Fugitive Tax-Slaves

Escape From the Grasp of Congress

"With 11.5 million illegal aliens in the country, it’s hard to understand how a relatively small number of departing U.S. emigrants is threatening to U.S. lawmakers. Maybe it’s because those numbers are rising and the federal government fears an increasing number of U.S. citizens moving beyond its control. The only other national regimes to have adopted similar punitive tax laws were Nazi Germany, the Soviet Union under Stalin and apartheid South Africa. I admit expatriation is certainly a drastic plan. However, as we see in the statistics, more and more U.S. citizens are choosing that option as the America we knew and loved fades farther from memory." Continue reading →

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Population trends cloud Europe’s post-recession outlook

"Slowly but unsurely, Europe is facing up to population trends that will sap long-run economic growth. Some countries are getting an early taste of difficulties that await Europe as the continent's baby boomers retire and, because of flagging fertility rates, the average age of those left in the labour force rises. Spain, Portugal and Ireland all lost about 2 percent of their working-age adults between 2010 and the first quarter of 2013, raising the question of who pays for pensions and age-related health care costs in countries that are educating their youngsters only to see many of them emigrate and pay taxes elsewhere." Continue reading →

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TD Waterhouse Bank begins FATCA Hunt and embraces role as IRS deputy

"Its compliance department seized upon my Canadian Passport showing a US place of Birth…That it turn triggered them to FREEZE my accounts until I signed a 'W9' and a 'Limitations of Benefits' form. I immediately told them I had no SSN and wasn’t a US Citizen and they had no right to provide any information on my accounts to the US as this would be a breach of the client confidentiality act…(besides it would include my CANADIAN born wife’s affairs as well). They explained to me that the TD Waterhouse was required to do this as they were REGISTERED in the US and were subject to substantial US penalties under FATCA." Continue reading →

Continue ReadingTD Waterhouse Bank begins FATCA Hunt and embraces role as IRS deputy

Paris tax hunt sends French to Switzerland

"France has made highly publicized efforts in recent months to crack down on tax evaders including French nationals who inherit from wealthy Swiss residents. However, some say the move will simply persuade French to up sticks and take their wealth with them. The change still needs to be ratified by both the Swiss and French parliaments and which is not set to take effect until 2015 at the earliest. But when it does it will dramatically increase the tax burden on French heirs of estates in Switzerland, which caps its inheritance tax at 7.0 percent, compared to 45 percent in neighbouring France." Continue reading →

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FATCA: ‘Simple premise’ gone terribly wrong

"Most Americans living outside the U.S. are not 'tax cheats,' 'tax evaders' or 'traitors' though they are often characterized that way in the media or even by members of Congress. Instead, they are honest, productive, contributing residents of other countries, which they call home. In many cases, they are also citizens of those countries. President Obama and members of Congress, how did the 'simple premise' of 'cracking down on illegal tax evasion and closing loopholes' become an attack on financial lives and personal integrity of millions of people living outside United States, their banks and laws and constitutions of their countries of residence?" Continue reading →

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The Silver Lining as Banks Say “No More Americans”

"Independent asset managers are entrepreneurs at heart. Many have started their own businesses after gaining deep experience in private banks or large investment houses. They recognize that those two business models don’t properly serve those looking for lower account minimums with the superior service found at smaller firms. Most Swiss independent asset managers feature tight, professional teams of four to five deeply experienced members. These managers are going about it the right way. They are registered with the SEC and they work with the very same private banks that decided to say good-bye to American clients." Continue reading →

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Switzerland pays billions to foreign governments in tax deal

"The Swiss finance ministry said that Britain had received a payment of 372 million francs, and Austria, 515 million. A ministry spokesman said the payments were just the first in a series of monthly instalments running until June 2014. Under bilateral deals with Britain and Austria, Switzerland has offered two options to people who fail to declare money placed in Swiss banks. They can either turn themselves in to their homeland's revenue services, or have their accounts taxed by the Swiss, who then transfer the funds without naming the clients. It was under the latter system that Switzerland handed over the sums revealed on Thursday." Continue reading →

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Liberty Slipping: 10 Things You Could Do in 1975 That You Can’t Do Now

"1. You could buy an airline ticket and fly without ever showing an ID. 2. You could buy cough syrup without showing an ID. 3. You could buy and sell gold coins without showing an ID 4. You could buy a gun without showing an ID 5. You could pull as much cash out of your bank account without the bank filing a report with the government. 6. You could get a job without having to prove you were an American. 7. You could buy cigarettes without showing an ID 8. You could have a phone conversation without the government knowing who you called and who called you. 9. You could open a stock brokerage account without having to explain where the money came from." Continue reading →

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If Edward Snowden Had Read This Book …

"In most countries, extradition is not automatic. A hearing is usually required, with the person subject to extradition given the opportunity to argue his or her case. Some countries, such as Brazil, almost never allow extradition. Many refuse to return a person they deem to be wanted for 'political' offenses. Usually, an extradition request seeks persons facing criminal prosecution or an already convicted escapee, but there are other grounds for such official demands. Generally, tax offenses have not been extraditable. However, fraud per se is an extraditable offense, so a government that wants to pursue a tax case claims 'tax fraud.'" Continue reading →

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Tax havens explained: How the rich hide money

"Recent leaks of secret banking information have helped authorities around the world crack down on tax cheats who go offshore, resulting in billions of dollars recovered for the public purse. Now, in one of the biggest ever leaks of financial data, the International Consortium of Investigative Journalists has released data on a whopping 120,000 secret offshore entities in 10 different jurisdictions. Read more about how unscrupulous investors hire high-priced lawyers and financial advisers to move money offshore in the interactive below. Select the blue button to make choices and move through each step." Continue reading →

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