The Organisation for Economic Cooperation and Development (OECD), founded shortly after WWII and based in Paris, desires to promote a free market and the exchange of information, policies and ideas throughout the international financial community. It is comprised of 30 of the world’s industrialized nations and thus wields a tremendous amount of power; especially in naming countries they feel have been “uncooperative tax havens.” The countries are encouraged to put reformations into place that would hopefully discourage illegal money laundering and tax evasion.
These reforms generally involve creating equal taxation between resident and non-resident companies within each jurisdiction. However, the countries named as uncooperative tax havens became tax havens mostly because their original taxes were so low – which means that even when the tax structure is evened, it still presents attractive opportunities for foreign investors while not changing or sometimes even helping resident businesses.
Are there individuals and corporations that seek to use offshore financial centres for illegal activity? Yes. However, MIDAS and other legitimate offshore consultants can recognize the signs and will steer undesirable elements in another direction.
The overwhelming majority of investors simply want to improve their bottom line, manage their wealth, provide for their families or expand their investment horizons. At MIDAS, our only goal is to assist you in these and other financial endeavors. The OECD will continue to have a serious impact on the international offshore financial community, and MIDAS will continue to monitor all relevant reports and consult with you on any changes that may arise from their findings.