Case studies at Fidelitas
Offshore planning, asset protection or international tax projects can easily become highly complex projects with many pitfalls for those not used to managing them. At Fidelitas, we are committed to supporting other professionals to minimise the risks and costs to themselves and their clients.
As no two cases are exactly the same, it is not possible to set out prescriptive rules on how to handle an international issue – there is no substitute for practical experience. Our international specialists at Fidelitas develop a bespoke strategy to use the particular circumstances of each case to the client’s advantage while taking into account the parameters of the relevant legislation and the respective rights, powers, and obligations of each party. Our experience from a wide range of investigation casework has highlighted the important dos and don’ts, which often are illustrated in case studies.
If you are interested in any special case study, please contact us to request any of the international case studies Fidelitas has developed.
Examples of offshore case studies are the following:
Case of Large remittances, small penalty
A wealthy individual of foreign origin living in the UK had remitted huge amounts of cash to the UK. We were asked by the client’s lawyer to look into the banking arrangements and remittances made. The issues were extremely complex but it was clear that remittances of taxable income had been made. A full disclosure was made under the offshore disclosure facility to bring matters up to date with only a small penalty.
Inheritance kept offshore
A widowed pensioner had inherited several offshore accounts on her husband’s death many years earlier. She had not brought any of the money to her onshore country for fear that she would be in severe trouble with the country´s tax authorities for not having declared the interest subsequently arising. We were able to use an offshore disclosure facility to quietly achieve a settlement with the minimum of fuss thereby allowing her to enjoy the funds for future years.
Overseas nominee company
An individual operating an European business via an overseas nominee company made a disclosure under the offshore disclosure facility. The disclosure was chosen for full enquiry by the tax authorities. Numerous records including company details and bank statements were provided to the tax authrities which was eventually convinced that no adjustments to the disclosure were required.
