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Tax Haven Dominica

The tax haven of Dominica is situated in between the French overseas departments of Guadeloupe and Martinique. The official language of the island nation is English and the official currency is the Eastern Caribbean Dollar (XCD) Tax haven Dominica has made a name for its self as a popular tourist destination and a very important offshore financial center. As an offshore jurisdiction Dominica incorporates international business companies (IBCs), oversees the formation of international exempt trusts and offers offshore banking services.

The Commonwealth of Dominica is also known as the nature island of the Caribbean. The country is referred to as such because of its rich rain forests, rivers, lakes and flora and fauna. Visitors to Dominica are enthralled by the country’s natural beauty. Dominica is said to have three hundred and sixty five (365) rivers which prompts locals to say the island has a river for everyday of the year. Voted as one of the top five (5) places in the world to dive, Dominica is a diver’s paradise. The tax haven of Dominica offers superb diving experiences along with whale and dolphin watching which can be done in various locations around the island.

The tax haven of Dominica is very proud of the country’s heritage and the authorities and population are determined to protect the country’s history. Much work has gone into restoring historic forts and other important historic artifacts and heritage on the island. Dominica is perhaps the only Caribbean country with descendant of Caribs one of the local tribes which Columbus discovered when he first visited the islands. The Caribs live freely in a Carib Reserve with much of their culture intact. The Carib Reserve is very popular among tourist to the island. The Carib Indians are very skilled persons.

The offshore tax haven of Dominica for many years before the country gained independence from Great Britain to this date has enjoyed political stability. The offshore tax haven of Dominica gained independence from Great Britain in 1978.Dominica also has a very stable economy which is supported by the tourism and offshore financial sectors along with agriculture. Dominica is the perfect place to for incorporating offshore corporations and making investment. The government ensures that there is proper legislation in place which makes the tax haven stand out among other tax havens and offshore jurisdictions in the Caribbean region. The offshore business entities in Dominica are a sure and legal means of protecting assets

The tax haven of Dominica first passed offshore legislation in 1996. This enabled the incorporation of international business companies. The legislation for the formation of international trusts and offshore banking legislation soon followed. The government of the island nation has pledged to keep the offshore sector alive and well ahead of the competition. For this reason there has been many amendments made to the various act which supports offshore business and services in the offshore tax haven.

As a tax haven Dominica has no income tax and corporate tax in place for offshore companies incorporated in the jurisdiction. Income earned abroad by offshore companies and international trusts are not subjected to local taxation in the offshore jurisdiction of Dominica. The tax haven of Dominica has no wealth tax, capital gains tax, withholding tax, inheritance tax or gift tax for offshore corporations. Once incorporated in Dominica an offshore business company is legal and can engage in business anywhere in the world. The interest earned by offshore bank accounts in the jurisdiction is not taxed in Dominica. Offshore bank accounts are available for individuals and corporation.

Dominica as a tax haven makes available all the right conditions for offshore clients with interests on the island. Privacy for offshore clients and corporation is highly rated on the island and this is part of offshore legislation. Information regarding offshore corporations and trusts cannot be given be given out without the written consent of the companies’ owners or trust. Disregard for this is considered a criminal offense and this carries severe consequences which includes prison time and fines. Offshore bank accounts are protected by banking Secrecy laws in the tax haven. Like the offshore company information can only be given out by the offshore bank account holder and much like the offshore company if the information is given out without the authorization of the account holder there are stiff penalties in place.

The tax haven of Dominica also offers economic citizenship to persons who are willing to make a financial economic contribution to the country. Persons who are interested in this program will have a very intense due diligence investigation carried out about them. Persons with a history of criminal records are not considered as qualifying candidates.

The tax haven of Dominica is investor friendly and provides investors and corporations with legal means of reducing taxes. Dominica as a tax haven will continue to provide efficient services with the help of very progressive legislation.