Tag Archives: Fugitive Tax-Slaves

In Monaco, Between The Real Economy And A Tax Haven Black List

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“The principality is proud to show that industrial companies are sprouting on its territory.  Since Monaco – a two-square-kilometers jewel on the French Riviera – suffers from lack of space to accommodate new manufacturing companies, its goal is to attract ‘smart’ companies: research and development centers, engineering offices.  But the new image of Monaco, which was for a long time considered a black sheep because of its lack of transparency, is still clouded by its very attractive financial legislation. It is a haven for its inhabitants, who don’t pay income tax or inheritance tax. That is, with the notable exception of U.S. and also French nationals.”

http://www.worldcrunch.com/business-finance/in-monaco-between-the-real-economy-and-a-tax-haven-black-list/monaco-tax-haven-evasion-fiscal-crisis/c2s12488/

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Tiny Malaysian Island Quietly Becomes A Favorite New Global Tax Haven

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“There is oil here — lots of it — in the Brunei Gulf, the sultanate considered to be one of the world’s richest states. Labuan is also a member of the despised family of tax havens that the OECD is trying to bridle.  It all began in 2010, when the Malaysian government decided to attract capital from rich Muslim countries so that it could develop a sort of Islamic finance industry. But capital influx has given way to legal shelters and discretion. ‘We have made changes to our legislation and allow, since 2010, the creation of trusts and foundations specially designed for high-net-worth individuals,’ says Normala Mat Som, a 30-year-old lawyer.”

http://www.worldcrunch.com/business-finance/a-tiny-malaysian-island-has-quietly-become-a-favorite-new-global-tax-haven/malaysia-labuan-taxes-fsa-oecd-haven/c2s13334/

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Switzerland signs OECD tax convention to end banking secrecy

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“Under European Union and U.S. pressure to help fight tax evasion, Swiss political support for bank secrecy has gradually waned, paving the way for tax deals with foreign authorities.  The Paris-based OECD’s Multilateral Convention is a wide-reaching agreement to exchange information about taxpayers between authorities either on request or spontaneously.  Despite Switzerland’s new-found willingness to cooperate with foreign tax authorities, Berne stopped short of committing to the automatic exchange of tax records.  Switzerland still has to ratify its adhesion to the convention which could take as long as a year-and-a-half and which could get bogged down if it is put to a referendum.”

http://in.reuters.com/article/2013/10/15/us-oecd-switzerland-idINBRE99E0MV20131015

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Lebanese banks tightening regulations in line with U.S. laws

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“Lebanese banks Thursday assured the U.S. ambassador to Lebanon David Hale they were strengthening measures to combat all forms of money laundering, terrorist funding and tax evasion.  ‘We are preparing, in collaboration with our international audit firm, a manual on AML and FATCA policies and procedures,’ Association of Banks in Lebanon President Francois Bassil told the ambassador.  ‘It will be available very soon to all operating banks in Lebanon,’ he said, adding that this would allow for ‘a standardized and harmonized implementation of the new U.S. regulations.'”

http://www.dailystar.com.lb/Business/Lebanon/2013/Sep-13/231065-lebanese-banks-tightening-regulations-in-line-with-us-laws.ashx

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Why Have So Many Americans Considered Expatriation?

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“According to Rasmussen Reports, fully 9% of the U.S. population has considered ‘expatriation.’  A record number of Americans ‘officially’ expatriated in the second quarter of 2013—and the real number is probably much higher. The mainstream media says that U.S. citizens give up their citizenship only to avoid paying tax.  The fact is, more than 7 million Americans now live abroad.  Many of them can no longer hold bank accounts, qualify for a mortgage, or set up a tax-deferred account for retirement or their children’s education.  They don’t leave solely because of taxes—they give up their native son and daughter status because they pretty much have to just to function outside this country.”

http://www.nestmann.com/why-have-so-many-americans-considered-expatriation-its-probably-not-what-yo

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Three Exciting New Passport Programs… Or Are They?

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“The easiest way to qualify for nationality in another country is by birth, ancestry, marriage, religion, or long-term residence. Unfortunately, most people don’t have any of these qualifications. The only way they can get a second citizenship and passport relatively fast is through an ‘economic citizenship’ program. Until this year, the only two bona-fide economic citizenship programs were from the Commonwealth of Dominica and the Federation of St. Kitts & Nevis. But in the last few months, Antigua & Barbuda, Cyprus, and most recently Grenada have started to get into the game. Let’s take a closer look at each.”

http://www.nestmann.com/three-exciting-new-passport-programs-or-are-they

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Caribbean and Central America Close Tax Loopholes

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“In Panama, owners of bearer shares no longer have their anonymity ensured. In the Cayman Islands, tax information will soon be shared under the US Foreign Account Tax Compliance Act (FATCA). These are just two striking examples of how jurisdictions in Central America and the Caribbean are cracking down on tax cheats.  For decades, Switzerland prided itself as a haven for the world’s most affluent, with strict provisions for privacy. But now the former advantages of isolation and non-compliance are becoming a liability due to the limitations they place on access to the global financial system.”

http://www.nearshoreamericas.com/tax-havens-close-the-loop-caribbean-cayman-panama/

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Here’s an Escape Route from America’s Decline …

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“I keep hearing one question from folks here at the Total Wealth Symposium in Las Vegas:  ‘How is it possible to live in a country where our voices aren’t heard and the ruling elite sacrifice OUR bottom line for their own benefit?’  Think about it:  Our national debt is increasing by $1,800,000,000 a day.  The Fed’s money-printing addiction has been diluting the dollar for years.  Near 0% interest rates are pummeling savers, while enriching the big banks.  That’s why it’s important to invest a portion of your wealth offshore, where the strongest growth opportunities exist in assets that help you retain (or even gain) purchasing power.”

http://thesovereigninvestor.com/2013/10/10/heres-escape-route-americas-decline/

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The last days of the IRS

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“In 1913, the tax code consisted of 400 pages; by 1945 it had grown to 8,200 pages; by 1984, 26,300 pages; and today is estimated at more than 75,000 pages — despite periodic reforms. There is no politically doable tax reform shy of abolishing the income tax, which would reverse this process.  Political leaders who have been responsible for the lack of growth and job creation are now in the process of trying to build an international tax cartel in an attempt to keep the corporate and individual income-tax slaves on the welfare-state plantations. Ultimately, they will fail because if tax slaves are not allowed to flee, they will revolt.”

http://www.washingtontimes.com/news/2013/jul/30/the-last-days-of-the-irs/

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State Department: “We cannot make India look at you as an American”

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“If Mr. Nouman’s story has a happy ending and he makes it to India with a visa in his Pakistani passport instead of his U.S. passport, he’ll find in fact that the U.S. has been putting out all efforts for more than three years to make India and every other country on earth look at him as an American. The U.S. is so intent on achieving this that they’re threatening (through FATCA’s provisions on gross proceeds withholding) to confiscate 30% of U.S. assets owned by residents of other countries if those countries don’t look at you as an American for tax & banking purposes — even if that violates their own laws, and even if you have another passport and emigrated from the U.S. long ago.”

http://isaacbrocksociety.ca/2013/10/04/u-s-state-department-we-cannot-make-india-look-at-you-as-an-american-unless-theres-money-in-it-for-the-u-s-government/

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