Tag Archives: Fugitive Tax-Slaves

Several Swiss banks pull out of US tax settlement programme

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“At least 10 Swiss banks have withdrawn from a U.S. programme aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources.  Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in a programme brokered by the Swiss government to help the banks make amends for aiding tax evasion.  ‘At least 10 banks that had decided at the end of 2013 to pay a fine have withdrawn their decision,’ NZZ am Sonntag said, quoting unnamed lawyers and auditors. It did not name the banks concerned.  The newspaper said the banks were convinced they had not systematically broken U.S. law.”

http://uk.reuters.com/article/2014/08/31/uk-swiss-banks-tax-idUKKBN0GV0A520140831

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British families billed £500 – to prevent Americans dodging tax

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“Draconian legislation enacted in America – and aimed solely at helping American authorities collect tax from their overseas citizens – is translating into bills of hundreds of pounds for ordinary British families.  The total cost to British businesses and individuals of abiding by the new US laws, which became effective here only last month, is put at £1bn. Most people will pay unknowingly through higher fees for their investments, banking and other services. But for some families the costs are more explicit. And the invoices are starting to land on their doormats.  Tens of thousands of families are beginning to receive letters, and invoices, simply because they have established run-of-the-mill family trusts.”

http://www.telegraph.co.uk/finance/personalfinance/tax/11050777/British-families-billed-500-to-prevent-Americans-dodging-tax.html

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U.S. Hikes Fee To Renounce Citizenship By 422%, to $2,350

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“Now, the State Department interim rule just raised the fee for renunciation of U.S. citizenship to $2,350 from $450. Critics note that it’s more than twenty times the average level in other high-income countries. The State Department says it’s about demand on their services and all the extra workload they have to process people who are on their way out.  Apparently, dual citizens in Canada trying to shed their U.S. citizenship have created a backlog at the U.S. consulate in Toronto that stretches into the third week of January 2015. A decision to expatriate should never be taken lightly. Taxes or not, it can be a big step. And around the world, more people are talking about taking it.”

http://www.forbes.com/sites/robertwood/2014/08/28/u-s-hikes-fee-to-renounce-citizenship-by-422/

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Senator calls for Burger King boycott over tax inversion move to Canada

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“The push for a boycott comes as Burger King plans to renounce its corporate citizenship in the United States and reincorporate in Canada.  Known as a ‘tax inversion,’ the move will allow Burger King to evade the 35% corporate tax rate in the US – the highest in the world, though most large corporations end up paying a significantly lower rate. In Canada, the corporate tax rate is 15%.  Sen. Sherrod Brown said a global minimum tax needs to be implemented to prevent companies from avoiding taxes.  Burger King is not currently being run by an American firm.  ‘The private equity fund that currently runs Burger King, 3G Capital, is Brazilian,” wrote Mark Gongloff.”

http://rt.com/usa/182984-boycott-burger-king-tax-dodge/

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Ten percent of Venezuelans are taking steps for emigrating

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“The figure exceeds the numbers pertaining to the highest peaks of emigration from Venezuela in the last decade: after the coup of 2002 and after the presidential recall referendum in 2004.  The president of Datanálisis argues that in this continent the poorest strata of the population are often the natural emigrants (for economic reasons rather than political reasons). In Venezuela, however, most people aiming to live in other countries belong to the highest strata of the population.  Datanálisis’ latest survey determined the common profile of Venezuelan emigrants: they are young people (aged 18-35), professionals or equity holders whose contribution to the country GDP is high.”

http://english.eluniversal.com/nacional-y-politica/140816/ten-percent-of-venezuelans-are-taking-steps-for-emigrating

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Monaco $400 Million Penthouse Secrecy Booms

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“Monaco, the tax haven on the French Riviera, is experiencing a luxury-housing boom that includes the world’s most expensive penthouse as developers prepare for an influx of millionaires and billionaires escaping higher taxes or a loss of banking privacy.  New levies on luxury homes in London and a U.S.-led global crackdown on hiding assets will also probably attract the affluent to Monaco, which already counts pop stars, Formula One drivers and Russian billionaires among its inhabitants. One in three of Monaco’s 38,000 residents are millionaires, according to a study. As that number increases, home values will rise by about a fifth by June 2015, according to London-based Savills.”

http://www.bloomberg.com/news/2014-08-19/monaco-400-million-penthouse-secrecy-booms-real-estate.html

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‘How China’s official bank card is used to smuggle money’

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“Growing numbers of Chinese are using the country’s state-backed bankcards to illegally spirit billions of dollars abroad, a Reuters examination has found.  This underground money is flowing across the border into the gambling hub of Macau, a former Portuguese colony that like Hong Kong is an autonomous region of China. And the conduit for the cash is the Chinese government-supported payment card network, China UnionPay.  Hundreds of neon-lit jewellery, watch and pawn shops are doing a brisk business giving mainland Chinese customers cash by allowing them to use UnionPay cards to make fake purchases – a way of evading China’s strict currency-export controls.”

http://www.reuters.com/article/2014/03/12/us-china-unionpay-special-report-idUSBREA2B00820140312

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And the Credit for Defeating Slavery in America Goes to… Criminals!

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“If you’re like me, you learned in school that the slaves of the old American South were freed by Abraham Lincoln, or at least by the central government of the United States.  But as I dug through the facts about slavery in the South, I found the same pattern that I’ve seen over and over when I examined historical turns for the better: that the true benefactors were opposed and punished.  The people who did the actual work to end slavery were regarded as criminals by every level of the United States government, from Congress and the Supreme Court, down to the local sheriff. The laws of the United States enforced slavery, and powerfully so.”

http://www.caseyresearch.com/cdd/and-the-credit-for-defeating-slavery-in-america-goes-to-criminals

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The Biggest Opportunity for Americans to Reduce Their Taxes

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“Puerto Rico is different because it is actually part of the US, and it has a unique status because it’s not a state and it’s not a foreign country. It’s what is known as a commonwealth or a territory; and the way it’s set up—and the way it has existed for over 100 years—is that Puerto Rican residents are all US citizens, but they do not have to pay US federal taxes on their Puerto Rican-sourced income. They pay taxes on that income to the Puerto Rican government. And this arrangement allows for the Puerto Rican government to offer incentives to mainland Americans who move to Puerto Rico that pretty much no other jurisdiction can offer.”

http://www.internationalman.com/articles/the-biggest-opportunity-for-americans-to-reduce-their-taxes

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Macedonia Plans to Set up Tax Haven

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“Prime Minister Gruevski insisted the plan will not attract criminal money, but will boost employment.  ‘We aim to open an international financial zone on an area of 10 to 20 hectares where we will copy the financial laws from countries such as the United States, Britain or Germany, which will additionally boost its credibility,’ he said.  ‘The regulations will be taken from these top economies and companies that decide to move their HQs here will be offered additional tax and other benefits,’ he explained.  The government plans to give more details about the draft law soon after the constitutional changes are adopted by parliament, which should happen by mid-October.”

http://www.balkaninsight.com/en/article/macedonia-plans-becoming-tax-heaven

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