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- Call account/Deposit account - The
balance of these accounts can be...
- Camouflage passports - Certain
companies offer over the Internet or through mail order what are known as...
- Capital Contributions - Defined
as the sum of the total amount of cash and the...
- Capital flight - The movement
of money (a verb)from country to country...
- Capital gains - For tax purposes,
this is a gain on an asset...
- Captive insurance company - A
captive insurance company is a company whose charter (license) permits it
to offer insurance to unrelated third parties...
- Caribbean Common Market (CARICOM)
- Regulates trade in the Caribbean region...
- Caribbean Financial Action Task Force (CFATF)
- The "little brother" to...
- CARNIVORE - An e-mail monitoring
system developed by...
- Cedula - This is a credit card-sized
national ID...
- Cell company - The first use of cells
was within an offshore insurance company...
- Charging Order - This area is
rapidly changing. If you have a Limited Partnership or so-called Family Limited
Partnership for asset protection purposes...
- Charitable Lead Trust - A
charitable lead trust involves a current gift of...
- Charitable Limited Partnership (CLIP)
- The CLIP is structured as...
- Charitable Purpose Trust -
The "charitable purpose trust" has been around for centuries, usually...
- Charitable remainder trust (CRT)
- Offshore planning tip: If a charitable remainder trust is funded with cash...
- Chartered Financial Analyst (CFA)
- A globally recognized standard for...
- Check the box - Applies to the LLC
where an IRS tax election is made...
- Chutzpah trust - Chutzpah (noun),
rhymes with "foot spa", gall, brazen, incredible "guts"...
- Citizenship - The status of
being a national of a country...
- Civil forfeitures - One of the
most thorough investigators and reporters on the subject of...
- Civil law - Jurisdictions not following
a common law structure use...
- Closer connection exception - A
US resident (but not a US citizen) could claim...
- Colato - An acronym for common
law trust organizations...
- Comity, judicial - The recognition
of a foreign judgment in the local jurisdiction...
- Commercial annuity - Generally
an annuity issued by an insurance company...
- Commercial activity - This
term has been interpreted to extend beyond the...
- Common law trusts - Another
tax protest scam...
- Commonwealth, British - Commonwealth
members...
- Company limited by guarantee
- A corporation whose liabilities are...
- Company limited by shares - A
corporation whose liabilities are...
- Company Property - Defined as
all property owned, leased, or...
- Compensatory stock - It is
the situation where there is the transferor assigning a...
- Competent Authority - Competent
authority provisions are found in tax treaties whereby...
- Constitutional Trust -
See Pure Trust...
- Consumer Price Index (CPI) -
A U.S. price indicator that measures...
- Contract Hybrid - An Isle of
Man entity. It is a variant of...
- Controlled foreign corporation (CFC)
- If 50% or more of a foreign company is owned by...
- Corporate Sole - Offshore promoters
in Costa Rica and elsewhere make claims for the...
- Cosmetic changes - Once a particular
tax avoidance scheme gets on...
- Cost of Living Adjustment (COLA)
- An annual adjustment of wages to...
- Cost of Living Index (COLI) - A
term used to indicate changes...
- Criminal Investigation Division (CID)
- ...of the IRS. Whenever greed leads to crime...
- Cross-border - Used more in the
context of activities between companies located in...
- Crummey powers - Crummey powers
are used in U.S. trusts to avoid...
- Cuba - Cuba is a highly illustrative
case of an emerging market fund...
- Currency exchange - A domestic
bank can undertake such transactions but usually...
- Current account/Checking account
- This is the most common type of...
- Custodian - A bank, financial
institution, or other entity...
- Cybersquatter - Those who reserve
domain names and then seek to...
- Fair market value - An amount that
would be paid by a willing seller and...
- Family limited partnership (FLP)
- A limited partnership intended for family estate planning...
- Family Partnerships, Limited Liability
Companies and S-Corporations, in General - Partnerships and closely
held corporations are often used...
- Federal Accounting Standards Advisory
Board (FASAB) - FASAB has been recognized by the American Institute
of Certified Public Accountants (AICPA) as the entity to...
- Federal Deposit Insurance Corporation
(FDIC) - The FDIC has only ever had , throughout its entire history...
- Federal Reserve (FED) - The US
Central Banking system...
- Federal Reserve Bank - One of
the twelve regional banks of...
- Federal Reserve Board - The seven-member
Federal Reserve System Board of...
- Federal Reserve System - The
U.S. central bank...
- Fiduciary Account - An amount
typically deposited with a Swiss Bank...
- Fiduciary Account - An amount
typically deposited with a Swiss Bank...
- Financial Action Task Force (FATF)
- An action group set up by the OECD...
