and Caicos Islands. The
subscribers are not required to inform the Registrar of the identity of
the beneficial owners. An exempt company must nominate a representative
resident in the Islands for the purpose of service of legal process.
There are more than 15,000 International Business Companies registered
in the Turks and Caicos Islands.
Ukraine – 15% income tax
United Arab Emirates for individuals and Jebel Ali Free Zone for
United States Virgin Islands offers a 90% exemption from U.S. income
taxes and 100% exemption from all other taxes and customs duties to
certain qualified taxpayers.
United Kingdom no Capital Gains Tax for non-residents or foreign
corporations or overseas Trusts, no worldwide taxation for non domiciles
Vanuatu's Financial Services commissioner announced in May 2008 that his
country would reform its laws so as to cease being a tax haven. "We've
been associated with this stigma for a long time and we now aim to get
away from being a tax haven."