Elena Kilinkarova talks about new offshore tax havens

In 2019 the construction of a group of floating islands for billionaires is due to begin. These islands may well become offshore tax havens as governmental legislation will not stretch to them and only international law would apply. Russian legal website Pravo.ru asked lawyers working in the sphere of international law about the opportunities that may be opened up for Russian business after the creation of the floating islands and also prepared a selection of the most current appealing offshore havens.

Counsel from Maxima Legal, Elena Kilinkarova, is wary that people should now overestimate the actual opportunities for floating islands to minimise tax liability. At the present time, lawmakers around the world are doing all they can to resolve the issues about non-payment of tax. The Organisation for Economic Cooperation and Development has for several years now been working on a project to combat tax planning strategies of base erosion and profit shifting and the resulting loss of tax revenue. ‘Islanders will face concerted opposition from the states which will receive less tax revenue’ comments Elena Kilinkarova.

For more about the seasteading and the peculiarities of the legal regime for floating islands, see the following link to Pravo.ru