Fugitive Tax-Slaves

And the money trail leads to…

"A case in point is the Dodd-Frank Act. Wall Street was officially horrified by this law, which officially sought to end some of the practices that led to the financial collapse and big bailouts of leading U.S. investment firms in 2008-2009. But buried in the bowels of this 2,319-page law was a provision targeted squarely at 'foreign investment managers.' Simply put, the new rule forced every foreign bank, brokerage, or financial advisor with 15 more U.S. clients to register with the Securities & Exchange Commission. One Swiss-based investment manager who went through the process told me he spent more than $100,000 in legal fees to do it – not to mention hundreds of hours." Continue reading →

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Ron Paul: Internet Sales Tax Could Crush Small Businesses

"It is amazing that some of the same conservatives who rightly worry over Obamacare’s effects on job creation and economic growth want to impose new taxes on the most dynamic sector of the economy. The main proponents of this bill are large retailers and established Internet business. Big business can more easily afford to comply with a national Internet sales tax. In many cases, they are large enough that they already have a 'physical presence' in most states and thus already have to collect state sales taxes. These businesses are seeking to manipulate the political process to disadvantage their existing and future small competitors." Continue reading →

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The Millionaire Residency Visa

"For foreigners, it used to be that hard work and plenty of patience for bureaucratic red tape would garner access into a coveted country. But, these days, sometimes all it takes to grab that golden ticket is achieving multimillionaire status and promising to make a hefty investment in a new homeland. Countries such as the United States, Australia and New Zealand are all embroiled in a global tug-of-war for the wealthy, and each has either rolled out or reauthorized what are known as millionaire visas in recent years. These programs, which are aimed squarely at wealthy investors, fast-track these individuals' path to permanent residency—and sometimes even citizenship." Continue reading →

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Complying With U.S. Tax Evasion Law Is Vexing Foreign Banks

"Financial institutions, trade groups, scholars and members of Congress have raised an array of concerns, starting with the cost of creating the complex computer systems needed to track Americans’ accounts. In addition, tax havens like China, Panama and Russia have yet to sign on. And American banks are unhappy about a Treasury Department pledge to foreign banks, not part of the original law, to require American financial institutions to share data with other countries about foreign investors who have accounts in the United States." Continue reading →

Continue ReadingComplying With U.S. Tax Evasion Law Is Vexing Foreign Banks

Late Marc Rich’s Swiss mansions for sale

"The daughters of the late expat American commodity trader and financier Marc Rich have put up for sale his luxury Swiss homes in the canton of Lucerne and the mountain resort town of St. Moritz. Rich is celebrated for making a fortune in metals such as aluminum, silver and zinc by cornering the market and in dubious dealings in oil. He became a fugitive in Switzerland after being indicted in the early 1980s on charges of widespread tax evasion, illegal dealings with Iran and other crimes." Continue reading →

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‘Beanie Babies’ creator will pay $53.5 million to IRS for $885,300 delinquency

"The creator of the wildly popular Beanie Babies toy line agreed to plead guilty to felony tax evasion charges and will pay a $53.5 million penalty as part of a settlement agreement, the Chicago Tribune reported on Wednesday. Prosecutors accused Warner of failing to notify his accountants about both a Swiss bank account and the $3.1 million in foreign income it generated. He subsequently did not disclose that income in his 2002 tax return, enabling him to avoid paying $885,300 in taxes for that year. UBS revealed Warner’s account as part of a 2009 agreement with the IRS after admitting that it helped U.S. clients hide their accounts." Continue reading →

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How to Finance a Second Passport, and More…

"Financing is available for this purpose from a few banks, but at less favorable terms than in the USA. You won't find a regular 30-year mortgage, for instance. The best most banks offer is a five-year mortgage on 50% of the purchase price with a balloon payment at the end. Interest rates are higher, too. After five years, you can roll over the mortgage for another five years. But you might not need to... a recent change in the law lets you sell your real estate five years after you qualify for citizenship. You can even sell it to someone else seeking economic citizenship." Continue reading →

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FATCA: a Tool of the Electronic Surveillance State

"If FATCA’s sole purpose were to 'recover' tax revenues from assets squirreled away offshore by American 'fat cats,' it seems odd that it targets only individuals and specifically exempts reporting on accounts held by U.S. corporations. On the other hand, targeting individuals makes a lot of sense if FATCA’s purpose is directed towards something else: adding to U.S. government agencies’ global electronic 'map' of personal information. It should be further understood that any data transmitted by foreign financial institutions will not be confined to the IRS but will be handed over ('upon request,' of course) to other 'three-letter' agencies of the U.S. government." Continue reading →

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Americans in Canada may be unable to receive payments from Government

"Looks like the Government of Canada will require a bank account for all government cheques. Therefore. anybody who is: 1. Suspected of being a U.S. person; and 2. Who becomes 'FATCA Recalcitrant' and has his/her account closed, will be unable to receive payments from the Government of Canada. It’s important to note that at the present time, any person, on showing the appropriate ID can get a Government of Canada cheque cashed at any bank. The 'noose is tightening' around U.S. citizens abroad." Continue reading →

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Government tax advisor quits after tape reveals him giving tips on avoidance

"A tax advisor to the British government was forced to resign after he was secretly filmed giving advice on how to avoid paying tax, officials said on Saturday. David Heaton was recorded by undercover BBC reporters at a London conference explaining to companies how to keep their money out of finance minister George Osborne’s 'grubby mitts'. Two months later, he started work on a panel advising the revenue ministry, HM Revenue and Customs (HMRC), on how to tackle abuse of the tax rules, according to the BBC. A spokeswoman for HMRC confirmed that Heaton had resigned to preserve the integrity of the panel." Continue reading →

Continue ReadingGovernment tax advisor quits after tape reveals him giving tips on avoidance