Tag Archives: Fugitive Tax-Slaves

Puerto Rico as an Alternative to Renunciation

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“What if I were to tell you that you can gain many of the tax benefits of expatriation without giving up your US citizenship?  Puerto Ricans are US citizens, and the currency is the US dollar. No passport is required for travel to Puerto Rico by US citizens. However, Puerto Rico has its own tax system.  Bona fide residents of Puerto Rico who have Puerto Rican-sourced income are exempt from US taxation.  Under the new law, a US taxpayer who gains Puerto Rican tax residency will be exempt on his short-term and long-term capital gain income for US federal and Puerto Rican tax purposes.  Dividend and portfolio interest income are also exempt from Puerto Rican tax.”

http://www.internationalman.com/articles/puerto-rico-as-an-alternative-to-renunciation

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Sky’s the limit: New towers targeting rich Asians soar in New York

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“These mansion-size apartments with 30-mile views will go unoccupied much or most of the time. These towers are shaped by their clientele: a transnational nouveau riche looking for a second (or third or fourth) home. Having made fortunes in nations less regulated economically and less stable politically than the USA, these buyers want a safe investment as much as, or more than, shelter.  Could this boom be a bubble? Richard Wallgren, 432 Park’s marketing director, says that it’s hard to overbuild in Manhattan.  One57 says that more than half of its buyers come from outside the USA, including 15% from China.  One57 will receive tens of millions in tax breaks to encourage construction.”

http://www.usatoday.com/story/news/nation/2013/12/12/new-york-high-rise-boom/4005289/

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Protesters target Apple for offshore tax shelters

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“SEIU USWW, the union that organized the march, represents security guards and janitors at many companies, not just tech, in San Francisco and the East Bay.  But Tuesday’s event appealed to tech companies’ moral goals, which have become more relevant as other activists call for the rapidly growing companies to give back to the cities they affect, ranging from other union demonstrations outside of Twitter to activist-led marches on Google employees’ houses.  ‘We’re trying to have a little fun on Tax Day and show how Apple’s unpaid tax revenues could help Bay Area infrastructure,’ said Alfredo Fletes, the union spokesman.”

http://blog.sfgate.com/techchron/2014/04/15/protesters-target-apple-for-offshore-tax-shelters/

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An Easy Solution to Owning Gold Offshore In Your IRA

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“Many don’t realize that you can easily own gold internationally inside of a pre-existing IRA.  And you don’t even have to convert it into a self-directed IRA (although this is something all should consider) to do so.  The Hard Assets Alliance (HAA) is the only group I know of offering the ability to own gold, stored internationally, inside a pre-existing IRA without having to go through the process of a self-directed IRA in an easy fashion. The process to set up a Precious Metals IRA has traditionally been slow and cumbersome. But the HAA has put the custodian, the dealer and the storage facility together under one roof and vastly simplified a process that traditionally took 30-45 days.”

http://dollarvigilante.com/blog/2014/3/26/an-easy-solution-to-owning-gold-offshore-in-your-ira-not-man.html-0

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Is Puerto Rico Really the Perfect Tax Haven?

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“Anyone who becomes a bona-fide resident of Puerto Rico is now eligible for the following benefits, courtesy of a new law, Act 22:  100% tax exemption from Puerto Rico income taxes on all dividends and interest payments;  100% tax exemption from Puerto Rico income taxes on all short- and long-term capital gains accrued since becoming resident in the territory.  The law is ideal for wealthy US citizens or green card holders who are now paying federal income taxes as high as 39.6% (plus the 3.8% Obamacare tax) on passive income and want to reduce their federal tax liability. If you reside in Puerto Rico and live off your portfolio income, you pay zero tax in the US or Puerto Rico.”

http://www.nestmann.com/is-puerto-rico-really-the-perfect-tax-haven

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The new Russia sanctions: stalled FATCA talks

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“The U.S. may have discovered a new secret weapon against Russia.  A quiet round of what some call unofficial sanctions are about to be lobbed on Russian banks, sending them reeling as President Barack Obama and top lawmakers this week discuss another sanctions round.  Obscure tax negotiations the U.S. suspended with Russia amid the Ukraine-Crimea standoff earlier this month will hit the banking sector hard in the coming weeks, experts say — so hard that they’d actually do more damage than the widely publicized official sanctions levied on a few dozen select Russian officials and one bank. More than 800 Russian banks could take a hit, with customers running for the exits.”

http://dyn.politico.com/printstory.cfm?uuid=B0E0B7F9-7222-45E3-8EAE-E18B15FB9C9B

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Superlawyer Jim Bopp takes on McCain-backed FATCA tax law

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“Jim Bopp, the hard-charging lawyer who persuaded the Supreme Court to strike down crucial elements in the McCain-Feingold campaign finance law, has a new target in his legal sights: a bank and taxation statute that hits Americans overseas.  Mr. Bopp is assembling a legal attack on the Foreign Account Tax Compliance Act, which he and other critics say intrudes on financial privacy and scares banks from doing business with Americans living overseas.  In addition to his authorship of the McCain-Feingold law, Mr. McCain was one of the main proponents of the tax compliance act, which takes full effect July 1 — unless courts intervene.”

http://www.washingtontimes.com/news/2014/may/5/superlawyer-jim-bopp-takes-on-mccain-backed-tax-ac/?page=all

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Surrendering U.S. Citizenship Over New Banking Regulation?

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“68% of the U.S. citizens we surveyed report that they are interested in severing ties with America. A shocking figure? Indeed. It is also supported by official statistics of passport relinquishments. The number of Americans relinquishing their U.S. citizenship surged in the second quarter of 2013, to 1,131 cases, compared with 189 in the same period in 2012.  But it is perhaps not as shocking when you consider that it was U.S. citizens living overseas who were the respondents in deVere’s survey — and that it is the estimated 7.2 million American expatriates and 13 million green-card holders who are the ones who are soon to suffer the serious, adverse effects of the Foreign Account Tax Compliance Act.”

http://www.americanbanker.com/magazine/124_04/bankthink-surrendering-us-citizenship-over-new-banking-regulation-1066813-1.html

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Why Apple Has to Borrow $17 Billion

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“A company sitting on a $150 billion cash pile planning a $17 billion bond issue to buy back its shares? It sounds like a bad joke, and Apple, the company in question, is keenly aware of it.  Specifically, 88 percent of Apple’s cash, or $130 billion, is overseas, and were the company to bring it home, the taxman would claim about a third of it. Last year, when the SEC asked Apple about its foreign earnings, it replied that most of it was generated by Irish subsidiaries and ‘intended to be indefinitely reinvested in operations outside the U.S.’ If Apple issues debt in Europe, the proceeds could be used for the buyback, while the interest and principal owed to debt investors would be paid out of the Irish cash pile.”

http://www.bloombergview.com/articles/2014-04-28/why-apple-has-to-borrow-17-billion

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More Renounce US Citizenship but Deny Stereotype

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“Renouncers — whose ranks have swelled more than five-fold from a decade ago — often contradict the stereotype of the financial scoundrel. Many are from very ordinary economic circumstances.  Some call themselves ‘accidental Americans,’ who recall little of life in the U.S., but long ago happened to be born in it. In recent years, federal officials have stepped up pursuit of potential tax evaders, using the Foreign Account Tax Compliance Act. Those trying to comply complain of costly fees for accountants and lawyers, having to report the income of non-American spouses, and decisions by some European banks to close accounts of U.S. citizens or deny them loans.”

http://abcnews.go.com/US/wireStory/renounce-us-citizenship-deny-stereotype-23483402?singlePage=true

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