Tag Archives: Fugitive Tax-Slaves

$1 Million Bail For Bitcoin Execs Charged With Money Laundering

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“They were required to post nearly $1 million in property as collateral.  Assistant U.S. Attorney Serrin Turner said Shrem ‘has held himself out as a ‘Bitcoin millionaire” who was ready to flee rather than face charges that could put him in prison for nine to 11 years.  Turner said the nature of the Bitcoin industry meant that Shrem had a ‘storage locker in the clouds’ with money to facilitate flight. He added that Shrem had traveled internationally 16 times since 2007, with most of the trips in the past two years to places including the Netherlands, Turkey, Panama, Aruba and Mexico.”

http://abcnews.go.com/US/t/story/men-charged-ny-silk-road-drug-prosecution-22224197

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Why This Technology Is The Future Of Asset Internationalization

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“One of bitcoin’s biggest benefits as an option for internationalizing one’s assets is that it exists only as an abstract computer-driven file. This makes the coin exceedingly durable and easy to transport (or recover) anywhere in the world.  In other words, you don’t have to bury a few bitcoins in the backyard, and then dig them up on the offchance you need them, like with gold and silver. Bitcoins are much less bulky than precious metals, a major convenience.  Plus, nobody wants to board plane-after-plane to get a considerable amount of gold out of the US. That bitcoin is not tangible bestows upon it special properties. Special properties that neither gold nor silver demonstrate.”

http://dollarvigilante.com/blog/2014/1/20/why-this-technology-is-the-future-of-asset-internationalizat.html

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Chinese Millionaires Are Leaving The Country In Droves

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“A new report shows that 64 percent of Chinese millionaires have either emigrated or plan to emigrate—taking their spending and fortunes with them. The United States is their favorite destination.  The report from Hurun said that one-third of China’s super rich—or those worth $16 million or more—have already emigrated.  Previous studies show the main reasons rich Chinese are leaving is to pursue better educations for their kids, and to escape the pollution and overcrowding in urban China.  But analysts say there is another reason the Chinese rich are fleeing: to protect their fortunes.   According to WealthInsight, the Chinese wealthy now have about $658 billion stashed in offshore assets.”

http://www.businessinsider.com/chinese-millionaires-leaving-the-country-2014-1

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U.S. FATCA tax law catches unsuspecting Canadians in its crosshairs

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“A Calgary woman’s developmentally disabled son is caught in a U.S. tax quagmire that she fears may cost him the money she spent years setting aside for his financial future.  ‘He’s entrapped,’ said Carol Tapanila, the 70-year-old mother. ‘There’s no way out. He is entrapped into U.S. citizenship.’  Her 40-year-old son was born in a Calgary hospital, but automatically received U.S. citizenship because both his parents were American. That simple fact may soon create financial woes for the Tapanila family.  These so-called ‘accidental Americans’ also include an Ottawa woman who was born in the U.S. to Canadian parents and moved back north at one year of age.”

http://ca.finance.yahoo.com/news/u-fatca-tax-law-catches-unsuspecting-canadians-crosshairs-090310548.html

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New U.S. Tax Regime is “Devastating,” Experts Say

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“International bureaucrats working fiendishly for planetary taxation are celebrating, along with some attorneys and accountants hoping to profit, but serious concerns about the pseudo-treaties are growing.  Seeking to avoid entanglements with the IRS and massive compliance costs — more than a few foreign banks have simply stopped doing business with American citizens and companies.  Some international businesses are also reportedly refusing to consider Americans in job applications due to increasingly complex IRS reporting requirements. Despite millions of taxpayer dollars squandered on the scheme, implementation of FATCA thus far has been an unmitigated disaster.”

http://www.thenewamerican.com/usnews/congress/item/17273-new-u-s-tax-regime-is-devastating-experts-say

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Cook Islands, a Paradise of Untouchable Assets

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“These flyspeck islands in the middle of the Pacific would be nothing more than lovely coral atolls, nice for fish and pearls, except for one thing: The Cooks are a global pioneer in offshore asset-protection trusts, with laws devised to protect foreigners’ assets from legal claims in their home countries.  The Cayman Islands, Switzerland and the British Virgin Islands capture headlines for laws and tax rates that allow multinational corporations and the rich to shelter income from the American government. The Cook Islands offer a different form of secrecy. The long arm of United States law does not reach there. The Cooks generally disregard foreign court orders.”

http://www.nytimes.com/2013/12/15/business/international/paradise-of-untouchable-assets.html?pagewanted=all

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And the Media Gets It Wrong (Again)

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“The tax consequences of relinquishing and renouncing are identical. You can read more about them here (scroll down), but basically, if you’re wealthy enough, you’re a ‘covered expatriate.’ That means if you give up US citizenship or long-term US residence, you may have to pay an ‘exit tax’ on your unrealized capital gains. There are also unpleasant tax consequences for your IRAs, pension plans, and some trusts. Future gifts or bequests to future beneficiaries are penalized, too.  Expatriation is not something that the average journalist is equipped to write about. But because it’s politically controversial, the media, like moths drawn to a flame, can’t resist it.”

http://www.nestmann.com/and-the-media-gets-it-wrong-again

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Directed History of the Swiss Tax Settlement

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“The Swiss Banks are making a desperate effort to fulfill US mandates when it comes to cooperating with US taxing authorities. But the vast effort being made shows clearly how difficult those demands actually are.  Probably hundreds of thousands of accountants, lawyers and bankers have been mobilized to install the tracking measures the US Justice Department and tax tracking authorities want implemented.  What is going on in Switzerland is unprecedented and doubtless the Anglosphere behind this operation wants to spread it around the world.  Just reading this article gives one a slight impression of the way an entire culture has been upended in a short period of time.”

http://www.thedailybell.com/news-analysis/34861/Directed-History-of-the-Swiss-Tax-Settlement/

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Bitcoin trading illegal in Iceland according to Icelandic Central bank

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“It is prohibited to engage in foreign exchange trading with the electronic currency Bitcoin, according to the Icelandic Foreign Exchange Act. A written response from the Central Bank of Iceland to Morgunblaðið states that the Foreign Exchange Act specifies general restrictions on foreign exchange trading and capital movements between countries. ‘It does not appear that the provisions of the Act that exempt goods and services from the aforementioned restrictions can be applied to trading in Bitcoin or that other exemptions from restrictions of the Act apply to such transactions,’ the Central Banks’s response states.”

http://www.reddit.com/r/Bitcoin/comments/1t8zf3/bitcoin_trading_illegal_in_iceland_according_to/

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Swiss banks urge U.S. tax dodgers to come clean to beat deadline

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“Swiss banks are quietly warning wealthy U.S. clients with secret accounts to come clean with the tax man in the next two weeks — or risk jail time, according to several letters obtained by POLITICO.  The letters come ahead of a New Year’s Eve deadline the U.S. government set for about 300 Swiss banks to take deals protecting them from prosecution. In exchange for confessing and shelling out mountains of Americans’ account information, they’ll get immunity. It is a new twist to the traditional bank-client relationship.  Switzerland’s oldest private bank, Wegelin & Co., went belly up because of the Justice investigation.”

http://dyn.politico.com/printstory.cfm?uuid=9CC01C4E-8F67-4637-8EC7-DBE79D2F6803

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