Comments on: Growing pressure on tax havens http://offshoreinn.com/expatriate-news_offshore/growing-pressure-on-tax-havens/ Offshore Inn for International Real Estate, Overseas Jobs, Asset Protection, Expatriate Resources and Overseas Retirement Thu, 09 Feb 2012 01:34:23 +0000 http://wordpress.org/?v=2.6.3 By: Inn Team http://offshoreinn.com/expatriate-news_offshore/growing-pressure-on-tax-havens/#comment-15 Inn Team Wed, 26 Nov 2008 23:36:48 +0000 http://offshoreinn.com/?p=590#comment-15 The Isle of Man is another one of those jurisdictions that on the surface sounds good but isn't so good at all in practice. The Isle of Man Banking Act recognizes the contractual duty of a banker to keep the affairs of his customer confidential and the customers' rights to confidentiality. There are limited exceptions to these principles, set out in the Financial Supervision Act of 1988, and these include circumstances where disclosure is required to assist criminal proceedings or to enable the FSC to discharge its statutory functions. So here you see the giant loophole, not good. The Isle of Man also does not have anonymous bearer share corporations. We can see no reason to use the Isle of Man for anything related to privacy. But it is convenient as a stepping stone before you leave your country of domicile if based in the UK. The Isle of Man is another one of those jurisdictions that on the surface sounds good but isn’t so good at all in practice. The Isle of Man Banking Act recognizes the contractual duty of a banker to keep the affairs of his customer confidential and the customers’ rights to confidentiality.

There are limited exceptions to these principles, set out in the Financial Supervision Act of 1988, and these include circumstances where disclosure is required to assist criminal proceedings or to enable the FSC to discharge its statutory functions.

So here you see the giant loophole, not good.

The Isle of Man also does not have anonymous bearer share corporations.

We can see no reason to use the Isle of Man for anything related to privacy. But it is convenient as a stepping stone before you leave your country of domicile if based in the UK.

]]> By: Mr Alex http://offshoreinn.com/expatriate-news_offshore/growing-pressure-on-tax-havens/#comment-14 Mr Alex Wed, 26 Nov 2008 17:01:52 +0000 http://offshoreinn.com/?p=590#comment-14 Would you advise moving funds from IOM to another place please? Would you advise moving funds from IOM to another place please?

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