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Living in the Grey Area - Zetland Fiduciary Group Sees Both Sides for Offshore Companies

Top Quote The debacle over demands by the US that Switzerland break its longstanding banking secrecy policy have brought the issue of corporate offshore banking to international prominence recently, with the introduction of a 'grey list' of countries that only partially share banking information with others. However, Zetland Fiduciary Group bucks the general view, seeing grey list status as desirable aspec. End Quote
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  • (1888PressRelease) July 01, 2009 - Zetland Fiduciary Group is currently challenging the assumptions of media-led groups across the world, promoting the idea that 'grey list' status for offshore investment business countries is not a negative thing.

    The 'grey list' created by the OECD names countries that have "committed to improving transparency and establishing effective exchange of information in tax matters", according to the OECD website. The full grey list appears at the end of this document.

    "There are many other reasons that someone would want banking secrecy other than to evade tax", said Jason Weatherhead of Zetland Corporate Services. "Protection from frivolous litigation is one, and avoiding media attention and the judgments of others based on your financial situation are good reasons also".

    Zetland Fiduciary Services offers business consultancy services and company formation services in several of the grey list countries, and has offices in Belize and the Seychelles.

    Countries on the grey list face significant international pressure for more transparency. Jeffrey Owens, director of the OECD Centre for Tax Policy and Administration, said recently that "Political tolerance for non-compliance is headed rapidly towards zero".

    However, Zetland Fiduciary Group sees the time taken to ensure that agreements satisfy all parties and maintain secrecy for legitimate, legal bank account opening customers is essential. "Nations are attacking those who are Enlightened, those taking reasonable and just steps to secure that which was earned by them and belongs to them", said Marcin Galas of Zetland's Belize office. Mr. Galas added that it is necessary to neither be too transparent, or too secretive in banking dealings.

    The following countries appear on the OECD 'grey list' as at June 23, 2009:

    Andorra
    Cook Islands
    Malta
    San Marino
    Anguilla
    Cyprus
    Marshall Islands
    Seychelles
    Antigua and Barbuda
    Dominica
    Mauritius
    St. Lucia
    Aruba
    Gibraltar
    Monaco
    St. Kitts & Nevis
    Bahamas
    Grenada
    Montserrat
    St. Vincent and the Grenadines
    Bahrain
    Guernsey
    Nauru
    Turks & Caicos Islands
    Bermuda
    Isle of Man
    Netherlands Antilles
    US Virgin Islands
    Belize
    Jersey
    Niue
    Vanuatu
    British Virgin Islands
    Liberia
    Panama (Spanish), (English)
    Cayman Islands
    Liechtenstein
    Samoa

    About Zetland Corporate Services:
    The Zetland Financial Group - http://www.zetland.biz - provides the offshore investor with fiduciary Services, investment management and corporate advisory services, offering personal service and professional advice with total confidentiality.

    For more information please contact:

    Jason Weatherhead
    Zetland Fiduciary Group
    Email: jason ( @ ) zetland dot biz
    Website: http://www.zetland.biz

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