The number of Americans relinquishing their citizenship will drop as the world adjusts to FATCA, says Nigel Green, chief executive of deVere. Since the Foreign Account Tax Compliance Act (FATCA) was introduced in July last year, the number of citizens cutting of their US ties has jumped to 3415, 14%… – Continue reading
The charitable foundation run by Hillary Clinton and her family has received as much as $81m from wealthy international donors who were clients of HSBC’s controversial Swiss bank. Leaked files from HSBC’s Swiss banking division reveal the identities of seven donors to the Bill, Hillary and Chelsea Clinton Foundation with… – Continue reading
On January 14, federal prosecutors told attorneys representing Mission Hills businesswoman Cheryl Womack that she had until the end of the day to take their plea offer or leave it. It had been a couple of months since Womack seemed ready to accept some kind of fate offered up by… – Continue reading
GCC nationals with dual citizenship face IRS efforts to collect income tax from non-residents Thousands of Gulf States nationals could be US tax evaders and not even know it. According to Italian-Swiss lawyer Giovanni Rossi who works for a law firm handling many of similar cases, the number could reach… – Continue reading
IRS threatens 30% withholding tax on non-compliant banks Dubai: Many people, including American citizens working in the Gulf state, received recently letters from their UAE-based banks asking them for more details and papers in compliance with American laws introduced by tax service. The move comes as many citizens of the… – Continue reading
Americans living in Canada fear they may have to pay huge capital gains tax bills when they sell their home as a result of the new US Foreign Account Tax Compliance Act (FATCA). The issue concerns a rule buried in reams of Internal Revenue Service (IRS) tax guidance that states… – Continue reading
Fatca registration, which is mandatory, could reveal technical violations of three other American laws, with penal consequences The Foreign Account Tax Compliance Act (Fatca) might be a bigger headache for the Rs 11 lakh-crore-mutual fund (MF) sector than earlier believed. Fatca is an American legislation, under which financial institutions (FI)… – Continue reading
While President Barack Obama’s new tax proposals may never see the light of day, given the Republican majorities in both the House and Senate, they have generated discussion among cross-border tax practitioners. Dual citizens living in Canada or Canadians who own U.S. properties may wonder whether they need to reopen… – Continue reading
London mayor Boris Johnson has agreed to pay a substantial tax bill to the US government despite earlier claiming that it was “outrageous” for the US to tax expat American citizens in an interview at the end of November last year. Johnson was born in New York but left when… – Continue reading
The US Foreign Account Tax Compliance Act (FATCA) is in the vanguard of a global movement towards the automatic exchange of information on tax matters. The US enacted FATCA in 2010 to tackle the problem of tax evasion by US citizens and residents who under-report or fail to report income… – Continue reading
Just as UK firms grasp the requirements of the US-led Foreign Account Tax Compliance Act (Fatca), China appears to be joining the ranks as another nation seeking to up its tax-take from citizens living abroad. China has announced plans to implement a law that is similar to Fatca. This legislation… – Continue reading
He was known to authorities as Brazil’s black-market central banker, a career criminal who smuggled cash for the rich and powerful by private jet and armored car. Now Alberto Youssef — a rum-runner turned money-launderer turned reputed billionaire — has emerged as a principal player in the biggest corruption scandal… – Continue reading
Potential impact on American citizens and Israeli citizens living in the United States should not be ignored January 14, 2015, St. Louis, Missouri…A historic agreement between Israel’s second-largest bank and the United States government could lead to substantial financial penalties or even potential criminal prosecution for United States citizens and… – Continue reading
FORMER Tanaiste Michael McDowell has described as “nonsense” suggestions that Ansbacher inquiry judge Declan Costello was compromised by holding an account with the bank involved in the tax evasion scandal. Mr Costello’s family issued a statement defending the now deceased judge after it was alleged he was conflicted in overseeing… – Continue reading
(Bloomberg) — The number of Americans renouncing U.S. citizenship increased 37 percent in the three months through December and the annual total reached a record level, data published Tuesday showed. The trend likely is accelerating because of a 2010 law that gives the Internal Revenue Service unprecedented access to U.S…. – Continue reading
FORMER Minister for Justice Gerry Collins has declined to comment on correspondence from his solicitors accusing the Public Accounts Committee of “exceeding its jurisdiction” in any further pursuit of allegations he had an Ansbacher offshore account. Mr Collins, as well as another retired Limerick minister, Des O’Malley, earlier this month… – Continue reading
