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The Benefits and Pitfalls of

Banking and Investing Offshore

John Wiley & Sons, Inc.

Copyright © 2007 by Hoyt Barber. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted

in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or

otherwise, except as permitted under Section 107 or 108 of

the 1976 United States Copyright Act, without either the prior written permission of the

Publisher, or authorization through payment of the appropriate per-copy fee to

the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923,

(978) 750 - 8400, fax (978) 646 - 8600, or on the web at Requests to the

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Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their

best efforts in preparing this book, they make no representations or warranties with respect

to the accuracy or completeness of the contents of this book and specif ically disclaim any

implied warranties of merchantability or f itness for a particular purpose. No warranty may

be created or extended by sales representatives or written sales materials. The advice and

strategies contained herein may not be suitable for your situation. You should consult with a

professional where appropriate. Neither the publisher nor author shall be liable for any loss

of prof it or any other commercial damages, including but not limited to special, incidental,

consequential, or other damages.

Regulations, prices, and fees quoted in this book may change occasionally without notice by

the various government bodies and private companies.

This book is intended to provide accurate and authoritative information on tax havens and

related subject matters. Neither the author nor publisher assumes any responsibility for the

use or misuse of information contain herein. The author is not providing professional

advice to readers of this book.

It is the responsibility of readers to obey the laws of the United States and other countries

and, when appropriate, to consult competent legal and/or other professional assistance if so


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Library of Congress Cataloging -in-Publication Data

Barber, Hoyt L.

Tax havens today : the benef its and pitfalls of banking and investing offshore / Hoyt


p. cm.

Includes bibliographical references.

ISBN-13: 978 -0-470-05123- 8 (cloth)

ISBN-10: 0 -470-05123-X (cloth)

1. Tax havens. 2. Tax planning—United States. 3. Tax planning—Canada. 4. Tax

planning—Great Britain. I. Title.

K4464.5.B373 2006



Printed in the United States of America.

10 9 8 7 6 5 4 3 2 1

“To the hunted, not the hunter;

to the passage, not the path.”

Special dedication to my friend,

the late Manuel G. Espinosa, Esquire,

a true gentleman and a scholar.

Also, in memory of Harry Browne,

fellow author, economist, freedom fighter.