Tag Archives: Fugitive Tax-Slaves

Canadian banks to be compelled to share clients’ info with U.S.

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“Starting next July, Canadian banks will be required to ask anyone opening a new account if they are now, or ever have been, an American ‘person.’  It comes at the behest of the U.S. government and its efforts to ‘smoke out’ tax dodgers.  The Foreign Accounts Tax Compliance Act, or FATCA, was passed by the U.S. Congress in 2010 and comes into force July 1, 2014.  The law forces all banks and other financial institutions outside the U.S. to search for customers who have certain ‘indicia.’ Those are markers that show the person may be a U.S. citizen or a former permanent resident who, under U.S. law, must file income tax returns to Uncle Sam no matter where they reside in the world.”

http://www.cbc.ca/news/politics/canadian-banks-to-be-compelled-to-share-clients-info-with-u-s-1.2437975

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New tax law driving expats to renounce U.S. citizenship

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“For Ruth Anne Freeborn, it boiled down to a choice between country and family.  Born in Oklahoma, Freeborn has lived in Kingston, Ontario, for more than 30 years as an American expatriate, with a Canadian husband and 22-year-old son.  But a U.S. law passed in 2010 that will require international financial institutions to provide the Internal Revenue Service with information on their U.S. account holders forced her to weigh her citizenship. Her husband, a $51,000-a-year electronics technician and the family’s sole income earner, strenuously objected to having his financial data shared with a foreign nation.”

http://www.miamiherald.com/2013/11/27/v-fullstory/3781108/new-tax-law-driving-expats-to.html

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Cayman Islands, Costa Rica agree to share bank account details with US

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“The FATCA agreement with the Cayman Islands was initially agreed to in August. The island territory of 53,000 people has no income tax and is frequently labelled as a tax haven by critics. It is one of the world’s most popular destinations for investment funds to organise for tax purposes.  Costa Rica was one of three Central American countries the Organisation for Economic Development and Co-operation (OECD) has tagged as a tax haven. Panama and Belize were the other two. Significantly, the Costa Rica deal is reciprocal, meaning the Costa Rican government can get tax information about its citizens with assets in the United States.”

http://www.theguardian.com/world/2013/nov/29/cayman-costa-rica-us-tax

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China’s rich fleeing the country—with their fortunes

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“It’s one of the largest and most rapid wealth migrations of our time: hundreds of billions of dollars, and waves of millionaires flowing out of China to overseas destinations.  According to WealthInsight, the Chinese wealthy now have about $658 billion stashed in offshore assets. And it’s not just the money that’s exiting the country. The wealthy are increasingly following their money overseas.  Wealthy Chinese buyers purchased more than $8 billion worth of residential real estate in the U.S. in the 12 months ended in March, according to the National Association of Realtors.  China’s wealthy also are pouring money into collectibles and art.  It’s also going to wine and diamonds.”

http://www.cnbc.com/id/101225781

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Jeff Berwick on Practical Solutions to a Collapsing World Order

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“This is the most dangerous time in human history for capital and it is up to you to guide your own ship to survive… and prosper. And if you don’t have capital, make it. Outside of the overtaxed and overregulated West there is nothing but opportunity. Get outside of thinking within your national borders like a serf and do what your forefathers did – take a chance and go somewhere else where the opportunities currently lie. I write regularly at The Dollar Vigilante, a network of liberty-loving expats around the world who have gone to a new region and made a life for themselves. It has never been easier, thanks to air travel, the Internet, ATM machines, mobile phones and countless other technologies.”

http://www.thedailybell.com/exclusive-interviews/34772/Anthony-Wile-Jeff-Berwick-on-Practical-Solutions-to-a-Collapsing-World-Order/

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A Proper Use For Bitcoin: Avoiding Capital Controls

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“Imagine you are in a country with capital controls: that was much of the western world up until the late 1970s, early 1980s in fact. Until 1979 in my native UK you had to have permission from the government to take more than £25 out of the country. In fact, George Orwell had to ask permission to use his own dollar royalties to buy the new American drugs that didn’t cure his tuberculosis.  These sorts of restrictions still apply in countries around the world. What Bitcoin can do is make such regulations a simple matter to avoid. Rather than trying to take a suitcase of cash on the plane you can just buy Bitcoin locally, stick your USB stick in your pocket and then travel.”

http://www.forbes.com/sites/timworstall/2013/11/21/finally-a-proper-use-for-bitcoin-avoiding-capital-controls/

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Michigan: Use Plate Scanners To Boot Cars With Overdue Library Books

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“Around the same time, Bridgeport, Connecticut began using license plate scanning cameras to hunt down vehicles owned by minor debtors. The first victim of the then-new system, Calvin Carter, had $200 in back property taxes. At the time his car was hit, he was 100 feet from city hall, about to pay his taxes. New Haven used its camera scanners to seize cars from parishioners attending Sunday Mass and shoppers while they were in Wal-Mart. The city later transitioned to using the Denver boot as a cheaper alternative to towing. To have the car released, the alleged debtor must pay the original fine plus recovery costs.”

http://www.thenewspaper.com/news/42/4224.asp

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The Basics of Internationalization

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“Doug Casey chats with Nick Giambruno from International Man on the Basics of Internationalization.”

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Are You Already in Jail?

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“In recent years, stories coming from those who cross the Canadian/US border have become increasingly like those of the caricatures seen in the films of fifty years ago, depicting totalitarian East European countries that were under the control of the USSR.  (‘Your papers, pleece! Step ziss vay! Ve heff som qvestions!’) Many people have come to fear the Canadian/US border crossing, worrying that their answers to questions by Immigration officers (some of which have no bearing on immigration) will somehow provide officers with an excuse to detain or arrest them. Some have ceased travel across the Canadian/US border altogether.”

http://www.internationalman.com/78-global-perspectives/1045-are-you-already-in-jail

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More Taxpayers Are Abandoning the U.S.

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“This year will set a record for expatriations by U.S. taxpayers, with at least a 33% increase from the previous high in 2011.  The Treasury Department published the names of 560 people who either were U.S. citizens renouncing their citizenship or long-term residents who turned in their green cards during the third quarter.  That brings the total so far this year to 2,369, according to Andrew Mitchel, a tax lawyer in Centerbrook, Conn., who tracks the data. For all of 2011, the number of published expatriates was 1,781, he said.  Taxpayers who expatriate aren’t required to give a reason, but experts said the overall increase was likely because of tougher enforcement of U.S. tax laws.”

http://online.wsj.com/news/articles/SB10001424052702304243904579195923107439130

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