Recently in Channel Islands Category
At a hearing held on 3rd May entitled 'Offshore Tax Evasion; Stashing Cash Overseas' the United States Senate Finance Committee considered how it could overcome the problem of US taxpayers evading local tax by placing their assets 'offshore'. Information exchange was seen as one of the solutions suggested that could help the US treasury close that 'tax gap'.
In the course of the hearing, testimony submitted made particular reference to the use of 'tax havens'. As Guernsey has been included in a list of 'offshore secrecy jurisdictions' and as a 'tax haven country' in bills currently being promoted before the US Senate, it was considered important that the Committee should be made fully aware of Guernsey's status as a well-regulated, well-respected financial centre, and of the considerable steps it has taken, and continues to take, in cooperating in the fight against international financial crime.
Tax Efficient Hosting With Netcetera at Internet World 2007
Netcetera, Europe's leading web host, is attending Internet World 2007, the UK's largest B2B Internet event taking place at Earls Court from 01 to 03 May 2007. The company, the only offshore web host taking part, will showcase the tax efficiencies of hosting any E-Business venture in the Isle of Man, with a casino theme, on stand No. W502.
A partial amnesty is to be offered to people who have evaded tax by moving their funds into an offshore account. People that own up to tax evasion will pay back taxes with interest and be fined 10% of the tax owed. However, if they do not come forward they face a full Revenue & Customs investigation and fine equivalent to 100% of any tax owed. The Revenue has details on thousands of accounts held with the offshore branches of major EU and UK banks.
Recent changes to the law mean the island is a step ahead of other offshore competitors, such as the Isle of Man and Jersey, which have not updated their IP legislation.
Continue reading "Guernsey Centre for Intellectual Property Registration"
Alderney, part of the UK's Channel Islands, has appointed a prominent e-commerce executive to head up the jurisdiction's already successful e-gambling sector.
The Alderney Government (known as the States of Alderney and regarded as being globally at the forefront of eGambling regulation), announced yesterday that they had appointed Robin Le Prevost to drive their burgeoning eGambling Industry forward.
A blaze on Friday has badly damaged Sealand, an inhabited former military platform, about eight miles east off the coast of Essex and Suffolk. The so-called "independent state" of Sealand is home to an internet firm. The British Government does not recognise the sovereignty of Sealand.
A landmark receivership case has been brought to Guernsey’s Royal Court to recover the assets of a Bahamian company, Vavasseur Corp., which had swindled $121m. from investors. The funds were fraudulently obtained from investors in the US and Europe through the sale of fictitious securities and were traced to various jurisdictions. This included $2.65m. in a Guernsey bank account.
Continue reading "Guernsey Secures $2.65M for Fraud Victims"
The Government of Jersey, has announced is plans to become the latest state in the region to issue online gambling licenses, following the success of its neighbor, Alderney. Numerous online gambling sites currently have offices in Jersey. Jersey will now take another step into the market as plans are in place to issue online gambling licenses.
Continue reading Jersey Set To License Online Casino and Gambling Sites
The Isle of Man was chosen by the South Korean island of Jeju as an example of an exceptional role model for e-commerce development, the Manx government has announced.
In a television programme aired on South Korea's national network, the Isle of Man was described as "an IT paradise created on a tourist island", following a visit by reporters from Jeju's television station.
The Isle of Man has both maintained and improved its competitiveness and currently stands as one of the world’s leading jurisdictions for e-business, according to a recently published report.
The findings of the report by Charteris, the IT consulting firm, were announced by the Isle of Man government last week, and according to the company, the Isle of Man has been "very successful in maintaining a strong and steady marketing position on e-business compared with its jurisdictional competitors".
Following the announcement of the granting of a gambling licence to Poker Stars, the second largest operator of its type in the world, the resulting publicity both in the business and trade media is helping to raise considerably the Isle of Man's profile in the international e-gaming industry.
The Department of Trade & Industry says it is in negotiations with a number of very significant companies wishing to relocate all or part of their operations to the Island. These range from additional poker and sports betting operators to businesses supplying specialist IT skills and experience, such as may be used in hosting gaming companies systems and in providing disaster recovery facilities.
by Kevin Smith -
A new taxation scheme for online gambling went into effect in the Isle of Man Wednesday.
Approved in April, the new system is aimed at making the Isle of Man a more attractive jurisdiction for prospective licensees as well as appeasing operators already based there. It is intended to better equip the Isle of Man to compete with the United Kingdom once the U.K. Gambling Act is fully implemented.
By Carolyn Batt -
Luxembourg, Jersey or The Bahamas? The Isle of Man, Cyprus or Bermuda? It's a question many expats face frequently, and it's not about where to take their next holiday.
In the financial sense, "offshore" means a jurisdiction other than the one where you reside. But it is important that investors in offshore funds consider both where the fund is domiciled, and whether there is a satisfactory investor protection regime in place, before parting with their savings.
By Matt Richtel -
The Isle of Man, a British crown dependency in the Irish Sea, is reversing a four-year-old policy that has deterred Internet casinos based there from accepting bets from United States residents.
The policy change, while affecting only a handful of Internet casinos, adds a wrinkle to an emerging trade battle between the United States and many other countries over Internet gambling.
