Financial Planning 2016 – because you waited too long for Tax Haven Planning In 2015

The  Steps to  Your Offshore Success  :What Is Your Tax Plan for 2016

 

First Step : Identify your Goals – Why Go Offshore?

WHY GO OFFSHORE?

The motivations for individuals and corporations to utilize offshore planning and offshore companies include the desire to:

Reduce tax

Protect assets

Manage risk

Maintain privacy

Avoid bureaucracy

Reduce costs

Enhance assets

THE BENEFITS OFFERED BY OFFSHORE COMPANIES

 

More specifically, the reasons for going offshore and utilizing offshore

companies for tax planning and offshore business include:

Free remittance of profits and capital

Access to top-rated debt history jurisdictions

Access to tax treaties

Security of property rights

Accessing low cost areas

Banking privacy

Reduced taxation

The search for political stability

Your Investment Portfolio

Investment holding / wealth management

Professional services or consultancy

Patent, royalty and copyright – isolating payments to a no or low cost

jurisdiction

Personal and corporate tax planning

Step 2

Offshore Banking

Jack A. Bass and Associates has specialist expertise and knowledge of the

ever varying account opening and maintenance requirements of a wide variety

of reputable international and offshore banks.

Potential clients must understand that opening an offshore bank account is

not a simple matter and can be time consuming. Some offshore and

international banks may take longer than one month to open an offshore bank

account from receipt of a completed bank account opening package.

Consequently potential clients are encouraged to ensure that they provide

us with a complete picture of themselves and their intended business

activity.

Step 3

Asset Protection

The unexpected protective consequence of the LP structure is actually

what gave birth to Asset Protection. What the banks found out was that the

Limited Partners were unable to force distributions to pay their other

obligations. The big news was that neither were the banks, even when they

had valid judgments! They were only allowed the wimpy remedy of a “charging

order.” The net effect was that the banks were happy to settle for much

less than owed, rather than wait it out for an indefinite period with

General Partners that were friendly to their investor debtors, not to the

banks.

This was the birth of asset protection planning. Many of those investors

happened to be doctors. If it worked for banks, why wouldn’t it work for

malpractice suits or employee lawsuits? The answer was that it did!

Thus was born a new field of law: Asset Protection. Since the Limited

Partnership (LP) worked so well during the real estate crash, it became the

base of the new planning. However, instead of many different investors as

Limited Partners, the new Asset Protection planning used only the immediate

family members. Thus the LP became known as the Family Limited Partnership

(FLP).

Today, there are over two-dozen foreign jurisdictions that have enacted

specific asset protection legislation, including: The Bahamas, Belize, Cook

Islands, Bermuda, Nevis, Cayman Islands, Cyprus, Gibralter and the Turks &

Caicos Islands, to name just a few.

The Gold Standard is The Cook Islands Trust – note an asset protection trust is NOT a tax reduction plan – you still are responsible to pay taxes on the trust assets.

If you are serious about preserving your wealth, the  Asset Protection Trust is the most serious, well-thought out plan ever devised.

I cannot encourage you enough to take the time to educate yourself about the options available to you and how you can truly protect what you have worked so hard to create.

NEED ADVICE? The MAGIC Bullet Steps of Offshore Success

Your Goals –Combined With Guide Our Expertise

If you’ve found your way to this page, chances are strong that you’re a

value creator and want to keep more of the money you get as a result of

creating value. You can only rely on yourself – you cannot rely on a

government agency for your financial future.

We’ve Done All the Research

We’ve done all the research and conveniently gathered all U.S. and

International regulations pertaining to Asset Protection,Tax Havens, Tax

Planning,Offshore Banking , Information Technology, Physical Security,

Records Management, Privacy, and Third Party Invoicing into one place

An overview of our assistance with your goals:

There are dozens of jurisdictions, such as Luxembourg, Hong Kong,

Singapore and the British Virgin Islands that offer a great business

environment with fully legal tax benefits.We have to match your goals to

the right jurisdictions.

The Magic Bullet Step Number 1

The most important thing that you MUST do is seek advice from qualified

advisor – Jack A. Bass, B.A. LL.B. (someone who understands international

tax jurisdictions and tax law) . Your advisor must understand the benefits

of particular offshore jurisdictions. It is your responsibility to take

action.