- Financial Services Information Sharing
Center - A private computer network linking the U.S. banking industry
to...
- Financial Services Modernization Act
of 1999 - In November 1999, the U.S. Congress passed a...
- Financial Stability Forum -
The Financial Stability Forum was created by the...
- Financial Times (FT) - London...
- Financial Times stock index (FTSI)
- Equivalent to U.S. Dow index...
- Fiscal crimes - A euphemism for...
- Fixed Period Deposits - These deposits
are made for a pre-determined period...
- Flag-of-convenience ships - Vessels
commonly owned by companies in highly industrialized countries...
- Flexible or discretionary trust
- A trust in which the trustee is granted broad powers...
- Flight Capital - A noun. See capital
flight, the verb....
- Forcolato - A contraction for
a....
- Foreign Asset Protection Trust (FAPT)
- ...
- Foreign bank - A U.S.-chartered
bank subsidiary of a foreign bank is a domestic bank...
- Foreign beneficiaries - Fiduciaries
of trusts and estates are deemed...
- Foreign Currency Account - An
account maintained in a bank in another currency than...
- Foreign Investor in Real Property Tax
Act of 1980 (FIRPTA) - Generally, that tax law requires foreign owners
of...
- Foreign non-grantor trust (FNGT)
- This is an amalgamation of terminology...
- Foreign Personal Holding Company (FPHC)
- If they are used to hold investment assets and...
- Foreign persons - See non-resident
alien....
- Foreign sale corporation (FSC)
- FSC's are usually subsidiaries of U.S. corporations located in tax havens
such as...
- Forfaiting - The process of
purchasing at a discount registered bank paper...
- Forfeiture rules, asset - The
burden of proof for U.S. asset forfeiture by government requires only that...
- Form 8832 - This IRS form is
the "Entity Classification Election"...
- Form TD90.22-1 - Treasury form due
on June 30 of each year...
- Foundation - Foundations are
formed frequently for wealthy families...
- Frankel, Martin R. - Operating
under many aliases, he and his companies defrauded...
- Free zone - A free zone (or a free
port, if it involves a harbour) is...
- Obligor - The person or company
that is obliged to...
- Office of Foreign Assets Control (OFAC)
- OFAC issues bank reporting rules with respect to...
- Offshore - Offshore is simply
a "code" word for away from your own...
- Offshore Bank - Any bank outside
of the country in which...
- Offshore bank failures - Some
include Guardian Bank-Cayman, Euro Bank-Cayman...
- Offshore Banking - By popular
usage, the establishment and operation of...
- Offshore Banking Unit (OBU)
- A bank in an offshore financial center...
- Offshore Booking Centers - An
offshore financial center used by...
- Offshore Company - See International
Business Company or exempt company...
- Offshore Financial Centers -
A country or jurisdiction where...
- Offshore Group of Banking Supervisors
(OGBS) - Established in October 1980 at the instigation of...
- Offshore Institute - An Institute
originally formed by...
- Offshore investing - The pros
and cons of offshore investing...
- Offshore insurance - Where
a foreign based insurance company issues a universal or variable life policy...
- Offshore Limited Partnership (OLP)
- A partnership, the general partner of which is...
- Offshore Profit Centers - Branches
of major international banks and...
- Offshore provider - How much
you want to spend on an offshore provider depends on...
- Offshore Trust - The quality
that differentiates an offshore trust from an onshore trust...
- Offshore Trusts for Canadians
- RevCan rules differ somewhat from the IRS rules but both seek to restrict
or limit...
- Old and cold - In the vernacular,
usually refers to having set-up an APT many years prior...
- Old money - The term old money was
given new meaning by...
- Omega Group - Appears to be an offshore
MLM program where...
- Online gambling - In an effort
to skirt U.S. laws against gambling, many companies...
- Onshore asset protection trust
- The domestic (AK, DE, RI, NV) asset protection trust is unproven and...
- Opaque trusts - An offshore trust
with discretionary beneficiaries...
- Ordinance - A body of laws,
similar to an Act...
- Ordinary income - For tax purposes,
this is a category of income that does not enjoy any special tax advantages...
- Organization for Economic Cooperation
and Development (OECD) - This is the international organization of
the...
- Oxymoron - A combination of contradictory
or incongruous words...
- Sealand - In the L.A. Times on
Wednesday, June 7, 2000 on the front page...
- Second citizenship - There are
a number of perfectly legitimate reasons for securing a...
- Second passport - Securing a second
passport depends upon your needs...
- Secret trust - An offshore trust
privately administered...
- Section 1035 exchange - A domestic
insurance policy can be exchanged for an offshore insurance policy...
- Self-liquidating loan - There is
no such thing as...
