Monthly Archives: February 2013

Is America now the largest and most secret tax haven?

"According to the Financial Secrecy Index, America ranked #5 in 2011 in banking secrecy, trailing only after Switzerland, the Cayman Islands, Luxembourg and Hong Kong. America created FATCA to destroy its competition, forcing other countries to provide America with financial data while rejecting reciprocity. With America pushing Switzerland, the Cayman Islands, Luxembourg and Hong Kong to drop down the ranks in financial secrecy, will America finally succeed in achieving its goal of becoming the world’s largest and most secret tax haven at the expense of innocent Americans abroad whom it harmed in the process?" Continue reading →

Continue ReadingIs America now the largest and most secret tax haven?

New UK wealth tax plan to target ALL assets – including jewelry and buy-to-let homes

"Families will be forced to pay tax on jewellery and other heirlooms under controversial new plans drawn up by the Liberal Democrats. Under the scheme, tax inspectors would get unprecedented new powers to go into homes and value rings, necklaces, paintings, furniture and other family treasures. Householders would be forced to pay a new ‘wealth’ levy on the assets – with the threat of fines for those who refused to let snoops value their possessions. A policy document seen by The Mail on Sunday spells out how the taxman ‘may have to visit homes to test values of jewellery, paintings, etc’." Continue reading →

Continue ReadingNew UK wealth tax plan to target ALL assets – including jewelry and buy-to-let homes

Renewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS

"Traditionally, the functions of the US Treasury and the Department of State were completely separate. However, we are seeing a continued erosion of this distinction as troubling economic times continue. The US passport renewal form mandates that the applicant supply his Social Security Number (SSN) if he has one. A $500 penalty applies for failure of a passport applicant to provide the SSN, unless reasonable cause can be established. In addition, the statute mandates that the State Department must provide your SSN and foreign residence information to the Department of Treasury, and to notify the IRS if you refuse. So, you lose either way." Continue reading →

Continue ReadingRenewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS

Renewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS

"Traditionally, the functions of the US Treasury and the Department of State were completely separate. However, we are seeing a continued erosion of this distinction as troubling economic times continue. The US passport renewal form mandates that the applicant supply his Social Security Number (SSN) if he has one. A $500 penalty applies for failure of a passport applicant to provide the SSN, unless reasonable cause can be established. In addition, the statute mandates that the State Department must provide your SSN and foreign residence information to the Department of Treasury, and to notify the IRS if you refuse. So, you lose either way." Continue reading →

Continue ReadingRenewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS

Americans: One Divorce You’ll Never Get

"Some people are worried about the future of the U.S. dollar and they believe that moving from the States is a way to distance themselves from its possible decline. Well, yes and no. While diversifying your asset holdings by currency is often a wise move, the truth is that if you're a U.S. citizen you'll never be able to walk away from the dollar completely -- even if you move overseas. Likewise if you're a Canadian or citizen of any other country -- it's hard to totally divorce yourself from your national currency. Here are two reasons why." Continue reading →

Continue ReadingAmericans: One Divorce You’ll Never Get

Americans: One Divorce You’ll Never Get

"Some people are worried about the future of the U.S. dollar and they believe that moving from the States is a way to distance themselves from its possible decline. Well, yes and no. While diversifying your asset holdings by currency is often a wise move, the truth is that if you're a U.S. citizen you'll never be able to walk away from the dollar completely -- even if you move overseas. Likewise if you're a Canadian or citizen of any other country -- it's hard to totally divorce yourself from your national currency. Here are two reasons why." Continue reading →

Continue ReadingAmericans: One Divorce You’ll Never Get

Swiss government signs tax compliance deal with US

"Switzerland and the United States have signed a controversial deal aimed at cracking down on wealthy American tax dodgers. The accord further undermines Switzerland’s tradition of banking secrecy. Finance Minister Eveline Widmer-Schlumpf told a news conference that Switzerland had decided to agree to a bilateral deal with the Internal Revenue Service (IRS) which allows for certain exceptions, notably for the Swiss insurance sector, pension funds and the Swiss National Bank. Swiss banks active in international financial markets have no choice but to apply the US rules, according to Widmer-Schlumpf." Continue reading →

Continue ReadingSwiss government signs tax compliance deal with US

Swiss government signs tax compliance deal with US

"Switzerland and the United States have signed a controversial deal aimed at cracking down on wealthy American tax dodgers. The accord further undermines Switzerland’s tradition of banking secrecy. Finance Minister Eveline Widmer-Schlumpf told a news conference that Switzerland had decided to agree to a bilateral deal with the Internal Revenue Service (IRS) which allows for certain exceptions, notably for the Swiss insurance sector, pension funds and the Swiss National Bank. Swiss banks active in international financial markets have no choice but to apply the US rules, according to Widmer-Schlumpf." Continue reading →

Continue ReadingSwiss government signs tax compliance deal with US

Americans find it difficult to open bank accounts in UAE

"The recently enacted Foreign Account Tax Compliance Act (Fatca) by the US government is the reason for banks to close its doors to US citizens. When institutions fail to report or disclose information the consequences can be grave, one of the penalties being the withdrawal of US Dollar clearing rights in New York, a penalty feared by banks. Meanwhile, US citizens are reported to have been refused by banks when they wanted to open a new bank account." Continue reading →

Continue ReadingAmericans find it difficult to open bank accounts in UAE

Americans find it difficult to open bank accounts in UAE

"The recently enacted Foreign Account Tax Compliance Act (Fatca) by the US government is the reason for banks to close its doors to US citizens. When institutions fail to report or disclose information the consequences can be grave, one of the penalties being the withdrawal of US Dollar clearing rights in New York, a penalty feared by banks. Meanwhile, US citizens are reported to have been refused by banks when they wanted to open a new bank account." Continue reading →

Continue ReadingAmericans find it difficult to open bank accounts in UAE