In most jurisdictions you can set up your offshore company in as little as

a few weeks. We most often start the process with registering a company

name and sending in the right documentation and supporting documents for

the incorporation and a bank account(s) or merchant account for you and

your business. All of this can be conducted by internet on in rare cases we

will attend in person – for you.

The Magic Bullet Step Number 2

Specific Action – Move Your Assets To A Low / No Tax Jurisdiction

The key is in the planning and design. Clearly the most tested and solid

plans begin with an offshore jurisdiction.

Second to jurisdiction is the structure of your accounts – incorporation,

design, layering and bank accounts.

The Magic Bullet Step 3

Thirdly (more important for some clients than others) is what we call the

Asset Protection via Limited Partnership or Trust. This tool creates the

initial legal barrier between you and your money and whoever may want to

get at it. It is designed to hold “Safe Assets,” such as Stocks, Bonds,

Mutual Funds, Notes Receivable and other Liquid Assets. The LP may also own

membership interests in Limited Liability Companies (LLCs) that may have

been created to hold “Risky Assets” such as real estate, income producing

properties, boats, airplanes, etc. Once these risky assets have been

sanitized by placing them in an LLC, you can now safely hold those

interests. Importantly, LLC owners like the shareholders of a corporation

generally cannot be held liable for the acts of an LLC.

 

Contact Information:

To learn more about offshore company formation and structure your business

interests overseas ( again- at no cost or obligation)

Email info@jackbassteam.com

all email answered within 24 hours

or

call Jack direct at 604-858-3202 for a  one  half hour no fee consultation.

10:00 – 4:00 Monday to Friday ( same time zone as Los Angeles).

A business based overseas, coupled with an offshore bank account, is the perfect medium to build your wealth in a low tax jurisdiction. YOU CAN DO THIS and Jack A. Bass can help !

IF YOU WANT SOME HELP ON LOWERING YOUR TAX BURDEN  there is no cost or obligation to enquire and there is no benefit to inaction.

VIDEO

VideoJB offshore.mp4  The First Rule Is Safety

 

Linkedin  John Bass

How To Hide Money From The Taxman : Bloomberg

Wealthy Americans – and those that want to be wealthy-  are not running out of ways to hide their money and lower their tax burden.The rest of the world is  getting less hospitable to American tax avoidance but here is a summary of four ways to outrun the tax burden.. A 2010 federal law, the Foreign Account Tax Compliance Act, requires all foreign banks to report to the IRS on their American customers. It’s working so well that Americans abroad say they need an introduction to open a bank account – even for perfectly legitimate purposes.

What’s left for the secretive and tax-averse ?

Here are four ways that all aspirants to wealth can still get secrecy and/or lower taxes.

1) Go overseas / offshore

There are legitimate reasons to have an overseas bank account. Americans who live overseas might want ready access to their money. An offshore trust may offer more protection from creditors or lawsuits than one set up in the U.S. An overseas limited liability company, or LLC, might let you hide aspects of your business from competitors. That’s “totally legal,” says lawyer Martin Press . “You can have money anywhere in the world.”

It’s not the tax dodge it used to be. Traditionally, banks in tax havens such as Switzerland haven’t reported those accounts to the IRS, making it possible to hide not just what’s in the account but its entire existence.

2) Hide inside a shell and keep your name off public records

The rich often use shell companies, like LLCs, to buy property or investments, so that the company name, not the individual, shows up on public documents. Another reason these structures are used to buy into hedge funds, private equity, and venture capital funds: Rich investors mostly want to avoid endless solicitations for other investments. “Once you get on somebody’s list, you get hit with every proposal,” says  Such, a tax attorney. While other investors won’t know your business, the IRS still will because LLCs are required to file tax returns every year- when owned more than 10 % by an American. When the LLC is owned by a trust ( see next section) the ownership – by a trust is not known because trusts are not registered – or because the public record only shown nominees not the actual owners.

3) Use a trust

Trusts can be used to keep assets hidden from nosy neighbors and to keep tax bills down, within reason. Income from property or investments held in the trust goes to the beneficiaries free of estate or gift taxes. Beneficiaries also can avoid regular income taxes—if the trust pays the taxes rather than the individual. Another advantage of trusts is the way they pass automatically to heirs after your death. Otherwise, your possessions and the details of your estate can get caught in the probate system, which is often quite public. Trusts are most often not registered – no public register means no one knows unless you tell them.

