Fugitive Tax-Slaves

Top ten celebrity expats living in Switzerland

"When was the last time you saw packs of photographers door-stepping the Swiss home of a star or politician? The answer is probably never. Welcome to Switzerland – the land where the rich and famous can walk down a busy street without anyone so much as batting an eyelid. Here, even the very notion of celebrity seems foreign. It’s no surprise, then, that increasing numbers of global celebrities are choosing the Swiss mountains over the Hollywood hills. Of course, camera shyness isn’t the only reason why celebrities choose to move there. Switzerland's famous tax breaks for rich foreigners have reportedly drawn many a minted magnate in recent years." Continue reading →

Continue ReadingTop ten celebrity expats living in Switzerland

Zurich Mayor Renounces U.S. Citizenship Amid Tighter Tax Rules

"Corine Mauch, 52, a member of the Socialist Party born in Iowa City, Iowa, returned her passport to the U.S. Embassy as she regards Switzerland as her home and doesn’t want to deal with IRS paperwork. 'My relationship with the U.S. is limited to my very early youth,' said Mauch, who retains Swiss citizenship. 'Neither the double taxation or any new directives on the taxation of U.S. citizens outside the U.S. have affected this decision. But I won’t miss the U.S. tax bureaucracy either.' The U.S. is the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside, including an estimated six million expatriates." Continue reading →

Continue ReadingZurich Mayor Renounces U.S. Citizenship Amid Tighter Tax Rules

White House: Internet sales tax ‘will level the playing field’

"'We believe that the Marketplace Fairness Act will level the playing field for local small-business retailers, who are undercut every day by out-of-state online companies,' said White House spokesman Jay Carney. The Act would require Internet and remote retailers to collect state sales taxes no matter where they are located when a transaction takes place, and advocates hope it would ease budget problems in many cash-strapped states. Opponents of the Act say it would still be unfair because retailers in a state which has no sales tax would still be liable to collect tax on purchases made in distant states which do have sales taxes." Continue reading →

Continue ReadingWhite House: Internet sales tax ‘will level the playing field’

Doug Casey Refutes Common Hesitations to Internationalize

"Tell a person that it's a big beautiful world, full of fresh opportunities and a sense of freedom that is just not available by staying put and you will inevitably be treated to a litany of reasons why expanding your life into more than one country just isn't practical. Let's consider some of those commonly stated reasons, and why they might be unjustified. While largely directed at Americans, these are also applicable to pretty much anyone from any country." Continue reading →

Continue ReadingDoug Casey Refutes Common Hesitations to Internationalize

German Tax Officials Launch Nationwide Raids With Stolen Swiss Bank Data

"A total of five German states clubbed together to buy the CD for €4 million from an anonymous informant, said sources close to the Rhineland-Palatinate government, which arranged the deal. The information was distributed to tax authorities across Germany some six weeks ago. Tuesday's raids only mark the start of an extensive investigation that could last until the end of the year. Authorities expect that the media coverage of the raids will prompt many tax evaders to turn themselves in to authorities so that they can lessen their penalties. The current raids affected customers with accounts in Credit Suisse, the former Clariden Leu AG and Neue Aargauer Bank." Continue reading →

Continue ReadingGerman Tax Officials Launch Nationwide Raids With Stolen Swiss Bank Data

German advisors push for ‘wealth tax’ on holiday homes to bail out Greece

"As well as inflaming tensions between Germany and its smaller southern partners, the suggestion could also mean that Britons with holiday homes are dragged deeper into the eurozone crisis. Senior figures in Germany are now arguing that some richer home owners in countries like Spain, Portugal and Greece have so far avoided paying their fair share to rescue the euro, leaving Germany paying too much. Until now, the cost of rescue packages for countries like Ireland, Greece and Portugal has fallen largely on people who invest money in either those countries' bonds or – in the case of Cyprus – bank accounts." Continue reading →

Continue ReadingGerman advisors push for ‘wealth tax’ on holiday homes to bail out Greece

G-20 Pushes for Global Measures to End Tax Evasion

"The Group of 20 countries called on Friday for a coordinated effort to stop international tax evasion, urging governments to systematically share bank data. Finance ministers and central bankers of the G-20, meeting in Washington, said in a communiqué that automatic exchange of tax-relevant bank information should be adopted as the global standard. The automatic exchange of tax data, an approach the United States has pushed, would represent a major change from the current procedures, in which countries are expected to provide such information only on request." Continue reading →

Continue ReadingG-20 Pushes for Global Measures to End Tax Evasion

When The Window Closes For Americans

"Something I think you can plan your life around is the eventuality of the US government imposing capital controls and other restrictive measures on the movement of people and capital. Any country that is sufficiently desperate can and will implement such measures. The big question remains: When will this happen in the US? I believe that moment will arrive sometime before it is apparent that the US dollar has lost its place as the world's premier currency. The ramifications of the US dollar losing this status are difficult to overstate. It will be the tipping point at which the US government becomes sufficiently desperate." Continue reading →

Continue ReadingWhen The Window Closes For Americans

France’s President Hollande: Eradicate tax havens

"We think we can recognize a dominant social theme when we see one. This sudden emphasis on eradicating tax havens is a manufactured media firestorm, intended to go on and on until there are few places to hide money from increasingly demanding governments. Believe, if you wish, that taxes are a legitimate duty of citizens in the 21st century. This argument still begs the question of why, in an era of central banking, governments need to collect taxes. Banks can print as much as is necessary. And according to such wise men as Ben Bernanke, banks can also drain money if the economy is getting overheated. So why taxes?" Continue reading →

Continue ReadingFrance’s President Hollande: Eradicate tax havens

Americans in Canada can face complex tax situation

"About 1 million Canadian residents are 'U.S. persons' who are required by U.S. law to file U.S. tax returns as well as Canadian tax returns. The definition of a U.S. person includes those born in the U.S., children of American-born parents and green card holders. The problems are the punitive IRS penalties and criminal prosecution threats for failure to complete the many required annual information returns. For those who do not plan to return to live in the U.S., these extremely high penalties for not filing annual forms are encouraging U.S. persons in Canada to find out how to relinquish their U.S. citizenship." Continue reading →

Continue ReadingAmericans in Canada can face complex tax situation