International Living

David Galland: Big Brother’s Beginnings

"For me, then, the real message of 1984 is that once governments are allowed to get too firm a grip on the reins of power – including the judicial, the constabulary, the military, the media – they are not just imminently corruptible but super-hardened to any real change. I, Pencil, Leonard Read's 1958 essay, a video version of which you can watch here, explains how the free market works using the simple example of how the lowly pencil is produced and brought to market. I'll try to use the same sort of simplistic example – replacing the pencil with the coca leaf – to expose the genesis of Big Brother's steady assent to unassailable power." Continue reading →

Continue ReadingDavid Galland: Big Brother’s Beginnings

Could a Government Cash Grab Happen Here?

"With $6.8 trillion on deposit in U.S. banks, do you think that our current federal government, the one so adept at manufacturing repeated crises, would hesitate for one moment before dipping into the private accounts of depositors if a U.S. bankruptcy were imminent? Well, with massive amounts of federal spending on tap that cannot be supported by current tax rates, it’s not exactly a stretch to think that a solvency crisis is headed our way … with the grabbing hands of the U.S. government reaching for the assets of hard-working Americans to bail it out." Continue reading →

Continue ReadingCould a Government Cash Grab Happen Here?

The Financial Situation in Cyprus and the End of the Euro

"There are several lessons to be learned here: 1. Politicians lie. Only a few weeks ago, politicians in Cyprus promised that deposits in local banks would be backed 100% and that euro-zone taxpayers would finance any bailout. Obviously, that turned out not to be true. 2. The swift win the race. Those depositors who got their funds out of Cyprus banks before the bailout get to keep 100% of their capital. Those who delayed face losses up to 60%. 3. Cash is king. While the value of the euro has slumped in recent weeks, anyone with euros in cash form, rather than in an account, is far better off than with euros in a bank account. [..]" Continue reading →

Continue ReadingThe Financial Situation in Cyprus and the End of the Euro

Another Warning Sign – NY Times Columnist Favors Capital Controls

"Krugman doesn't see irresponsible government spending and the resulting debt as the core cause of recent crises in Europe and around the world. Instead, he blames inflows of money by undefined foreigners. He even says that the US, too, is victimized by inflows of foreign money when he claims, 'It's not just Europe. In the last decade America, too, experienced a huge housing bubble fed by foreign money.' According to Krugman, it's not the fault of the Federal Reserve's artificially low interest rates for blowing up the housing bubble, nor the proliferate spending habits of European welfare states for causing the debt crisis." Continue reading →

Continue ReadingAnother Warning Sign – NY Times Columnist Favors Capital Controls

Americans fall out of favour with Swiss banks

"Already battle-scarred from the hard lessons of recent years, Swiss banks are taking a very cautious approach when it comes to the introduction of FATCA. The US law requires banks around the world to report information on American account holders to Uncle Sam. There are also concerns that FATCA’s collateral damage could extend beyond the home front into the business world. If an American owns more than 10 percent of a company, it is reportable to the IRS. The worry is that this rule may make it harder for US entrepreneurs to find business and banking partners, shutting them out of attractive investment opportunities." Continue reading →

Continue ReadingAmericans fall out of favour with Swiss banks

IRS Reneges on Offshore Asset Voluntary Disclosure Deals

"If you took advantage of one of the three amnesty programs and were accepted, the IRS promised only to hit you with the back taxes, various penalties and interest. The good news was that you would escape criminal charges and time in prison. You now have an empty bank account, but at least you also have the peace of mind that the IRS won’t be knocking at your door, right? Wrong. Earlier this month, the IRS sent faxes to tax attorneys across the country telling them that clients who it had previously been accepted in the current voluntary disclosure program, the 'Offshore Voluntary Disclosure Initiative' (OVDI) are now mysteriously 'disqualified.'" Continue reading →

Continue ReadingIRS Reneges on Offshore Asset Voluntary Disclosure Deals

About The Principality of Sealand

"The history of Sealand is a story of a struggle for liberty. Sealand was founded on the principle that any group of people dissatisfied with the oppressive laws and restrictions of existing nation states may declare independence in any place not claimed to be under the jurisdiction of another sovereign entity. The location chosen was Roughs Tower, an island fortress created in World War II by Britain and subsequently abandoned to the jurisdiction of the High Seas. The independence of Sealand was upheld in a 1968 British court decision where the judge held that Roughs Tower stood in international waters and did not fall under the legal jurisdiction of the United Kingdom." Continue reading →

Continue ReadingAbout The Principality of Sealand

Are You A Good Candidate For Expatriation?

"I’ve discovered the motivations for our expatriation clients to take this step are more nuanced than mere tax avoidance. A case in point is the overwhelming compliance burden U.S. taxpayers living overseas face. The information reporting regime they face is complex, overlapping, and constantly evolving. Even minor violations are subject to draconian penalties. What’s more, U.S. laws force foreign banks and other financial institutions to enforce U.S. tax and reporting rules with respect to their U.S. clients. In many cases, it’s easier for foreign banks to 'fire' U.S. clients than deal with this risk." Continue reading →

Continue ReadingAre You A Good Candidate For Expatriation?

Internationalization and the Libertarian Principle

"A quiet exodus has begun. Increasingly, citizens of the troubled First World are investigating the possibility of expatriating to more favourable destinations. At present, a 'flood' has not occurred into any jurisdiction; however, the numbers are unquestionably on the rise in quite a few countries. Many of these people come from those countries that, until recently, were considered to be the best places to be. Of greater interest than the actual percentages, however, is the description of those expatriating." Continue reading →

Continue ReadingInternationalization and the Libertarian Principle

The Top 4 Lessons of the Cyprus Debacle You Shouldn’t Have to Re-learn

"Lesson #1 - Do Not Trust Politicians. Lesson #2 - Ditch the 'This Can’t Happen Here' Mentality. Lesson #3 - Recognize the Pattern (Bank Holiday, Wealth Confiscation, Capital Controls). Lesson #4 - Take Action Before it is Too Late. You must take precautionary action and internationalize before it is too late to act. Unless you are part of the political elite, you won’t know exactly when the window of opportunity will slam shut. For Cypriots that moment came on the morning of Saturday, March 16 , 2013. It is better to be a year early than a minute late." Continue reading →

Continue ReadingThe Top 4 Lessons of the Cyprus Debacle You Shouldn’t Have to Re-learn