Pacific Course: New Alternative to Old Offshore

In 2017, the classic offshore companies that offer the possibility of full tax exemption (British Virgin Islands, Belize, Panama, Nevis, etc.) became unattractive for Russians because of the steady loss of what was once the benefits there: closed share registers, the possibility of using nominal values, complete lack of company reporting and convenient banking schemes. This year was marked by a surge of hyperactivity in FATF (The Financial Action Task Force on Money Laundering), predicting the imminent end of the offshore industry. Recent events with the banks of Cyprus and the “Panama Papers” make this believe. In Latvia, US companies Navigant Consulting Inc, Promontory Ltd. and Exiger LLC conducted an “independent” bank audit, which led to the closure of Trasta Commerce Banka and confusion among the rest. The increasing pressure of FATF on banks has led to the fact that the usual Latvian banks have become inhospitable. Continue reading →