Petróleo e Gás

Letra C


Terminologia Offshore Comercial

CARICOM. Caribbean Common Market. Consists of 14 sister-member countries of the Caribbean community. Members include: Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent, Surinam, Trinidad and Tobago. They have set as a goal that in 1997 there will be a single market allowing for the free movement of labor. Conspicuous by their absence are the Cayman Islands and the British Virgin Islands, two major players in international banking and finance.

Committee of Advisors. Provides nonbinding advice to the trustee and trust protector. Friendly towards settlor but must still maintain independence.

Committee of trust protectors. An alternative to utilizing merely one trust protector. Friendly towards settlor, but must remain independent.

Companies Act or Ordinance. Legislation enacted by a tax haven to provide for the incorporation, registration and operation of international business companies (IBCs). More commonly found in the Caribbean tax havens. For a typical example, read the Bahamas’ International Business Company Act of 1989.

Controlled Foreign Corporation (CFC). An offshore company which, because of ownership or voting control of U.S. persons, is treated by the IRS as a U.S. tax reporting entity. IRC 951 and 957 collectively define the CFC as one in which a U.S. person owns 10 percent or more of a foreign corporation or in which 50 percent or more of the total voting stock is owned by U.S. shareholders collectively or 10 percent or more of the voting control is owned by U.S. persons.

Creator. A person who creates a trust. Also see settlor and grantor.

Current Account. An offshore, personal savings or checking account.

Custodian. A bank, financial institution or other entity that has the responsibility to manage or administer the custody or other safekeeping of assets for other persons or institutions.

Custodian trustee. A trustee that holds the trust assets in his or her name.