Fugitive Tax-Slaves

Report: Russia Offers to Bail Out Cyprus

"Russian energy giant Gazprom has offered the Republic of Cyprus a plan in which the company will undertake the restructuring of the country’s banks in exchange for exploration rights for natural gas in Cyprus’’ exclusive economic zone, Cypriot TV Station Sigma reported. Representatives of the Russian company submitted the proposal to the office of Cypriot President Nicos Anastasiades on Sunday evening. The proposal states that Gazprom will fund the restructuring of the country’s crippled financial institutions in exchange for substantial control over the country’s gas resources while Cyprus won’t need to take the harsh bailout package offered by the EU." Continue reading →

Continue ReadingReport: Russia Offers to Bail Out Cyprus

Economists warn Cyprus will face a recession ‘for decades’ after EU deposit tax

"The controversial tax is seen hitting Russian pockets hard, with experts estimating that Russian deposits in Cypriot banks amount to at least 15.4 billion euros of the estimated 67 billion euros of deposits held by Cyprus banks. Russian President Vladimir Putin criticised the proposed tax, describing it, according to a Kremlin spokesman, as 'unfair, unprofessional and dangerous'. Russian Prime Minister Dmitry Medvedev was equally forthright. 'We should say this directly: this simply looks like the confiscation of other people’s money,' Russian news agencies quoted him as saying. 'I do not know who the author of this idea is, but this is what it looks like.'" Continue reading →

Continue ReadingEconomists warn Cyprus will face a recession ‘for decades’ after EU deposit tax

Gold Rises, Dollar Rises, Stocks Fall: The Cyprus Disaster Begins

"Over the weekend, Eurozone bureaucrats at a closed meeting came up with a plan. The committee demanded that the government of Cyprus impose a tax of 3% on all bank accounts under $130,000, and close to 10% on all accounts over $130,000. If the government refuses, the Eurozone will not provide a $13 billion bailout for the banks of Cyprus. The story is all over the European press, for good reason. The Eurocrats had always said that bank accounts would be sacrosanct. This announcement says, 'We lied.' But they also assured depositors that this will never happen again. 'Trust us.'" Continue reading →

Continue ReadingGold Rises, Dollar Rises, Stocks Fall: The Cyprus Disaster Begins

U.S., French tax laws cause concern for expats of Switzerland

"The Swiss government signed the controversial Fatca deal with the US last month. Parliament is due to discuss it later this year and political parties on the right and left have already announced they will reject it. Fatca obliges foreign banks to report offshore accounts held by US tax payers, including expats. The law is part of a policy by the US authorities to crack down on tax dodgers. France has announced it wants to revise a 1953 accord in a bid to recover inheritance tax from its citizens living in Switzerland and force Swiss who own property in France to be taxed there. The Swiss Abroad community as well as the cantons strongly oppose the amendments." Continue reading →

Continue ReadingU.S., French tax laws cause concern for expats of Switzerland

More Entrepreneurs Say “Au Revoir”, Escape France’s Confiscatory Tax Regime

"New evidence of top French executives leaving the country has emerged as President Francois Hollande battles a stalling economy and tumbling approval ratings. Two senior executives at Moet Hennessy, the champagne and cognac arm of the LVMH luxury group, are moving to London from Paris and the head of Dassault Systemes, the software arm of Dassault Aviation, said some senior managers of his company had left and he was considering following suit. …The news follows Mr Arnault’s own application for Belgian citizenship, leaked last September, which poured fuel on a fiery debate in France about entrepreneurship, patriotism and high taxes." Continue reading →

Continue ReadingMore Entrepreneurs Say “Au Revoir”, Escape France’s Confiscatory Tax Regime

Jeff Thomas Responds: Questions on Gold Ownership

"Any US import greater than $2500 thru FedEx is newly subject to a Customs regulation requiring a SS #. This requirement was put in place Jan 7th or 8th of this new and wonderful year. The FedEx customs representative/agent was embarrassed to call the 'importer' with this request, by their newfound responsibility." Continue reading →

Continue ReadingJeff Thomas Responds: Questions on Gold Ownership

Swiss to Ban Big Cash Purchases to Curb Money Laundering

"Switzerland is proposing to ban cash payments in excess of 100,000 francs ($107,500), including on watches and real estate, and wants to tighten the due diligence requirements for banks to prevent money laundering. Transactions above that amount will have to be processed through a bank. According to the proposal, banks will also have to undertake thorough checks to ensure funds are tax-compliant and must in the future refuse to accept any funds they believe are not declared. The measures implement recommendations from the Financial Action Task Force, an international organization tasked with co-ordinating the fight against money laundering." Continue reading →

Continue ReadingSwiss to Ban Big Cash Purchases to Curb Money Laundering

US Unlikely To Crack China FATCA Agreement

"FATCA has been created to track down the offshore financial assets of US taxpayers and make the institution concerned reveal details so that tax can be collected. Now China is telling the US that there will be so few US citizens holding Chinese bank accounts that the cost of implementing FATCA outweighs the benefit to the nation’s financial institutions. The Chinese have also pointed out that even the opportunity of signing an IGA which would allow them to get details of Chinese taxpayers in the US would also serve minimal benefit to the government." Continue reading →

Continue ReadingUS Unlikely To Crack China FATCA Agreement

Homelanders propose more tax hikes on U.S. Persons abroad

"February saw a massive number of legislative attacks on American emigrants and their children by ignorant or malign (un)Representatives which are only now coming to light as the Government Printing Office finishes typesetting and publishing the hundreds of pages of proposed laws. We’ve already discussed the various recent bipartisan attempts to repeal the Foreign Earned Income Exclusion, but another frequent theme is increasing the tax and compliance burdens on so-called 'Controlled Foreign Corporation owners' and 'outsourcers', including people who have lived outside the U.S. all their lives but got the inherited genetic disease of U.S. citizenship from their parents." Continue reading →

Continue ReadingHomelanders propose more tax hikes on U.S. Persons abroad

Obamacare tax on unearned income cannot be offset by foreign tax credits

"I am getting more and more confirmation from unrelated sources that the Obama 3.8% tax on unearned income cannot be offset by the Foreign Tax Credits of U.S. citizens abroad. To put it simply: U.S. citizens abroad, who via taxation in their country of residence, pay for health care in their country of residence, are now required to pay for health care for U.S. residents. Oh well: I guess that’s consistent with the definition of citizenship that Obama gave in his State of the Union address. U.S. citizens abroad must accept their obligations to those remaining inside the U.S." Continue reading →

Continue ReadingObamacare tax on unearned income cannot be offset by foreign tax credits