New York is the world’s best tax haven for a foreign shipping company to base its operations if it qualifies for exemption under U.S. tax laws or a U.S. treaty. New York tax lawyers conversant with shipping practices provide expert advice to foreign shipowners on how best to take advantage of U.S. tax and treaty provisions.
Reciprocal Exemptions from Tax
Section 883 of the U.S. Tax Code exempts a foreign shipping company from U.S. tax if it is organized in a foreign jurisdiction that grants U.S. shipping companies a reciprocal exemption and more than 50 percent of its stock is either beneficially owned by individual residents of foreign jurisdictions that grant such reciprocal exemptions or is primarily and regularly traded on an established securities market in any such qualifying foreign jurisdiction or in the United States.
States in the New York Metropolitan Region Offer Tax Advantages
The principal port states in the New York metropolitan area (New York, Connecticut and New Jersey) comparably exempt from state and local tax foreign shipping companies that base their operations in those states.
Worldwide Shipping Profits Can Be Wholly Exempt from Tax
Several public and many non-public foreign shipping companies base their operations in the New York metropolitan area and are wholly exempt from tax on their worldwide shipping profits, including those attributable to their U.S. operations.
Tax Advantages Provide Opportunity in New York City
This tax-friendly climate gives foreign shipping companies the opportunity to base their operations in New York City, the undisputed capital markets center of the world.
New York Expertise
Working in the dominant banking, finance and commercial center, New York lawyers set the standard for specialist ability in tax law