What you will find in this edition
- News & Conference Update
- Offshore Banking Basics
- International Spirits & Cuisine
- Executive Fitness
- Business Tech
- Good Reads
- Business Services – Funding
News & Conferences
Items You May Have Missed
* U.S. Agents Raid Caterpillar Over Offshore Tax Practices
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*Should Bitcoin be included in your investment portfolio?
Click for Article
* The Case for a Border-Adjusted Tax
Click for Article
* Captive Insurance Companies Association
(CICA) 2017 International Conference
Whether you are new to captives and risk retention groups or an experienced professional, you’ll come away with ideas to defy disruption and maximize your captive’s potential in the face of tomorrow’s challenges. This year’s CICA Conference offers strategies for cyber risk, employee benefits and healthcare
When: March 12-14th, 2017
Where: San Diego, CA
Click Here for Information
* Self-Insurance Institute of America 2017 International Conference
Conference is focused on helping U.S.-based companies identify and understand potential business opportunities related to self-insurance/captive insurance in key countries throughout Latin America and the Caribbean.
When: April 18-19, 2017
Where: San Juan, Puerto Rico
Click Here for Information
Captive Acquisitions
Offshore Banking Basics
Overview
The world economy is a very competitive market where businesses vie for profit and governments compete for investment capital daily. Banking is essential to that process and a dual edged tool. While it remains the cornerstone to a sturdy economy and an expanding financial system, since it is the business of moving money for profit, banking provides both the depository to attract assets as well as the facility to move wealth away. Therefore, banking is frequently seen as a zero-sum game in which one side wins and another looses. We regularly receive questions regarding offshore bank ownership and banking entities that can be established in the United States. To that end, we thought it might be of interest to offer you a few of the following items for review. It is of course important to stipulate that banking offshore is not a tax shelter for any citizen of the United States or of any country with worldwide income tax.
Guidelines to Offshore Bank Ownership
The legal framework that allows for the establishment of an offshore bank is found within the borders of the overseas jurisdiction granting the license. Usually, the framework is embodied in a “Banking Act” and supervised by a Board of Governors whose Chairman is often the Minister of Finance. Every independent country can set whatever requirements it wishes for those who aspire to be bank owners. There are of course various political influences that affect these requirements. In the vast majority of cases, it is within the best interests of the licensing jurisdiction to establish qualifications that “weed out” undesirables. This is usually accomplished with background checks and paid-in-capital requirements. Paid-in-capital relates to funds that need to be posted for the benefit of the bank. The general rule of thumb is that more developed nations have particularly stringent ownership requirements. Every country, however, competes for the influx of capital and providing legislation that allows for the international banking is a tremendous source of revenue.
United States
In the United States, the Comptroller of the Currency is the chief regulator of national banks and is appointed by the President for a five-year term, with confirmation by the Senate. The holder of this office also serves as one of three directors of the F.D.I.C. Within the United States, there are at least two types of entities, which are essential “offshore banks.” An Edge Act Corporation is a federally-chartered U.S. corporation that is only allowed to engage in international banking or other financial transactions related to worldwide business via the authority established by the Edge Act in 1919. The International Banking Act of 1978 allows foreign banks to own Edge Act corporations. There are also International Banking Facilities (IBFs) which are institutions in the United States allowed to act as depository banks and offer services to foreign residents and institutions free of some Federal Reserve requirements plus some state and local incomes taxes.
The Famous Cayman Island Banks
South of Cuba and Northwest of Jamaica, this small island territory is a major international hub and the fifth largest banking center in the world. It is a location where myth and fact have often been blurred by those willing to buy into what has become known as the “Grisham effect.” As you may recall, the famous fiction writer John Grisham used the Cayman Islands as a backdrop for several of his books. Some of his works were turned into movies with the most famous one being, “The Firm,” which starred Tom Cruise and was released in 1993. For many years, the Cayman Islands suffered from the “Grisham effect,” as it was painted within his books as location where money can be stashed away by criminals. The beauty of the location added a certain romance to the idea of ill-gotten funds being placed in illicit Cayman banks. The reality, however, is far more boring. The Cayman Islands is a highly regulated and full compliant jurisdiction and as such not exactly an ideal location for drug dealers or anyone else to launder their funds.
