The Old Monied Dupont Nemours and Roosevelt Families Buy a Tax Haven
This 4,000 acre sale (now a marina and resort town - with an airport for jumbo jets (the $50,000,000 airport was donated by the UK government) went down in the 1970's - not the 1870's!?!?
Source: A Turks & Caicos Government 3 full page advertisement in Investor's Daily (1985).
Was this the most profitable real estate investment of the 20th century? A quarter acre lot in the gated community of Sandyport here in Nassau, Bahamas sells for approximately $260,000 today. Half acre canal lots in Lyford Cay sell for about one million dollars.
Do the math. On an initial investment of just $40, the 4,000 acre property might be worth almost 4 BILLION dollars today.
YOU BE THE JUDGE.... Are the use of the world's tax havens a blessing or a detriment? Before you answer, see some of the IRS's loopholes from our "Tax Code" - discovered for your viewing below, and buried inside the tax law for the taxpayers! There's a very important loophole for the non-resident alien you should not overlook!
The Turks & Caicos Islands
Situated 575 miles south east of Miami, Florida in the warm aquamarine waters of the Caribbean Sea, the Turks & Caicos Islands ("TCI") offer an unequalled quality of life with all the necessary ingredients: a sound and stable economy and government, a central location, convenient international air transportation, modern health care facilities, a low crime rate, friendly people and beautiful beaches. TCI is also a well recognized and respected offshore financial center offering a broad range of well regulated financial services from private banking to company and trust formation and management.
The Turks & Caicos Islands are an archipelago of more than 40 islands forming the southeastern end of the Bahamas chain. There are two principal groups, each surrounded by a continuous coral reef. Caicos is the larger group and includes Providenciales, Middle (or Grand) Caicos, and the islands of North, South, East and West Caicos, plus numerous small cays, some of which are inhabited. The Turks group, separated by a 35km-wide (22-mile) channel of water, consists of Grand Turk, Salt Cay and a number of small uninhabited cays.
The islands are each a vacationers paradise with some of the finest diving in the world minutes from shore, particularly on the islands of Grand Turk, Salt Cay and South Caicos. The islands benefit from an ideal tropical climate (an average annual temperature 80 F degrees) and endless miles of sandy beaches.
TCI has in recent years been one of the fastest growing economies in the Caribbean and is rapidly becoming recognized as a premier tourist/dive destination where visitors and residents alike can enjoy a unique quality of life.
The islands were part of the UK's Jamaican colony until 1962, when they assumed the status of a separate crown colony upon Jamaica's independence. The governor of The Bahamas oversaw affairs from 1965 to 1973. With Bahamian independence, the islands received a separate governor in 1973. Although independence was agreed upon for 1982, the policy was reversed and the islands remain a British overseas territory.2
Tom Azzara, the author of "TAX Havens of the World" is based in Nassau, Bahamas
Tom has lived offshore in the Bahamas for over 10 years. When I'm not working on my newsletter, or with a client, I'm out swimming, diving or sport fishing in the sunny- tax-free Bahamas.
Call me at 242-327-7359 with your questions. - 9AM to 5PM - New York time zone is best.
New Providence Estate Planners, Ltd.
54 Sandyport Drive
P.O. Box CB 11552
Fax/phone: (242) 327-7359