The Panama Papers database contains technical words used in the offshore world. Below is a list of words mostly used in the offshore world.
A company, trust or fund created in a low tax, offshore jurisdiction by an agent.
Firm that provides services in an offshore jurisdiction to incorporate, register and manage an offshore entity at the request of a client.
A person or company that plays a role in an offshore entity.
A go between for someone seeking an offshore corporation and an offshore service provider usually a law firm or a middleman who asks an offshore service provider to create an offshore firm for a client.
Contact postal address as it appears in the original databases obtained by ICIJ.
The person who is the true owner of a company. In the offshore world, the identity of beneficial owners is often kept secret.
Whoever physically holds a certificate of shares is considered the owner of the shares. Bearer shares provide one of the deepest levels of secrecy. Many countries have banned bearer shares because they are considered a facilitator of tax evasion and money laundering. In the Panama database, bearer shares are sometimes referred to in Spanish as “Portador. ”
A person or company that acts on behalf of the beneficial owner of an entity to provide an extra level of secrecy.
Stand in controls a company on paper but exercise no real authority over its activities.
A person listed as a shareholder on a company’s documents but has no real power over the company or claim to its assets. This is common practice in offshore financial structures to hide the identity of the real owner.
Authorisation given to a person to represent the offshore company. It can confer rights that include managing the company without any limitation, carrying out contracts, purchasing products and borrowing or lending money. Each authorisation notes which powers are granted to the person who will act on behalf of the company and whether they are general or specific.
The date when an offshore entity was created.
The date when an offshore entity stopped being active.
The date when a client told the agent to deactivate the offshore entity, which could be reactivated at a later date.
A company becomes struck off when it fails to be in good standing, which happens when it fails to pay license fees. In the offshore world this is the equivalent to closing an entity, although it can be reactivated at a later date if the fees start being paid again.
An internal account created by the offshore services firm to record miscellaneous charges of an officer or master client.
In this database, it is information that relates to the jurisdiction where an entity may have fiscal duties.
A legal arrangement in which an individual transfers assets owned by him/her to a trustee.
A person who holds title to the assets in a trust and is responsible for administering the assets on behalf of the beneficiaries of the trust.
A person who is entitled to certain financial benefits under a trust arrangement. Sometimes beneficiaries are not aware of their role in a trust because the settlor or the trustee have not notified them.
An advisor to a trust settlor who oversees the work of the trustee.
A person who creates a trust or transfers assets to an already existing trust.
In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.
The Namibian uses AI tools to assist with improved quality, accuracy and efficiency, while maintaining editorial oversight and journalistic integrity.
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for
only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!