It is possible to become an owner of a Cayman Island bank and previous banking experience is not necessary needed. Although, in reality, it greatly improves your chances of approval, and the odds are that your directors will need a stellar CV demonstrating financial experience. There are three types of licenses: Class A, Class B unrestricted and a Class B restricted. As at December 31, 2013 there were 199 category B banks authorized. A Category B bank permits the holder to undertake full banking services from within the Islands or elsewhere, but prohibits the taking of deposits from any person resident in the Islands, other than another Licensee, or an exempted or an ordinary non-resident company that is not carrying on business in the Islands.
We hope you find this synopsis informative. Please feel free to forward any questions or your thoughts to us.
Forward comments to:
Call:+1- 310-601-3115 (USA)
or Email: contact@corb7.com
International Cuisine & Spirits
International Flavors to Your Front Door!
* The Doobie Brothers and Wine!
B.R. Cohn Winery is one of the few remaining family-owned and operated estate wineries located in Sonoma Valley and is just so happens to be owned by the former manager of the Doobie Brothers Band. The legendary rock bank started in the 1970s and has sold more than 40 million albums over five decades. Situated in the heart of Northern California’s Sonoma Valley, B.R. Cohn produces outstanding olive oil but most of all an exceptional assortment of wine. We had the opportunity to visit their vineyard last January and fell in love with their Cabernets. We think you will enjoy it too.
BR Cohn Wine
Check out this YouTube Video: Please Click Here
* Best Potato Chip Ever?
From St. Louis, Missouri The Billy Goat Chip Company may produce the best chips you’ll ever taste! We certainly have become fans of their product. If you share our weakness for potato chips, then this is the product for you. Great website and easy to order online too.
Check out this YouTube Video: Please Click Here
Executive Fitness
Online Fitness Channel
If you are into fitness and health, this is a YouTube channel that you definitely need to review. Thomas Delauer has become a fitness icon having gone from an overweight young man in a corporate job to a fitness model who has been on the cover of virtually every major magazine. His channel is informative, and the presentations are based on the latest science. DeLauer may be a little overwhelming at times with his knowledge, but it certainly can be helpful during a long business trip when the motivation to train can be in short supply.
Thomas Delauer YouTube Channel
Business Tech
Translation App
iPhone Video Hero
We think this is really cool and fun. It is very simple to download and for about $14, you can speak directly into your phone and get the exact phrase in one of many different of languages. Our favorite is English to Italian and unless our skills drastically improve before the next trip to Italy, you can bet this app will be along for the ride.
Good Reads
Online Learning
What is Lynda.com?
Visit Site
Lynda.com is a tutorial site offering more than 1,000 courses over a wide range of diverse content. Their catalog is extensive, and the instructors are superb. Courses which could be lengthy and boring when presented in a traditional format are split into easy to comprehend segments. Titles you will find include: Photography, Business, Web Design and Video. Membership starts at $25 per month and in our opinion is well worth the investment. You may want to take a look.
Check out this YouTube Video Please Click Here
Business Services
Funding with Absolutely No Upfront Fees!!!
For the benefit of Business Owners located in the United States we have established a very unique referral service via one of our affiliates. We now have a project funding program with no upfront fees, no financials and no collateral!
The Ideal Candidate would have:
Credit Score of 720 plus (others may qualify)
Business Entity registered within the United States
Funding varies but typically ranges $50,000 – $150,000.
For the benefit of Business Owners located in the United States, Canada or Puerto Rico we have established a very unique referral service via one of our affiliates. We now have a project funding program with no upfront fees, no financials and no collateral!
The Ideal Candidate would have:
Annual Revenues of $250,000 or more
Business Entity registered within the United States, Canada or Puerto Rico
Funding typically $100,000 Plus
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“The Complete Guide to Swiss Trust Company Ownership”
by Jeffrey H. Corbett