4) Hire an expert

The wealthy can still afford to hire sophisticated accountants, who spend years searching for legal ways to lower tax bills. A recent U.S. Senate report identified a few esoteric strategies that rely on derivatives or deferred compensation to lower tax bills. Most of the time, the goal isn’t to hide money but to control the timing of income and what form it arrives in. For example, taxpayers can pay lower rates if income is in the form of long-term capital gains rather than ordinary income.

Still, clients are getting cautious about aggressive tax planning, especially if it involves any overseas transactions, says Jack A. Bass, tax strategist with Jack A. Bass and Associates.Tax payers now know the IRS is watching what happens overseas, and the effect is similar to when drivers know police are out looking for speeders. “They’re not driving 95 down the Interstate,” Gannaway says. “They’re driving 75 with their foot close to the brake. However, the IRS is looking for millions in accounts and transfer payments – not a few hundred thousand or even a few million. If you don’t have a public criminal record or a google search revealing lawsuits you are not on anyone’s radar “.

 The Key : The Most Important Step: Take Action

Banks still use accounting tricks to hide their true condition

 

Pacioli’s invention was the double-en

 

Pacioli’s invention was the double entry accounting

 system; in fact he’s known by bean counters today as the father of accounting.

This was a major and much needed innovation at the time.

In the 15th century, Italy was dominating global trade and commerce.

Yet unlike in the centuries before where merchants were primarily transporters and traders of exotic goods, 15th century merchants had essentially become proto-bankers whose primary business was extending and trading credit.

This was a major change in the way that business was done, and it absolutely demanded a new way to keep track of it all.

That’s exactly what Pacioli invented. And his system of accounting is still being used today, over 500 years later.

This was a seminal moment in business history—the near simultaneous birth and convergence of credit-based money, banking, and accounting that would eventually become the global financial system.

It revolutionized everything.

Back then, just as today, few people really understood it. And those who did were often clever enough to find loopholes in the system to hide their fraud. Especially banks.

There are some really stunning (and sometimes hilarious) examples of early banks who learned how to cook their books and misstate their capital using Pacioli’s system.

Curiously very little has changed. Banks still use accounting tricks to hide their true condition.

Bloomberg showcased one such technique last year, exposing the way that many US banks are rebooking their assets from “available for sale (AFS)” to HTM – Hold To Maturity

 

–  they’re called “available for sale,” because the bank has to sell these assets to pay their depositors back.

But here’s the problem—many of these investments have either lost money, or they soon will be. And banks don’t want to disclose those losses.

So instead, they simply redesignate assets as HTM.

It’s like saying “I don’t care that these bonds aren’t worth as much money as when I bought them because I intend to hold them forever.”

Thing is, this simply isn’t true. Banks don’t have the luxury of holding some government bond for the next 30-years.

This is money they might have to repay their customers tomorrow, which makes the entire charade intellectually dishonest.

That doesn’t stop them.

JP Morgan alone boosted its HTM mortgage bonds from less than $10 million to nearly $17 billion (1700x higher) in just one year. This is a huge shift.

Nearly every big bank is doing this, and is doing it deliberately. This is no accident. And there’s only one reason to do it—to use accounting minutia to conceal losses.

But the accounting tricks don’t stop there. And in many cases they’re fueled by the government.

One recent example is how federal regulators created a new ‘rule’ which allows banks to consciously reduce the risk-weighting it assigns its assets.

The Federal Financial Institution Examination Council recently told banks that, “if a particular asset . . . has features that could place it in more than one risk category, it is assigned to the category that has the lowest risk weight.”

This gives banks extraordinary latitude to underreport the risk levels of their investments.

Bankers can now arbitrarily decide that a risky asset ‘has features’ of a lower risk asset, and thus they can completely misrepresent their investments.

Bottom line, it’s becoming extremely difficult to have confidence in western banks’ financial health.

They employ every trick in the book to overstate their capital ratios and understate their risk levels.

This, backed by a central bank that is borderline insolvent and a federal government that is entirely insolvent.

