Tag Archives: Fugitive Tax-Slaves

FATCA, GATCA and the Changing Investment Scene, Worldwide

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“GATCA is going to destroy financial privacy, which was pretty much destroyed in the first place. So taking your savings offshore in the form of financial accounts is going to offer you no privacy benefits. If your plan depends on privacy, you should get a new plan. That said, there are other concrete reasons to diversify internationally. As I mentioned before, offshore banks are often much safer and better capitalized than most banks in the US. Additionally, a foreign bank account cannot be seized or frozen at the drop of a hat by the US government, which would be especially useful if official capital controls are put in place.”

http://www.thedailybell.com/exclusive-interviews/35393/Anthony-Wile-Nick-Giambruno-on-FATCA-GATCA-and-the-Changing-Investment-Scene-Worldwide/

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Strategies Overseas Retirees Need to Handle a Multi Currency Lifestyle

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“Americans who move overseas often lose money or have problems with the tax authorities because they live a multi-currency lifestyle. In this 19 minute webinar, hear international money expert Douglas Goldstein, CFP® summarize the strategies that every American needs to know who is planning to move abroad, or has already moved overseas. In this program, find out: (a) The 3 Reasons Currency Traders Get it Wrong… and The #1 Thing Clients Need to Understand About Currency, (b) What Everybody Ought to Know About Transferring Money (money changers vs. banks vs. cash), and (c) The Tax Form Which is Hitting U.S. Expats Hard.”

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US Foreign Wealth Confiscation Begins: FinCen, FATCA and FBAR

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“Carl Zwerner, an 87-year old Florida man, must pay the US government a 150% penalty on the value of his Swiss bank account, amounting to the biggest penalty by percentage on record.  Zwerner testified, telling jurors that he tried to enter the IRS voluntary disclosure program, and that he didn’t know until 2008 that he must file FBARs. ‘Zwerner’s original tax returns for 2004 to 2007 didn’t report any income from the Swiss bank account,’ reads a US complaint filed in June 2013. ‘The first time he reported such income was when he amended those returns.’ He failed to declare interest on his foreign account. The account was opened in the 1960s, and was held in the name of two foundations.”

http://www.thedailybell.com/editorials/35372/Jeffrey-Berwick-US-Foreign-Wealth-Confiscation-Begins-Under-the-Code-Names-FinCen-FATCA-and-FBAR/

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Swiss Freeports and the Invincible Tax Evader

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“Freeports have an impressive history. They arose from the legal exemption that items ‘in transit’ receive from taxes and tariffs. It was expected that this exemption would only be temporary as shipped goods transferred between planes or were temporarily stored while awaiting shipment to their final destinations. But investors quickly realized another, more profitable use for them. Because there was no limit on how long something could be ‘in transit,’ freeports offered an innovative solution for avoiding taxes and tariffs on high-value assets.  This system allows stored assets to appreciate in value, and it also allows for tax-free sales.  Demand for space has surged to unprecedented levels.”

http://www.fee.org/the_freeman/detail/swiss-freeports-and-the-invincible-tax-evader

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Lebanon’s financial sector prepares to open books to Uncle Sam

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“The Lebanese banking sector has been preparing for FATCA like the teacher’s pet not because it is a major advocate of reining in tax havens — Lebanese law explicitly allows companies set up with offshore tax status — or greater taxation transparency and new tax laws in the country. Rather, the sector is exceedingly wary of international regulators, specifically of falling foul of the US Treasury. This is due to Lebanon’s immense exposure to American leverage: some 70 percent of local deposits are held in US dollars; [..] no one wants a repeat of the 2011 Lebanese Canadian Bank fiasco, when the bank was accused by the US of money laundering and subsequently closed its doors.”

http://www.executive-magazine.com/business-finance/finance/lebanon-financial-sector-braces-for-fatca

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77,000 Foreign Banks To Share Account Info With IRS

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“Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans’ assets overseas.  Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers.   The law requires American banks to withhold 30 percent of certain payments to foreign banks that don’t participate in the program — a significant price for access to the world’s largest economy.  The withholding applies to stocks and bonds, including U.S. Treasurys. Some previously owned securities would be exempt from the withholding, but in general, previously owned stocks would not.”

http://bigstory.ap.org/article/77000-foreign-banks-share-tax-info-irs

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Here’s One Fight Uncle Sam Can’t Win

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“Economic citizenship programs are proliferating. That’s something to celebrate. These programs are a bracing antidote to the increasing tendency of governments to impose travel restrictions against their citizens, using passports as weapons. This has long been the policy of authoritarian governments like North Korea and China. But in recent years, the US and UK have made much greater use of passport revocations and even involuntary loss of citizenship against persons they perceive as ‘enemies of the state.’  Is it really surprising that a market has arisen to deal with these draconian restrictions on one of humanity’s most basic rights, the right to leave one’s own country?”

http://www.nestmann.com/heres-one-fight-uncle-sam-cant-win

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French Fried Entrepreneurs: They Are Leaving

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“Rich people in France are pulling up stakes. They will escape the tax man. (Unlike the USA, if you are not living in France, you do not pay taxes to the French government.)  Young people in France who want to start businesses say they want to leave France. A lot of them will.  France’s taxes are higher than anywhere else in Western Europe. French unions are stronger. French workers don’t put in Germanic days — or even Italian days.  Before the eyes of the world, the Keynesian experiment is going belly-up. A self-proclaimed socialist is captain of France’s economic Titanic.”

http://teapartyeconomist.com/2014/06/03/french-fried-entrepreneurs-leaving/

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Why are British investors being forced to fill in US tax forms?

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“As if answering to HM Revenue & Customs were not onerous enough, British investors are now having to jump through hoops for the equivalent US tax authority. The IRS is trying to tighten its grip on US citizens living in other countries who owe tax. But a consequence of its crackdown is that British investors, who owe nothing in the US, have to complete IRS documents and provide information either to the IRS itself or to a finance firm acting under IRS instructions.  From July the US’s crackdown will be felt by British investors in another way. After that anyone opening a new investment account – whether the company is US or British – will have to provide information required by the IRS.”

http://www.telegraph.co.uk/finance/personalfinance/investing/funds/10864539/Why-are-British-investors-being-forced-to-fill-in-US-tax-forms.html

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Facing the Onset of A Global Taxation Regime, Take Human Action

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“What does surprise us about GATCA is the speed at which it is being introduced and formalized. The start-date, from what we can tell, may be as soon as 2016. This is in keeping with other campaigns launched by the power elite of late. We’ve commented a number of times on the speed with which cannabis decriminalization is moving around the world, for instance, and there are numerous other evidences of increased elite urgency as well. In this case, those behind GATCA are not even bothering with a popular consensus: They are simply promoting the regime from the top down, seeking a political consensus and assuming that will [be] acceptable.”

http://www.thedailybell.com/news-analysis/35363/Facing-the-Invasive-Onset-of-GATCA-Take-Human-Action/

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