International Living

Outrageous IRS FBAR Penalty: $500K Delinquency Turns Into $22M Fine

"Meet Mary Estelle Curran, age 79 and living in Florida. Lest you think Mary is some sophisticated money launderer or drug runner, she is a widow. She inherited a foreign account in a Lichtenstein Foundation from her deceased husband. While the sentencing is still several months away, the IRS penalty for her account is almost $22 million even though the unpaid tax was less than a million dollars. Why so high? The civil penalties for failing to file an FBAR are based on the size of the unreported account. Under current law, the penalty is the greater of $100,000 per year or 50% of the highest account balance for each year the account is unreported." Continue reading →

Continue ReadingOutrageous IRS FBAR Penalty: $500K Delinquency Turns Into $22M Fine

David Galland: Three Levels of Survival Skills

"While we all hope that things will turn out for the best, and they very well might, I suspect that, like me, most of you sense that something is fundamentally wrong in the world today. Trying to ignore the risks, effectively keeping your alert level at 'White,' leaves you woefully unprepared. Now is the time to think this stuff through, while you still can do so calmly. Now, moving on, I want to share with you stories from two individuals faced with severe disruptions in the norm – one from old friend Roger S. from Zimbabwe, who reports on the current state of things there and the other from an individual who survived the war in Sarajevo." Continue reading →

Continue ReadingDavid Galland: Three Levels of Survival Skills

Draconian Cash Controls Are Coming To France

"Ayrault trotted out his national plan, a 20-page document that outlined his all-out effort to go after any kind of behavior that could possibly deprive the government of those sorely needed euros. Stuffed into that 20-page national plan: prohibiting cash payments of over €1,000 per purchase. It’s urgent. He wants to get the process started soon so that 'a decree and legislative measures' can be finished by the end of 2013. Two crisp 500-euro bills and a single coin: voilà, an illegal transaction. But the limit would only apply to fiscal residents. Fiscal residents of a country other than France would be able to pay €10,000 in cash per purchase." Continue reading →

Continue ReadingDraconian Cash Controls Are Coming To France

Double taxation row as Brussels unveils new financial transactions tax

"The European Commission was under fire Thursday (14 February) over claims that its planned tax on financial transactions (FTT) would lead to double taxation. Unveiling the plans for an FTT backed by 11 EU countries, Taxation Commissioner Algirdas Semeta said that it was a 'fair, technically sound and legally robust tax.' The proposal puts a 0.1 percent levy on bonds and shares and 0.01 percent on derivative products. The use of an 'issuance' principle as well as 'residence' criteria means that traders operating outside the FTT-11 would also be liable to pay the tax." Continue reading →

Continue ReadingDouble taxation row as Brussels unveils new financial transactions tax

Murray Sabrin: Cuba, part two, the economy

"Castro’s dream for Cuba turned into a nightmare in the early 1990s with the collapse of the Soviet Union and the liberation of Eastern Europe. Cuba’s GDP plunged at least 35% in two years. The Cuban crisis caused its leaders to do some soul searching: how do they adhere to the goals of The Revolution without the subsidies that were masking the inherent flaws of its collectivist experiment. Without the infrastructure—economic, financial, legal, and social institutions to deliver the goods and services to the people–Cuba has slowly been transforming itself into a mixed economy a la the United States and the rest of the developed nations of the world." Continue reading →

Continue ReadingMurray Sabrin: Cuba, part two, the economy

FATCA: Do I have to report my offshore gold?

"Imagine what would happen if the Chinese government passed a law requiring US banks to share customer information with Beijing. People would go nuts. But in the Land of the Free, it’s normal. Crazy. It gets worse. FATCA was a mere 18 pages of poorly worded legislation that failed to define critical terms. How many pages of regulations did the IRS issue? The answer is a mind numbing 544 pages. After an initial read, though, the language of the regulation does suggest that custodial gold institutions (like GoldMoney, etc.) should be reported. Offshore safety deposit boxes (like Das Safe) do not." Continue reading →

Continue ReadingFATCA: Do I have to report my offshore gold?

Scotland’s independence could see descendants worldwide eligible for passport

"Scotland First Minister Alex Salmond told ONE News he would want to offer citizenship to an independent Scotland to as many descendants as possible. The offer could also allow citizens to live and work anywhere in the European Union. 'I think like Ireland, Scotland would want to use its global reach in the most effective way and make that sort of inclusive statement,' said Salmond. Salmond's Scottish National Party swept to power on the back of a promise to hold a referendum on independence. 'Scotland's a country of five and quarter million people, we have a reach internationally, across the world we'd want maximum entitlement to citizenship,' said Salmond." Continue reading →

Continue ReadingScotland’s independence could see descendants worldwide eligible for passport

Doug Casey: Why America Should Default and You Should Live Abroad

"Reason TV's Nick Gillespie sat down with Casey to discuss why America should default on its debt, why he spends most of his time in Argentina these days, and the importance of self-reliance and free-market principles. His new book, Totally Incorrect, is a collection of conversations with Louis James that explore the ways in which government policy and centralized power threaten cultural and economic progress. In a series of engaging and wide-ranging dialogues, Casey and James talk about everything from the Great Depression to drug use to the Roman Empire." Continue reading →

Continue ReadingDoug Casey: Why America Should Default and You Should Live Abroad