Fugitive Tax-Slaves

Britain hits offshore gambling industry with 300 million pounds in taxes

"Under rules published on Friday, Britain will tax gambling according to where customers are based rather than where the online operator is registered, meaning that offshore operators pay the same 15% tax rate as domestic companies. The tax will be levied on companies' gross profit in the 2 billion pound remote-gambling market. 'It is unacceptable that gambling companies can avoid UK taxes by moving offshore, and the government is taking decisive action to ensure this can no longer happen,' Economic Secretary to the Treasury Sajid Javid said. 'These reforms will ensure that remote-gambling operators who have UK customers make a fair contribution to the public finances.'" Continue reading →

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Voluntary Tax Disclosure Programs Correlated With U.S. Citizenship Renunciations

"'It’s quite clear from the data that the number of people renouncing their citizenship shoots up at the same time that the IRS began the Offshore Voluntary Disclosure Programs. Then, the number of people renouncing citizenship decreases at the same time that the Streamlined program is announced – which gives US citizens living abroad a less cumbersome way to catch up on back taxes, but then it shoots up again when the FATCA rules start to kick in and people find that the bank they have worked with for 20 years is closing their account because they are a US citizen' said David McKeegan of Greenback Expat Tax Services, a tax preparation company." Continue reading →

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Deloitte Rep. Warns China, Hong Kong To Sign FATCA Agreement

"'If the BVI and Caymans comply with the FATCA [Foreign Account Tax Compliance Act], this speaks volumes about the importance of this legislation to the world at large, let alone China and Hong Kong,' said Patrick Yip, deputy national mergers and acquisitions leader at Deloitte Touche Tohmatsu. 'China and Hong Kong financial firms that think by putting assets and income into BVI and Cayman companies they can avoid the reach of FATCA, they need to think again.' Although a US law, FATCA applies worldwide to every financial institution that receives payments from US sources. The mainland and Hong Kong should sign the agreements with the US to soothe their worries, he urged." Continue reading →

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Swiss Offshore-Adviser’s Guilty Plea Marks a Shift in Tax Crackdown

"On Aug. 16, Edgar Paltzer, 57 years old, a Swiss lawyer formerly with the Zurich firm of Niederer, Kraft & Frey, pleaded guilty in federal court in New York to a single count of conspiracy. Experts say Mr. Paltzer is the most prominent Swiss adviser to confess and the first to do so publicly. More than 30 advisers have been indicted in connection with allegedly enabling U.S. taxpayers to hide money abroad. The case puts further pressure on U.S. taxpayers holding secret offshore accounts, because advisers might opt to protect themselves by turning in their clients. The case also expands government scrutiny to assets stored in bank vaults." Continue reading →

Continue ReadingSwiss Offshore-Adviser’s Guilty Plea Marks a Shift in Tax Crackdown

IRS makes useless paperwork less onerous for U.S. Persons in one country

"You do the math: 190-odd other countries & territories, each with their own unique kinds of purpose savings accounts, most speaking languages other than English, and fewer than a million affected filers in each to lobby for change. How long will it be before U.S. Persons finally have the freedom to move to any country on Earth without incurring unreasonable paperwork requirements, and the folks in the District of Columbia can start figuring out what to do with all those non-filers who moved to Mars in the intervening centuries?" Continue reading →

Continue ReadingIRS makes useless paperwork less onerous for U.S. Persons in one country

German jailed for Julius Bär bank data theft

"A German citizen who began working as a contractor for the Zurich-based bank in 2005, admitted that he had gathered information about the bank's clients, including their names, addresses and account numbers, between October and December 2011. He had then compiled a list of German clients with assets of more than 100,000 euros, Swiss francs, British pounds or dollars, and passed it on to a retired German tax inspector. In exchange, he had been set to receive €1.1 million euros. He told the court he had planned to use part of his compensation to pay off his own back-tax debt to German authorities." Continue reading →

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Like Ted Cruz, Canadians had nothing against the United States, until now

"If Canadians and others around the world want to renounce U.S. citizenship to protect their private financial information from U.S. snooping, IRS expects five years of income tax returns, destructive penalties and a possible exit tax. Senator Cruz, Canada respects your decision to renounce your Canadian citizenship. When it is granted, I assure you Canada will not stalk you for information about your private finances and will not demand taxes or penalties from you. Senator Cruz, will you and your Congressional colleagues do the same to protect Canadians and others around the world from outrageous demands of the IRS and U.S. Treasury?" Continue reading →

Continue ReadingLike Ted Cruz, Canadians had nothing against the United States, until now

Kim Jong Un woos defectors: Come home. We won’t kill you … promise

"North Korean leader Kim Jong-un is taking a new approach to defectors who have fled his impoverished and repressive state, promising they will not be harmed if they come home, and even offering cash rewards, according to some in the exile community. That’s in sharp contrast to the approach taken by Kim’s father, who during nearly 20 years in power hid the issue and severely punished the families of those who defected, fearing they would undermine the state with their tales of the prosperous South. Exactly why Kim has taken a different view of defectors is unclear." Continue reading →

Continue ReadingKim Jong Un woos defectors: Come home. We won’t kill you … promise

Offshore Jurisdiction Review: Malta

"Malta is attractive to entrepreneurs, workers, and retirees alike. The government has special programs for high net worth retirees. There are several tax advantages to living in Malta. Only income remitted into Malta is subject to taxation, meaning you can own offshore investments and not pay a dime in tax. Furthermore, remittance of capital gains into Malta is tax free. Malta has no inheritance tax, wealth tax, or annual property tax. Put together low taxation, low cost of living, and year-round sunshine, and it becomes clear why Malta is very attractive to live and work in. EU nationals do not need any residence permit." Continue reading →

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