It certainly begs the question—is it really worth keeping 100% of your savings in this system?

I would respectfully suggest finding a new home for at least a portion of your savings.

After all, it’s 2015. You no longer need to bank in the same place as you live and work.

It’s possible to establish an account offshore—at a safe, stable, well-capitalized bank overseas in a country with no debt.

You might even find that the bank will pay you a reasonable interest rate that actually exceeds inflation (shocking!).

And in many cases you may be able to do all of this without leaving your living room.

It’s hard to imagine anyone would be worse off.

The Bottom Line

 

Jack A. Bass, B.A., LL.B.an independent professional firm and with its affiliates provides a full range of offshore corporate services – registration and administration of IBCs and Special License Companies, Registered Agent and Registered Address services, directors` and company management, shareholding and custody of documents and bank account introduction.

When structured properly, history shows that a well-informed offshore strategy can have an immediate and  generational impact on your wealth.

Who Is Designing Your Offshore Strategy ? ( do you have a strategy?)

The most important thing that you MUST do is seek advice from a qualified advisor – Jack A. Bass, B.A. LL.B. (someone who understands international tax jurisdictions and tax law) . Your advisor must understand the benefits of particular offshore jurisdictions. It is your responsibility to take action.

In most jurisdictions you can set up your offshore company in as little as a few weeks. We most often start the process with registering a company name and sending in the right documentation and supporting documents for the incorporation and a bank account(s) or merchant account for you and your business.All of this can be conducted by internet on in rare cases we will attend in person – for you.

Contact Information:

To learn more about asset protection, trusts ,offshore company formation and structure for your business interests (at no cost or obligation)

Email info@jackbassteam.com  OR

Telephone  Jack direct at 604-858-3202

Do You Have A Plan – or are you just planning to think about a plan ?

 

 

Year End Tax Advice On Investment Gains/ Losses / Income

Sell Your Losers

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Thinkstock

Not all stocks and mutual funds fared well this year, despite a 13.2% rise for the S&P 500 through December 1. If you own investments in a taxable account, such as a brokerage account, that are worth less than you paid for them, consider cutting them loose before year-end. You can use the losses to offset capital-gains income.

If your losses exceed your gains, you can deduct up to $3,000 from your other taxable income. Losses that exceed that amount can be carried forward to future years.

Delay the Sale of Investment Winners

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Thinkstock

If you’re about to rebalance your portfolio by selling some winners so you can redeploy the cash elsewhere, remember that waiting until after January 1 means you won’t have to report the gains as part of your 2014 income. Never make an investment move based solely on the tax impact, but don’t ignore it, either.

 

Defer Income Until 2015

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Thinkstock

If you think a year-end bonus is in the works, ask that it be paid next year. That way, it won’t increase your 2014 taxable income. (If the firm has already announced that it will pay bonuses in December, though, it’s 2014 income even if you don’t cash the check until January.)

If you’re self-employed, send bills to clients in late December so you won’t receive payments until after the first of the year.

Alternate Guaranteed Income Payments

Private client funds Minimum $10,000 Maximum Loan $500,000

Our client is seeking funds to expand their tanker fleet .

Interest 12 % compounded – paid 1% per month

Floating charge of the full $500,000 against the fleet – valued at  more than $ 1 M

– see contact information set out below.

 

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Investors will not wait for the government to sort things out and then lurch to the next crisis.What are you doing ?

Who Is Designing Your Offshore Strategy ?( do you have a strategy?)

The most important thing that you MUST do is seek advice from a qualified advisor – Jack A. Bass, B.A. LL.B. (someone who understands international tax jurisdictions and tax law) . Your advisor must understand the benefits of particular offshore jurisdictions. It is your responsibility to take action.

In most jurisdictions you can set up your offshore company in as little as a few weeks. We most often start the process with registering a company name and sending in the right documentation and supporting documents for the incorporation and a bank account(s) or merchant account for you and your business.All of this can be conducted by internet on in rare cases we will attend in person – for you.

      You can start today – for a confidential / no fee/ no obligation  initial inquiry 

Email

jackabass@gmail.com OR

 info@jackbassteam.com

 OR call Jack direct at 604-858-3202  

http://www.youroffshoremoney.com

30 Major Corporations Paid No Income Taxes In The Last Three Years – What Is Your Tax Strategy ?

The Lesson For You : Will You Complain or Profit ?

