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From the Managing Director's desk

Preface - LAVECO Newsletter 2017/4


Laszlo Varadi

It is not possible for the LAVECO Newsletter editorial team to ignore the recently released Paradise Papers. Although I believe that, as in the case of the Panama Papers, the journalists obtained the confidential business secrets illegally, the fact that they are probably passing on information resulting from a criminal action is of little interest to the hundreds of organized journalists involved. This point was raised at the time in relation to the Panama Papers and was actually proven, but almost everyone glosses over this extremely important fact when writing their stories. I drew everyone's attention to this as long ago as May 2015, when journalists began calling me, asking for interviews. When I raised this issue, most of the journalist simply disappeared without trace, because they did not dare ask any more questions.

This will probably not particularly interest the sensationalists sitting there with their pens at the ready. My position, however, remains unchanged: the protection of business secrets, and in particular electronic data, should continue to be an important factor for all of the parties concerned. Especially if no crime has been committed. However, this will not interest the banks in the least; in fact, they will almost certainly use this as an additional reason to further tighten the operating conditions of bank accounts opened and held by non-residents. Furthermore, this will cause particularly large problems for their smaller customers, as the large ones will always manage to find some sort of solution.

While the British Virgin Islands, probably the most famous offshore jurisdiction in the world, is facing the greatest difficulties in its history, the United States of America are still offering the opportunity to register companies with very favourable tax conditions. The well-known state of Delaware may be enjoying a renaissance after a few years of compulsory inaction, thanks to its fully-fledged legislation and the principle of flow-through taxation which ensures favourable taxation; I will shed more light on this topic in a separate article.

 The question of how much gold there is in the world, and how much there may still be in the ground, is one which has had people guessing for many years. It is a difficult question, and one which I am not going to be able to answer fully here either. One thing, however, is certain, that the precious metal which people have been mining for 5000 years is not going to lose its significance or its value, as, in every crisis, be it in the stock market or in real estate, the price of gold will react to the changes almost instantly, and, generally-speaking, it will react positively.

Times, consumer habits and consumer timetables change. And in today's fast-paced world none of us will find ourselves with more time on our hands. We have always tried to keep up with the times, and from 2018 LAVECO will be bringing you news and information through Twitter, instead of the analytical columns of the LAVECO Newsletter. By using the popular, fast and modern social media channel we will be able to bring you short, concise up-to-date information and news on a weekly rather than quarterly basis, and, in conjunction with our website, provide our clients with a more complete information service.

LAVECO Newsletter 2017/4. - Offshore goes to Paradise?!

Yours sincerely:

László Váradi

Managing Director