Singapore is the tax haven increasingly favoured by the super-rich as traditional European venues buckle on bank secrecy.
The sweaty Asian metropolis was the setting for 'Rogue Trader' starring Ewan Mcgregor, an embellished history of Bearings Trader Nick Leeson's incredible 17Bn fraud.
Singapore also has the highest density of millionaires in the world.
More here
Monday, 15 December 2008
Tuesday, 9 December 2008
Professionals Dodging Taxes According to MP's Report
Although the black economy is not usually associated with 'professionals' - it seems they are well used to getting their hands dirty.
UK Revenue and Customs has disclosed that 57 barristers have been caught evading tax. Thirty-six reached a private settlement with Revenue and Customs and agreed to return £605,000 between them in unpaid tax and fines.
More here
UK Revenue and Customs has disclosed that 57 barristers have been caught evading tax. Thirty-six reached a private settlement with Revenue and Customs and agreed to return £605,000 between them in unpaid tax and fines.
More here
Monday, 8 December 2008
Offshore Financial Centres Not at Fault - Say Law Experts
According to American Law Professors, the roots of the financial crisis lie in the developed West.
Attacking the offshore sector may be politically popular in Paris, London and Washington, but it has nothing to do with resolving the global financial crisis.
More at FT
Attacking the offshore sector may be politically popular in Paris, London and Washington, but it has nothing to do with resolving the global financial crisis.
More at FT
Divine Wrath Directed at Tax Havens in Vatican Report
Pope Benedict attacks tax havens in a Vatican report - 'They have given support to imprudent economic and financial practices and have also played a significant role in the imbalances of development, allowing a gigantic flight of capital linked to tax evasion,' says the report. 'Offshore markets could also be linked to the recycling of profits from illegal activities.'
Does this mean good Catholics should abstain from investing offshore?
Does this mean good Catholics should abstain from investing offshore?
Thursday, 4 December 2008
Liechtenstein lifts bank secrecy in U.S. deal
FRANKFURT/BRUSSELS, Dec 3 (Reuters) - Offshore haven Liechtenstein has agreed a landmark deal with the U.S. to drop bank secrecy in cases of tax evasion and could make similar concessions in the European Union, a diplomat from the Alpine nation said.
Prince Nikolaus, a member of Liechtenstein's ruling royal family who brokered the deal, told Reuters on Wednesday the tiny principality had agreed a "significant" change to bank secrecy rules that entitles the U.S. to bank account information when probing a tax dodge.
Guardian article
Prince Nikolaus, a member of Liechtenstein's ruling royal family who brokered the deal, told Reuters on Wednesday the tiny principality had agreed a "significant" change to bank secrecy rules that entitles the U.S. to bank account information when probing a tax dodge.
Guardian article
Wednesday, 3 December 2008
Austrian Tax Evaders Prosecuted
Original Tax News article
Almost half of the 160 Austrians on trial for hiding funds in Liechtenstein are to be prosecuted.
It still remains to be seen what will happen to the Germans also caught in Lichtenstein. Germany is arming itself for further crackdowns on tax evaders, and is even calling for Switzerland (its main target)to be labeled an uncooperative tax haven by the OECD.
Almost half of the 160 Austrians on trial for hiding funds in Liechtenstein are to be prosecuted.
It still remains to be seen what will happen to the Germans also caught in Lichtenstein. Germany is arming itself for further crackdowns on tax evaders, and is even calling for Switzerland (its main target)to be labeled an uncooperative tax haven by the OECD.
Tuesday, 2 December 2008
Man loses £230k in Icelandic bank crash
A MAN believes he has lost his life savings of £230,000, which he fears have been wiped out by the Icelandic bank crash.
Brian Lewis (67), of Eider Close, Barton-Upon-Humber, had his money in an offshore account with Kaupthing Stringer & Friedlander bank (KSF) on the Isle of Man.
"My wife and I opened an account with Derbyshire Building Society's offshore bank over 16 years ago," he said.
"As I have worked away for 44 years the offshore bank made it easy for me to transfer my monthly salary payments from different parts of the world.
"Derbyshire was taken over by the Icelandic Bank Kaupthing Stringer & Freidlander."
Mr Lewis, who is an engineer, has been working in the Indonesia province of West Papua for three months and returned home last Tuesday, when he had planned to retire.
He said he had been looking forward to spending his savings with his wife Shelia (64).
"This was supposed to be my last working trip, but with all our savings gone, we only have two months' salary to live on," said Mr Lewis.
"I had planned to pay for my daughter's wedding next year, which at the moment just is not possible.
Mr Lewis learnt that because his savings were held on the Isle of Man, they were not covered by the rescue package offered by the British government.
He may eventually get some money back through a scheme on the Isle of Man.
Brian Lewis (67), of Eider Close, Barton-Upon-Humber, had his money in an offshore account with Kaupthing Stringer & Friedlander bank (KSF) on the Isle of Man.
"My wife and I opened an account with Derbyshire Building Society's offshore bank over 16 years ago," he said.
"As I have worked away for 44 years the offshore bank made it easy for me to transfer my monthly salary payments from different parts of the world.
"Derbyshire was taken over by the Icelandic Bank Kaupthing Stringer & Freidlander."
Mr Lewis, who is an engineer, has been working in the Indonesia province of West Papua for three months and returned home last Tuesday, when he had planned to retire.
He said he had been looking forward to spending his savings with his wife Shelia (64).
"This was supposed to be my last working trip, but with all our savings gone, we only have two months' salary to live on," said Mr Lewis.
"I had planned to pay for my daughter's wedding next year, which at the moment just is not possible.
Mr Lewis learnt that because his savings were held on the Isle of Man, they were not covered by the rescue package offered by the British government.
He may eventually get some money back through a scheme on the Isle of Man.
How to Buy Gold Anonymously
The financial crisis has put the spotlight on gold as a secure investment during rough times. When all else fails, gold has proven its ability to maintain its value. For this reason many people prefer to purchase and store their gold anonymously. After all, if it’s the last vital reserve left, why let anybody else know about it?
Original anonymous gold article
Original anonymous gold article
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