- Self-settled trusts - Available
in the states of Rhode Island,...
- Seller - See transferor and annuitant...
- Series LLC's or Series LP's - A
Delaware statute was the first to authorize...
- Service provider - Financial planner,
CPA...
- "Shadow" check - A pseudo-check
where there is a credit debit card charge...
- Shield companies - An offshore
IBC or exempt company with...
- Schultz, Harry D. - Author of a
number of investing books in the...
- Side letter - See...
- Smurfing - Most international
banks will not clear third party checks because...
- Socially responsible investing (SRI)
- Investing in stocks that are...
- Sociedades Anonimas (S.A.)
- A limited liability company, for example in Mexico...
- Solvency, declaration or affidavit of
- Executed in writing by a candidate grantor...
- South Sea Bubble - Led to a speculative
frenzy and the first stock market crash in...
- Sparbuch (also, Ueberbringersparbuch)
- A former Austrian type of bank passbook savings account...
- Special needs trust - "It would
seem to be a risky proposition to establish a trust without...
- Spoofing - Stock market manipulation.
Placing phantom bids for...
- Spurious passports - Spurious
passports have the appearance of a passport, but...
- Stanford International Bank -
Locatated in Antigua, it is owned by Allen Stanfor...
- Star trust - A Cayman Islands form
of...
- State Education Savings Programs and creditors
- Alaska's soon to be implemented program contains...
- Stiftung - A German word for
foundation which is used in some civil law jurisdictions,...
- Stock beta - A stock's beta
is an indicator of volatility...
- Stock options - A contractual
right to purchase a specified number of shares of ...
- Sub-part F income - This is offshore
income to U.S. persons. It is extremely difficult to define, but...
- Suspicious activity report (SAR)
- U.S. banks are required to report on any bank transaction if...
- SWIFT - An acronym for The Society
for Worldwide Interbank Financial Telecommunication...
- Swiss Postbank - Available in Switzerland,
providing regional banking institutions without...
- Tax avoidance - International tax
attorney, J. Richard Duke, calls to our attention...
- Tax incentives - When tax benefits
are part of a jurisdiction's...
- Tax evasion - Tax evasion is a crime
in the U.S., and...
- Tax exempt companies - Allowed under
IRC section 501(c)(3). But, there are other exempt entities...
- Tax haven - Depending how one classifies
a countries attributes, one author claims that...
- Tax protestor - The Internal Revenue
Manual, Audit, defines "tax protester" as...
- Tax treaty - Tax treaties between
countries provide for...
- Taxable Presence (UK)/ Permanent Establishment
(US) - This relates to the law regarding taxation of...
- Taxes - The U.S. is one of the few
countries...
- Taxpayer's lament - Tax his cow,
Tax his goat; Tax his pants, Tax his coat;...
- Taxpatriate - This new word is defined
as a...
- Technical Advice Memorandum (TAM)
- A request by a local IRS office or the taxpayer or both to the IRS national
office...
- TECS - The U.S. Treasury Department
maintains a data bank which is...
- Tellers Check - As a draft drawn
by a bank...
- Trade Program - A term for the participation
in...
- Tranche - A specified part of
a larger transaction...
- Transferee - The person or
organization that receives property in exchange for...
- Travel document - Includes passports
and other NON-PASSPORT documents that are...
- Treasury bills or T-bills - For
U.S. T-bills the face value on these instruments is only valid on...
- Triple witching - The quarterly
expiration of stock options,...
- Trust - A contractual arrangement
between the owner of property (the grantor), a beneficiary and...
- Trust deed - A contractual arrangement
between the owner of property (the grantor), a beneficiary and...
- Trust protector - The trust protector
of a trust is generally granted limited powers...
- Turks & Caicos Islands - Turks &
Caicos Islands offer a UK type of...
- Turner, Don - Creator of the "colato"
and...
- Wagman, Brent - Brent Wagman has
was sentenced in late 2000 to...
- Walking trust - It's called a
walking trust since...
- Warehouse bank - A bank used
to help evade taxes...
- Wealth effect - Stock-market gains
make consumers feel richer than...
- Western Union Quick Pay - With
Western Union Quick Pay, the customer of a legitimate U.S. company simply...
- White Collar crime - Generally involves
tax fraud (evasion, false tax returns, failure to file), money laundering...
- Withholding Tax - Most countries
levy a tax on various types of...
- WRAP Trust - The WRAP trust (Wealth,
Retirement, Asset Protection) is an...
- Zmuda case - Zumua v. C.I.R., 731
F.2d 1417 (9th Cir. 1984), which held that:...
Excerts from "The Offshore Money Book" by Arnold L. Cornez
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