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Offshore TERMS - Offshore DICTIONARY - Offshore GLOSSARY

What is the meaing of... ?

Family Holding Trust
Family Limited Partnership
Flight Capital
Foreign
Foreign Bank Accounts
Foreign Corporation
Foreign Investor in Real Property Tax Act of 1980
Foreign Person
Foreign Personal Holding Company
Free Zones
Fraudulent Conveyance

 

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Family Holding Trust. A trust that is created specifically to hold the family's assets consisting of real and/or personal property.

Family Limited Partnership (FLP). A limited partnership created for family estate planning and some asset protection. It is family controlled by the general partners. A highly appreciated asset is transferred into the FLP to achieve a capital gains tax reduction. Usually, the parents are the general partners holding a 1 to 2 percent interest. The other family members are the limited partners holding the balance of the interest in the partnership.

Flight Capital. Money that flows offshore and likely never returns. Flight is exacerbated by a lack of confidence as government grows without bounds.

Foreign. May be utilized in a geographic, legal or tax sense. When used geographically, it is that which is situated outside of the U.S. or is characteristic of a country other than the U.S.

Foreign Bank Accounts (U.S.). Every United States resident, partnership, corporation, estate or trust must advise the United States Treasury of any financial interest in or signature authority over a foreign bank, securities or other financial account in a foreign country and must report that relationship each calendar year by filing Form 90-22.1 with the Treasury Department on or before June 30 of the succeeding year. This report must be at the following address: United States Treasury Department, P.O. Box 28309, Central Station, Washington, DC 20005. A "foreign country" includes all geographical areas located outside the United States, Guam, Puerto Rico, and the U.S. Virgin Islands.

Foreign Corporation. A corporation organized under the laws of a foreign country and whose parent company in the home country may participate in any percentage of shares of the affiliate corporation.

Foreign Investor in Real Property Tax Act of 1980 (FIRPTA). Under FIRPTA and the Economic Recovery Act of 1981, unless an exemption is granted by the IRS, upon the sale of real property owned by offshore (foreign) persons, the agency, attorney or escrow officer handling the transaction is required to withhold capital gains taxes at the closing of the sale transaction. Unless withheld and submitted to the IRS, the party handling the sale transaction is personally liable for the taxes.

Foreign Person. Any person, including a U.S. citizen, who resides outside the U.S. or is subject to the jurisdiction and laws of a country other than the U.S.

Foreign Personal Holding Company (FPHC). Different than a controlled foreign corporation. Discuss with your CPA.

Free Zones. Free zones are designated areas which receive special treatment through their exclusion from the area to which the country's normal customs rules apply. A free port is one at which imports may be landed without paying customs duties. The system of free zones or free ports favors export processing, transshipment and the entrepot trade since there is no need to pay and then reclaim customs duties. Though free zones are often part of a tax incentive package in what would otherwise be a high tax jurisdiction, they may also be found in tax havens, e.g. Freeport in the Bahamas.

Fraudulent Conveyance. A transfer of an asset that violates the fraudulent conveyance statutes of the affected jurisdictions.

 

 

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