MUNICH (AP) – Former Bayern Munich president Uli Hoeness has been granted day parole seven months after going to prison for tax evasion. Bavaria’s state justice ministry says Hoeness is allowed to leave prison during the day to work as of Friday, though he’ll have to return in the evening… – Continue reading
You may have heard in the news about Boris Johnson. He’s a flamboyant politician in the U.K. with an unruly mop of blonde hair. Recently, he made news by publicly saying he absolutely won’t pay his U.S. taxes. And yes, he is the mayor of London (the “real” London, where… – Continue reading
NEW YORK – There was a time when Indians would relocate to America for the so-called American Dream. Well all that is about to stop now, since, NRI’s are being cautioned to be aware of their decisions as the nightmare of tax is about to plague their lives. We all… – Continue reading
Rules relating to the payment of CGT by non-resident UK property owners will change in April and expats will be affected. Significantly sneaky draft legislation was published last week that will affect the way capital gains tax (CGT) is charged on the sale of UK property assets owed by expats. … – Continue reading
Ambassadors are supposed to be diplomatic and suave. Yet even those of the diplomatic corp may occasionally get tongue-tied or utter ill-timed statements. Take U.S. Ambassador to Britain Matthew Barzun. He recently sounded not all that diplomatic about duty, compliance with law, and yes, even taxes. Lee Rigby was a… – Continue reading
Is it a straw in the wind? Last week’s report on tax reform from the Republican staff of the U.S. Senate Committee on Finance has caused a flutter in the global expat community. Page 282 contained these words: “The United States is the only industrialized country in the world that… – Continue reading
HONG KONG (CNNMoney) — He left America at the age of seven, has never earned a penny there, but might owe the U.S. government $6,000 in taxes. Meet Elad Shahar, who was born in 1969 to Israeli parents in New York when his father was posted there for work. Anybody… – Continue reading
They never really lived in U.S., but still have to pay taxes HONG KONG (CNNMoney) —He left America at the age of seven, has never earned a penny there, but might owe the U.S. government $6,000 in taxes. Meet Elad Shahar, who was born in 1969 to Israeli parents in… – Continue reading
After multiple revisions of a controversial law, the government is adamant that its citizenship-by-investment programme only provides Maltese nationality to people who establish a genuine link to the country. But there may be hundreds of thousands of tourists in any given year who establish stronger links to Malta than many… – Continue reading
MotoGP champion Marc Marquez hit hard by criticism of a planned move to Andorra, will continue to pay tax in Spain. MotoGP champion Marc Marquez gave an emotional response to the criticism he has received within Spain over a reported move to Andorra. Speaking during Friday’s preview for the Superprestigio… – Continue reading
Corruption Scandals In May, the legal committee of Parliament’s lower house approved a proposal to expand Swiss banks’ scrutiny of accounts and transfers to include international sporting organizations. The legislation comes in the wake of a series of corruption scandals that have tarnished the image of FIFA. Last year senior… – Continue reading
Jeb Bush, a front-runner to become the Republican Party’s next presidential nominee, has used Britain to set up a private equity fund that could possibly allow it to avoid paying tax in America. The potentially damaging revelation was uncovered by the financial news wire Bloomberg and could pose a serious… – Continue reading
TWICE-WORLD champion in MotoGP Marc Márquez is reported to have moved to Andorra to reduce his taxes. The 21-year-old, who scooped up the top title in his rookie year, 2013, and repeated the performance the following season, is said to be earning around 10 million euros a year – but… – Continue reading
Hutchison Whampoa had profit of €429.6m but paid just €65,067 tax in Luxembourg A Luxembourg company that provides indirect financial support to 3 Ireland, is among the latest batch of entities found to be availing of secret tax deals in Luxembourg. Hutchison Whampoa Europe Investments Sarl (HWEI) – part of… – Continue reading
LUXEMBOURG — Palm Beach billionaire David Koch and his equally-loaded brother Charles got the government of Luxembourg to sign a secret, custom-made deal that allowed their companies to save hundreds of millions of dollars that otherwise would have been taxed in the United States. On its website this morning, the… – Continue reading
A senior figure is suspected of secretly keeping accounts in a Swiss bank that were not reported to the tax authorities in Israel, in an affair called the “Swiss Bank Affair,” sources inform “Globes.” Israel Tax Authority investigators conducted a search of the senior figure’s home. As in the information… – Continue reading
Ambassador to London Matthew Barzun says US citizens must pay up Boris Johnson was born in New York so faces a tax bill in America London Mayor has branded the Transatlantic rules ‘outrageous’ Barzun defends US firms like Amazon and Google over tax dodging Insists they are just playing by… – Continue reading
