Tag Archives: Fugitive Tax-Slaves

Banker feted as next ‘Snowden’ for selling stolen tax data to governments

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“He insists his motives have always been pure: to repel Switzerland’s ‘attack’ on other countries’ tax laws and exchequers. HSBC says he is no whistleblower. He tried to sell the data at first, the bank contends, and only started to work with prosecutors when he was jailed in Spain. Many more tax-shy Europeans have reason to sleep fitfully. Other countries are said to want a look at the pilfered data, much of which is apparently yet to be decrypted. When Mr Falciani first made the rounds with his discs, governments showed little interest. The fiscal strains produced by the euro crisis have changed all that.”

http://www.economist.com/blogs/schumpeter/2013/10/banks-and-tax-evasion

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Swiss bank exec fleeing from U.S. government arrested in Italian hotel

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“A former top executive at Swiss banking giant UBS wanted in the United States for allegedly helping wealthy Americans hide $20 billion from the taxman has been arrested in Italy, police said on Sunday.  Raoul Weil, 54, had been staying in a luxury hotel in the city of Bologna where he checked in under his real name, triggering a police check because he is on an international fugitive list.  Weil, who was chairman of the global wealth management service at UBS in Zurich, was indicted by a federal grand jury in 2008 for his alleged role in overseeing the US cross-border business.  The Swiss national always denied the charges and had been declared a fugitive by the US courts.”

http://www.thelocal.ch/20131020/fugitive-ubs-exec-arrested-in-italian-hotel

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Down and out: the French flee a nation in despair

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“The failing economy and harsh taxes of François Hollande’s beleaguered nation are sending thousands packing – to Britain’s friendlier shores.  More than 70% of the French feel taxes are ‘excessive’, and 80% believe the president’s economic policy is ‘misguided’ and ‘inefficient’. This goes far beyond the tax exiles such as Gérard Depardieu, members of the Peugeot family or Chanel’s owners. Worse, after decades of living in one of the most redistributive systems in western Europe, 54% of the French believe that taxes – of which there have been 84 new ones in the past two years, rising from 42% of GDP in 2009 to 46.3% this year – now widen social inequalities instead of reducing them.”

http://www.telegraph.co.uk/finance/10390571/france-hollande-taxes-socialist-farrage.html

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Richard Branson reveals ‘tax exile’ move to private Caribbean island

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“When Sir Richard Branson was asked his opinion this year on wealthy individuals quitting Britain to escape high taxes, he appeared quite adamant. ‘I don’t think people should be leaving the UK because of our tax system,’ he was reported as saying in April.  Now The Sunday Times can reveal Branson himself has opted for life as a tax exile on his private island of Necker in the Caribbean, a perhaps surprising move given the rest of his comments on the British tax system.  ‘It is very reasonable, especially if you compare it to a country like France, where it is 80% for some high earners,’ he said. ‘In the current climate, it would be wrong if George Osborne [the chancellor] lowered taxes for the rich.'”

http://www.thesundaytimes.co.uk/sto/news/uk_news/People/article1326921.ece

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Another Swiss bank closes after US tax probe

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“Zurich-based Bank Frey & Co., which manages about 2.0 billion Swiss francs (1.6 billion euros, $2.2 billion), said late on Thursday its shareholders had decided to halt operations.  ‘The decision stems from the increasingly difficult market conditions, ever-growing regulations and the unsustainable requirements that smaller private banks are required to comply with, in part as a result of the tax dispute with the USA,’ it said in a statement.  The bank said it had acted cooperatively within the framework of both Swiss and United States law and intends to continue to do so.  A failure to reach a settlement could lead to prosecution as well as being barred from the US financial system.”

http://www.thelocal.ch/20131019/swiss-bank-closes-after-us-tax-probe

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Use This Investing Secret of the Rich and Famous …

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“In just the last month, British serial entrepreneur and bleeding heart Richard Branson admitted that he has been living as a de-facto tax exile in the British Virgin Islands for the last seven years. Although he denies tax considerations as a motivation for the move to his private island, Necker, he recently sold his British residence to his kids and declared himself a non-resident.  U2 frontman Bono, net worth $600 million, recently slammed big oil companies for allegedly failing to pay taxes in poor countries where they operate. Days earlier he had defended U2’s own use of offshore companies to reduce taxes in response to the Irish government’s decision to cap artists’ tax-free income at €250,000.”

http://thesovereigninvestor.com/2013/10/18/use-investing-secret-rich-famous/

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The IMF Lays The Groundwork For Global Wealth Confiscation

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“The International Monetary Fund (IMF) quietly dropped a bomb in its October Fiscal Monitor Report. Titled ‘Taxing Times,’ the report paints a dire picture for advanced economies with high debts that fail to aggressively ‘mobilize domestic revenue.’ It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases culminating in the direct confiscation of assets.  If ever there were a roadmap for prompting massive capital flight and emigration of productive citizens toward capitalism’s nascent frontiers in Asia, this is it.”

http://www.forbes.com/sites/billfrezza/2013/10/15/the-international-monetary-fund-lays-the-groundwork-for-global-wealth-confiscation/

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‘Why I gave up my US passport’

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“The Magazine feature on the number of expat Americans renouncing their US citizenship due to tax filing requirements prompted a huge response from readers.  Many wrote to say they were experiencing similar problems to those outlined in the article. Here is a selection of their stories.”

http://www.bbc.co.uk/news/magazine-24338387

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Overtaxed and over there

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“‘FATCA is strangling us economically,’ says Genevieve Besser, an American who has lived in Germany for 25 years. Last year her youngest daughter, a dual citizen, had her local brokerage account closed by Deutsche Bank because her mother had signing authority over it.  Americans are even being forced out of products that are not subject to FATCA reporting: some have been forced to pay off mortgage balances with Swiss banks, for instance.  American banks and brokerages are growing frostier too. Some are closing the accounts of citizens who no longer have an American address because of FATCA.”

http://www.economist.com/news/united-states/21587815-loopy-tax-rules-spur-expats-renounce-their-american-citizenship-overtaxed-and-over-there

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Governmental Travel Controls

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“Coupled with actual cancellation at the airport will be the denial of travel documentation in general. This has already begun, with the US tying travel documents to taxation. Now, any citizen whose tax compliance is ‘in question’ may be denied the right to travel. As the term, ‘in question’ is loosely defined, it may suffice to restrict any citizen. In the future, passports may be suspended or confiscated for questions of inadequate tax compliance, or indeed, for questioned ‘terrorist sympathy’ as described above. Further, passport applications and renewals are likely to be denied more frequently due to these vague and undefined suspicions.”

https://www.internationalman.com/78-global-perspectives/1013-governmental-travel-controls

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