A new report from Citizens for Tax Justice :

CTJ looked at 280 companies, all of them members of the Fortune 500, and found that “while the federal corporate tax code ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in our study paid only about half that amount.” And those who paid even half the statutory corporate tax rate paid far more than many of their competitors.
In fact, in the last three years, 78 corporations had at least one year where they paid no federal income tax at all, while 30 corporations paid not a dime over the entire three years. Those 30 corporations paid nothing, even though they made $160 billion in profits over that period:
– Seventy-eight of the 280 companies paid zero or less in federal income taxes in at least one year from 2008 to 2010…In the years they paid no income tax, these companies earned $156 billion in pretax U.S. profits. But instead of paying $55 billion in income taxes as the 35 percent corporate tax rate seems to require, these companies generated so many excess tax breaks that they reported negative taxes (often receiving outright tax rebate checks from the U.S. Treasury), totaling $21.8 billion. These companies’ “negative tax rates” mean that they made more after taxes than before taxes in those no-tax years.
– Thirty corporations paid less than nothing in aggregate federal income taxes over the entire 2008-10 period. These companies, whose pretax U.S. profits totaled $160 billion over the three years, included: Pepco Holdings (–57.6% tax rate), General Electric (–45.3%), DuPont (–3.4%), Verizon (–2.9%), Boeing (–1.8%), Wells Fargo (–1.4%) and Honeywell (–0.7%).

As CTJ’s report put it,

Today most Americans can complain, ‘I pay more federal income taxes than General Electric, Boeing, DuPont, Wells Fargo, Verizon, etc., etc., all put together.’

Don’t Complain : Cut your Taxes

Reading – but not taking action ? Don’t fool yourself.

We’ve Done All the Research

We’ve done all the research and conveniently gathered all U.S. and International regulations pertaining to Tax Havens, Tax Planning,Offhore Banking , Information Technology, Physical Security, Records Management, Privacy, and Third Party Invoicing into one place

An overview of our assistance with your goals:

There are dozens of jurisdictions, such as Hong Kong, Singapore and the British Virgin Islands that offer a great business environment with fully legal tax benefits.We have to match your goals to the right jurisdictions.

The Magic Bullet Step Number 1

The most important thing that you MUST do is seek advice from a qualified advisor – Jack A. Bass, B.A. LL.B. (someone who understands international tax jurisdictions and tax law) . Your advisor must understand the benefits of particular offshore jurisdictions. It is your responsibility to take action.

In most jurisdictions you can set up your offshore company in as little as a few weeks. We most often start the process with registering a company name and sending in the right documentation and supporting documents for the incorporation and a bank account(s) or merchant account for you and your business.All of this can be conducted by internet on in rare cases we will attend in person – for you.

Contact Information:

To learn more about offshore company formation and structure your business interests overseas (at no cost or obligation)

Email info@jackbassteam.com or

call Jack direct at 604-858-3202

10:00 – 5:00 Monday to Friday ( same time zone as Los Angeles).

A business based overseas, coupled with an offshore bank account, is the perfect medium to build your wealth in a low tax jurisdiction.

YOU CAN DO THIS and Jack A. Bass can help !

However, the truth is developing a tax strategy is not the same as walking into the mall and opening a checking account in fifteen minutes.

Tax Haven Savings – Contact Information

Are you finally taking the step to tax freedom by incorporation and banking in a low tax jurisdiction? and if not why not ?

Information must proceed action and that is why we offer a no cost / no obligation enquiry service.

Do something to help yourself – contact Jack A. Bass now !

We will discuss your goals and tailor the solution to meet your requirements.

Will Delaware Give Up Its Status as the #1 Corporate Tax Haven? Still #1 For Trusts .

 reblogged from Tax Haven Guru and commented:

Generally we avoid U.S. as the site for the initial incorporation of any client seeking a ” dutch sandwich ” low tax solution for IP or software or manufacturing tax reduction. It makes no sense to ” red flag ” your companies with an American address regardless of how exact our subsequent dividend routing is to comply with U.S. laws.We do favor Delaware for Trusts 

Delaware – A domestic ‘offshore’ haven

The state of Delaware has long been the corporate friendly haven for both U.S. and world business. It’s now fast becoming a center for the creation of asset protection trusts for Americans and for foreigners

For several decades, U.S. corporations have set up operations in Delaware in order to take advantage of the state’s tax code, friendly business climate and sophisticated legal environment. Increasingly, families who are looking to protect their fortunes from onerous tax burdens and complicated trust law are following corporate America’s lead.

