Tag Archives: Fugitive Tax-Slaves

Americans Can Still Benefit from Tax Havens

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“There is a silver lining, however, and that is the Foreign Earned Income Exclusion (FEIE).  What is it and how does it work?  If you qualify for the FEIE you can exclude a not-insignificant amount of foreign earnings from your US taxable income. This amount is adjusted annually for inflation and is set at US$97,600 for 2013.  So, assuming that you qualify for the FEIE, you can exclude up to US$97,600 of your foreign earned income (for 2013) from your US taxable income. Keep in mind that you still have a tax liability to the country in which you reside and earned the foreign income.  That is unless you earn your income in one of these 18 countries that have no personal income tax.”

http://www.internationalman.com/articles/americans-can-still-benefit-from-tax-havens

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The Top 6 Reasons Why Everyone Needs a Second Passport

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“Doug Casey has said over and over that spreading your political risk beyond one jurisdiction is the single most important thing he can recommend today.  Obtaining a second passport and citizenship in another country is a critical part in heeding Doug’s advice.  This is because it’s a fundamental step towards minimizing the political risk of being subjected to the whims of any single government.  The political diversification benefits that come with obtaining a second passport are universal and prudent for anyone in the world to obtain… especially those under a desperate (fiscally or otherwise) government.  Here are the top six reasons why everyone needs a second passport.”

http://www.internationalman.com/articles/the-top-6-reasons-why-everyone-needs-a-second-passport

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The Real Reasons Americans Give Up Their US Citizenship

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“Do these folks sound like tax evaders? Well, they do to ‘homelanders’ and their congressional representatives.  Also, don’t forget that the United States is one of only a handful of countries that tax citizens or permanent residents wherever they reside. Expatriates don’t get a lot of sympathy on Capitol Hill – or on Main Street America. If you expatriate, you won’t bleed to death, and despite mainstream American attitudes, you probably won’t get burned at the stake. But there are significant consequences – even if the rationale upon which they are based is as misguided as assuming that the sun and stars revolve around the Earth.”

http://www.nestmann.com/the-real-reasons-americans-give-up-their-us-citizenship

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What Every American Expat Should Know About… US Expat Taxes

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“Even after you move, some states will still require you to pay tax on your worldwide income! Some of the worst states for US expat taxes are California, South Carolina, Virginia, or New Mexico-If you were a resident of one of these states before your move, you are going to have to work very hard to prove your non-resident status in order to avoid tax there as well.  Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming have no state income tax. If planned in advance, you can work to change your residency to one of these more favorable states. It will be a bit of a chore now, but when your tax bill is thousands less later on, you will be glad you put in the effort!”

http://www.expatistan.com/blog/35-What-Every-American-Expat-Should-Know-About-US-Expat-Taxes

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Luxembourg and USA sign FATCA Model 1 IGA

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“The Luxembourg and US governments have today signed an agreement to improve international tax compliance and implement the so-called Model 1 Intergovernmental Agreement (IGA) of the US Foreign Account Tax Compliance Act (FATCA).  As a result of this agreement, the Luxembourg Tax Administration has set up two working groups including different actors from the public and private sectors in order to implement the automatic exchange of information under this agreement.  The first working group focuses on general issues, while the second will deal mainly with the electronic communication of information between reporting financial institutions and the Tax Administration.”

http://www.investmenteurope.net/investment-europe/news/2337002/luxembourg-and-usa-sign-fatca-model-1-iga

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China Mulling Implementing FATCA-Like Law To Reduce Tax Evasion

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“China is considering implementing rules on the lines of the Foreign Account Tax Compliance Act, or FATCA, which would make it difficult for wealthy people in China to stash away money in Hong Kong, which is a special administrative region of China and, signed an agreement on Tuesday with the U.S. to share tax information about Americans who work or own assets on the island. Since last September, G-20 summits have discussed measures to tackle tax evasion, and member nations, including China, have decided to exchange tax information automatically by 2015.”

http://www.ibtimes.com/china-mulling-implementing-fatca-law-reduce-tax-evasion-mainland-hong-kong-agreed-share-tax-1564261

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Hong Kong agrees to hand financial details of Americans to IRS

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“Hong Kong tax officials will soon be able to pass information about the finances of Americans working in Hong Kong to their US counterparts under an agreement signed yesterday as part of Washington’s global crackdown on tax evasion.  The Financial Services and Treasury Bureau said the tax-information exchange agreement allowed the US to file a request to the Inland Revenue Department ‘under specified conditions’. The bureau said that provided the basis for a further agreement that would enable US tax authorities to seek information directly from local banks.  Tax experts said the agreement was crucial for America’s controversial anti-tax evasion law, which takes effect in July.”

http://www.scmp.com/news/hong-kong/article/1457322/hong-kong-agrees-give-financial-data-americans-working-city-us-tax

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Governments Worldwide Adopting FATCA Style Legislation

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“Russia’s Ministry of Finance (Minfin) published last week draft amendments to the nation’s Tax Code relating to the taxation of foreign companies controlled by tax residents of Russia. It is basically the Russian version of FATCA – an all-encompassing tax regime aiming to bring Revenue to the Russian government via legal corporate and investment entities outside of Russia. They even have a name for this new regime: ‘de-offshoring.’  China has also pledged to make international efforts to fight ‘tax base erosion and profit shifting’ by moving funds to low-tax jurisdictions.  This is all part of the G20’s pledge to combat the global practice of shifting funds to low-tax jurisdictions to evade taxes.”

http://dollarvigilante.com/blog/2014/3/24/governments-worldwide-adopting-fatca-style-legislation.html

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US Citizen? No Foreign Bank Account For You!

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“Banks around the world are turning away US passport holders, ‘No bank account for you!’ But you don’t even have to do anything wrong other than having been born a US citizen.  Decades ago holding a US passport was a ticket to worldwide opportunity.  Today it is nearly the opposite. First it started with the erosion of the US’s reputation as a bastion of freedom. Then, legislation-after-legislation made it nearly impossible to do business with US persons as the nation became increasingly paranoid and fixated with raising funds.  Faced with draconian penalties, countless banks worldwide are deciding it is easier and safer to just turn away all US customer business.”

http://dollarvigilante.com/blog/2014/3/25/us-citizen-no-foreign-bank-account-for-you.html

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Financial Considerations for Expats

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“On one hand, online banking and voice over IP (VoIP) calling have made it easier for Americans to manage their money and stay in touch with financial advisors or accountants from anywhere in the world.  But the Foreign Account Tax Compliance Act  has created additional headaches for many. In fact, CNN Money reports that 3,000 Americans renounced their U.S. citizenship last year, three times as many as the average over the previous five years, a fact it attributes in part to these new regulations.  The financial impact of moving overseas will, of course, vary depending on the laws in your new country and other factors, but here’s a look at areas to consider.”

http://www.mainstreet.com/print/31389

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