International Living

Bill Bonner: Turning Argentine…

"'Are you kidding?' said an Argentine friend. 'Nobody wants to save pesos. You get them. You spend them.' 'I've seen this show before,' said another friend. 'I was here in Argentina in the 1980s, when we had inflation of 1,000% per month. And I was in Moscow when the Soviet Union fell apart. Inflation hit about 800% there in 1993. I see signs of a big takeoff in inflation again. Watch out.' But for well-to-do Argentines, the quality of life here must be among the highest in the world. There are dozens of restaurants within a five-minute walk. You can sit outside. The weather is nice. And prices are cheap, if you convert your money on the black market." Continue reading →

Continue ReadingBill Bonner: Turning Argentine…

Hungary receives 422,000 applications under new citizenship-by-descent program

"According to the government website allampolgarsag.gov.hu, Hungarian authorities have received over 422,000 applications since January 2011, and more than 340,000 people have been granted citizenship. Under Hungary’s dual citizenship law, people who were Hungarian nationals before 1920 or between 1938 and 1945 or their descendants may apply for Hungarian citizenship under a fast-track procedure, if they speak Hungarian and if they do not pose a public safety or national security risk." Continue reading →

Continue ReadingHungary receives 422,000 applications under new citizenship-by-descent program

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

Rules Aimed at Tax Evasion Abroad Trip Up Average Americans

"Many middle- and upper-middle-class Americans have found it more and more difficult to comply with requirements on reporting the existence and value of bank accounts overseas and to reconcile the taxes of different countries. At the same time, Americans from immigrant families who have bank accounts in their home countries that they may have overlooked are being swept up by the same laws used to ferret out millionaires and billionaires stashing money in secret Swiss accounts. The Internal Revenue Service has increased its examination of such accounts, lawyers said, with serious penalties for those who have not reported them." Continue reading →

Continue ReadingRules Aimed at Tax Evasion Abroad Trip Up Average Americans

Austria, Luxembourg to give up banking secrecy for foreigners

"Austria has initiated the abolition of banking secrecy for foreigners and will begin talks with the European Union (EU) over automatic information exchange, Austrian Chancellor Werner Faymann said Tuesday. Up to now Luxembourg and Austria have been the only two EU nations to refuse to disclose the identity of bank account holders from other EU countries. Luxembourg announced during the weekend its own intention to give up the practice for foreigners. Faymann added that the practice of tax avoiding through falsifying tax liabilities had to be stopped." Continue reading →

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Are You a Milk Cow for the Government?

"I thought it would be useful to look at when Tax Freedom Day occurs across the world to gain some perspective. Tax Freedom Day (TFD) is the day of the year that the average person has in theory earned enough money to pay their annual tax bill. If TFD falls on January 1st that means you are a milk cow for ZERO days out of the year for the government. If it falls on June 30th it means you are working 181 days each year to pay off your taxes. Unfortunately most of us will spend some time during the year acting as a milk cow in some fashion for a government. Below is a table showing when TFD hits in the countries within the EU." Continue reading →

Continue ReadingAre You a Milk Cow for the Government?

Bill Bonner: $10,000 each in two suitcases

"Price controls didn't work for the Romans. They didn't work for the Germans. They didn't work for the Zimbabweans or any of the other hundreds of governments that have tried them. But who knows? Maybe they'll work for the Argentinians. But inflation is just getting started here. The rate is officially about 10%. Unofficially, it's 30%. Officially, you can trade a dollar for 5.4 pesos. Unofficially, you'd be a fool to do so. The black market rate is eight to the dollar – and more. So what do we do? Every time we come to Argentina we bring the maximum - $10,000 each – in $100 bills. Then, when we need to buy things, we trade our dollars on the black market." Continue reading →

Continue ReadingBill Bonner: $10,000 each in two suitcases

Special Privilege: Beyonce, Jay-Z Cuba trip was OK’d by US Treasury Dept

"Beyonce and rapper husband Jay Z visited Havana last week on a trip that was fully licensed by the United States Treasury Department, according to a source familiar with the trip, reports Reuters. The longstanding U.S. trade embargo against Cuba prevents most Americans from traveling to the island without a license granted by the U.S. government." Continue reading →

Continue ReadingSpecial Privilege: Beyonce, Jay-Z Cuba trip was OK’d by US Treasury Dept

Legendary Havana bar ‘Sloppy Joe’s’ reopens

"Mythic Cuban bar Sloppy Joe’s, a watering hole for a who’s who of Hollywood stars during Prohibition, reopens its doors Friday in Havana. The revived bar is in the center of old Havana, just steps away from Central Park and some of the city’s grand hotels. Founded in 1920 by Spanish immigrant Jose Garcia, Sloppy Joe’s was restored exactly the way it once stood, down to its long, black mahogany bar, which was immortalized in the 1959 British film 'Our Man in Havana' with Alec Guinness and Maureen O’Hara. In its heyday, it was frequented by Errol Flynn, John Wayne, Spencer Tracy and even Clark Gable." Continue reading →

Continue ReadingLegendary Havana bar ‘Sloppy Joe’s’ reopens

FBI reports U.S. citizenship renunciations for Q1 2013 nearly doubled year over year

"The FBI has released its latest report on Active Records in the NICS Index, updated to 31 March 2013. NICS now contains the records of 21,504 persons who are prohibited from purchasing firearms in the United States because they swore an Oath of Renunciation of United States Citizenship at a U.S. consulate abroad. This is an increase of 196 records as compared to 28 February, and 850 records in the first quarter of 2013 (since 31 December 2012)." Continue reading →

Continue ReadingFBI reports U.S. citizenship renunciations for Q1 2013 nearly doubled year over year