The best news about Deleware is that non-Dupont families don’t have to move there in order to set up a trust. As long as the trustee has a base in Delaware, families can enjoy the financial benefits of the state from anywhere in the US and, in some circumstances, the world.

“Delaware has enacted legislation to attract wealthy rich people and private-wealth banks to set up shop in the state,” says Jack a. Bass , wealth advisor for clients around the globe.

The tax-free status in Delaware make it something of a duty-free zone between New York and Washington. But Mr Bass said the state holds many other attractions for family trusts. Hear are some examples.

A Generation Skipping Trust (GST): This is also called a dynasty trust. This trust allows individuals, while they are alive, to pass part of their estate down to future generations while minimising the tax. In the majority of states, the trusts have a terminus point at which future generations will be taxed. They typically extend 21 years beyond the death of the last trust beneficiary alive when the trust was created. If the youngest beneficiary is 21 and lives to 90, the trust will run 90 years. It’s a great tool for wealthy families but the massive tax bill down the road is a punishment.

A Delaware Dynasty Trust overcomes this issue because the state allows perpetual trusts without an end date. The trusts face no future estate, gift or generation-skipping taxes as long as the assets stay in trust. A JPMorgan report estimated that a $2 million investment in a standard dynaty trust, which is the most a married couple can give and still be exempt from gift tax, would yield $98 million after 90 years. A perpetual Delaware Dynasty trust would yield $266 million, based on projected investment returns.

A Foreign Trust: Foreign trusts are useful tools for citizens of the world who reside outside the U.S. but want to pass on more of their estate to beneficiaries who are either residents or citizens of the U.S. A foreign trust is exempt from gift-estate and GST taxes and can be set up so that, while alive, the individual pays no taxes on it. It is a useful tool made even better with a Delaware-sited foreign trust.

First, it can be a perpetual trust, as with a dynasty trust. Second, Delaware law prevents creditors from taking possession of the assets in the trust, similar to an offshore haven. Third, many countries have adopted anti-tax deferral legislation, and have drawn up “black lists” of countries that are tax havens. Trusts in a tax haven country may be taxable under these rules. But, Delaware foreign trusts are likely to avert anti-tax deferral legislation because the U.S. is unlikely to turn up on such black lists.

Delaware Statutory Trust: Delaware statutory trusts are great tools for individuals who wish to set up a tax-advantaged trust with diverse objectives because they can be designed for multiple participants with different needs. For example, if an individual wanted to use a portion of the trust to provide income for himself, his portion of the trust can have an asset allocation heavy on cash and fixed-income instruments. His grandchildren’s portion of the trust can be directed towards stocks since they will not need the income for many years. As usual, Delaware statutory trusts enjoy all the benefits of the state’s tax laws.

Total Return Trusts: A challenge with wealth management is that income-producing assets have become less fecund, with average dividend yields falling and fixed-income near low yield levels. In 2001, Delaware adopted a statute allowing for total return trusts. These trusts permit a trustee to convert a mandatory pay-out trust to deliver a combination of income and principal. So, if the trust with $50 million has a yield of only 1.5 per cent, the trust can be structured to pay out 4 per cent a year by taking a portion of the principal. Therefore, the beneficiary receives $2 million a year annually instead of $800,000.

If you would like more information regarding asset protection, trusts, family limited partnerships or the subject of this article please call or email our office.

Do something to help yourself

            – contact Jack A. Bass now !

to engage us as your agent please use the following :

Email info@ jackbassteam.com or Call Jack direct at 604-858-3202 – Pacific Time 10:00 – 5;00 Monday to Friday

We will then discuss your goals and tailor the solution to meet your requirements.

IF it is more convenient to send your inquiry by mail:

J.A. Bass and Associates

18 Fisher Road

Harrow, Middlesex

England,HA3 7JP