Significant numbers of people are continuing to renounce their U.S. citizenship or end their long-term U.S. residency. There are 776 names on the Treasury Department list published Friday for the third quarter of 2014. That’s the third highest quarterly figure ever, according to Andrew Mitchel, an international tax lawyer in… – Continue reading
The lesson from the ongoing trial of former UBS wealth management chief executive Raoul Weil really shouldn’t be a surprise, but we’ll say it anyway: Do not fail to declare income from offshore investments to avoid taxes. Unless, that is, you and your clients would prefer a really close relationship… – Continue reading
Labour Jon Ashworth calls for explanation over why Tories’ ‘big-money backers’ benefit from autumn statement George Osborne has been accused of using his autumn statement to give tax breaks to Tory supporters as it emerged that several companies run by Conservative donors stand to benefit from a more generous tax… – Continue reading
The factbox devoted to two years of the so-called Magnitsky Act passed by US Senate. This act allows Washington to deny visas and freeze assets of Russian officials allegedly involved in the death of Russian lawyer Sergei Magnitsky. Five years ago, on November 16, 2009, Sergei Magnitsky, a tax and… – Continue reading
RETAIL billionaire Solomon Lew is threatening to ship Australian online orders from New Zealand to sidestep the GST in light of the Federal Government’s failure to axe the tax-free threshold for overseas purchases. The Premier Investments chairman has also slammed Australia Post for setting up a US mail forwarding service… – Continue reading
A Swiss banker accused of helping American clients cheat on their taxes is a fugitive who must show up in a New York courtroom if he wants bail, U.S. prosecutors argued in a legal filing. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and… – Continue reading
Former tánaiste Mary Harney last night denied she halted a probe into offshore tax accounts because prominent PD Des O’Malley’s name was on a list of people allegedly involved and that every opportunity had been afforded the investigation to finish its work. “I am satisfied that correct procedures were followed… – Continue reading
Enda Kenny responds to Mary Lou McDonald’s listing of allegations against ex-ministers The Garda fraud unit is investigating allegations that former government ministers had offshore accounts, Taoiseach Enda Kenny told the Dáil. “They will make their decisions and follow through on that,’’ he said. The Taoiseach was responding to Sinn… – Continue reading
Names of former politicians investigated for alleged tax evasion read into Dáil record Five former politicians named in the Dáil by Sinn Féin TD Mary Lou McDonald as having been in a dossier of alleged offshore account holders have rejected the claims. Former European commissioner Máire Geoghegan-Quinn, former Progressive Democrat… – Continue reading
Ann Lenihan says she ‘has no knowledge of account’ and questions PAC’s actions The widow of former tánaiste Brian Lenihan snr wrote to Minister for Enterprise Richard Bruton on Monday demanding access to the dossier and any documents held by his department that allege there is evidence her husband held… – Continue reading
Samuel Wyly and the estate of his brother Charles will soon find out if they have to pay the U.S. regulators as much as $700 million after a jury found them liable for a 13-year scheme to use a web of offshore trusts to hide stock holdings and make illegal… – Continue reading
A Swiss banker accused of helping U.S. clients cheat on their taxes wants a judge to grant him bail without his having to appear first in a New York courtroom. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was… – Continue reading
The founder of a prominent wealth management firm says the Mayor of London, Boris Johnson, is noble and brave to refuse to pay his US tax bill under the Foreign Account Tax Compliance Act (Fatca). Johnson, who was born in New York, has a US passport as well as a… – Continue reading
Swiss citizens voted against a referendum to dramatically slash immigration, in what had been described as an effort to protect the environment from a wave of resource-consuming new arrivals. Early results by polling agency gfs.bern, published by public broadcaster RTS, showed that 74 percent of Swiss voters turned down the… – Continue reading
Tax Authority considering criminal charges against bank on suspicion of assisting Israeli clients evade taxes. It has been disclosed that Roni Elias is the high-ranking Israeli at the Swiss-based bank UBS who was arrested this summer on a visit to Israel on suspicion of helping Israeli clients evade taxes. The… – Continue reading
The new head of the European Commission Jean-Claude Juncker has faced, and survived a motion of no confidence, just weeks after taking up his role. MEPs wanted to censure the Commission, headed by the former Prime Minister of Luxembourg, in the wake of revelations that multinational companies used his country… – Continue reading
Centrist parties vote down European parliament motion criticising commission president’s role in tax avoidance schemes Jean-Claude Juncker, president of the European commission, has survived a motion of censure in the European parliament brought because of his role in tax avoidance schemes. The motion brought by Britain’s Ukip, France’s Front National,… – Continue reading
