by Brian Mahany
Situated mid-way between England and the Republic of Ireland sits the small, 227 square mile nation of the Isle of Man. With a population of just 80,000 residents, the Isle of Man is a popular destination for offshore asset protection. A recent statement by the chief executive of the Isle of Man Financial …
Tag Archives: foreign accounts
Are Your Assets Safe in the Isle of Man? Yes.
When It Comes To Banking, “Don’t Ask, Don’t Tell” Is The Best Policy (offshore accounts)
by Brian Mahany
Government tax authorities asking banks and credit card companies for information on foreign account holders is hardly news these days. The I.R.S. does it, so do Germany, Britain and many other countries. Officials want to know when their citizens transfer wealth overseas or open foreign accounts. Generally the practice is legal if the …
Scam or Legit? Pre-Paid Offshore Debit Cards with No Personal Details
by Brian Mahany
Sounds too good to be true. A Master Card debit card with no name on it. Issued by a bank in Central America, the card does not bear the cardholder’s name. Not on the front of the card or in the magnetic strip. Apparently the bank requires some identification details but claims those …
IRS Criminal Division Announces 2010 Investigation Targets
The IRS has announced its Criminal Investigation Annual Business Plan for FY2010. This year’s plan is part of the IRS’ larger 5 year strategic plan for 2009 - 2013. Those of us who are baby boomers remember the then Soviet Union’s “5 year plans.” Like the IRS strategic plan, those plans were big on …
“Guaranteed” Asset Protection? Beware Misleading Promotions
by Brian Mahany
Hardly a week goes by without seeing a newsletter or advertisement promoting the benefits of offshore accounts. If done for the right reasons, both offshore investments and offshore accounts make sense. (Remember, there is a difference.) Certainly, these types of investments can provide diversification and minimize risks of losing one’s wealth to unforeseen …
Asset Recovery - Doing Things the Right Way
A recent article in Asset Recovery Watch discussed how lawyers often rush to U.S. courts when trying to recovery monies that are hidden in foreign countries. Unfortunately, in my experience the author of that article is quite correct. Every case is different, but when dealing with fraudsters and foreign assets, trying to get a quick …
UBS Redux - Intentional Leak or Accident?
by Brian Mahany
As part of the litigation settlement between Swiss bank UBS and the U.S. Treasury, UBS promised to turn over 4,450 names to the IRS. The process involved turning over the names to Swiss authorities who would then forward them to the IRS. But in a strange move, UBS sent thousands of letters to …
FBARs or Prison Bars?
by Brian Mahany
The federal amnesty deadline for declaring foreign accounts to the IRS expired October 15th. After the highly publicized legal action against Swiss bank UBS began, the IRS offered an amnesty to Americans with assets in foreign accounts. According to federal money laundering laws and IRS regulations, businesses and individuals holding more than $10,000 …
G20 Fallout Continues
by Brian Mahany
Last week I noted that the G20 nations developed a new strategy in their on-going attack on the few remaining tax havens left in the world. [See www.mahanylaw.com/mahanylaw/?p=94] Specifically, member countries were starting to focus on banking regulations and oversight of foreign hedge funds. That effort is already bearing fruit.
The French Banking Federation …
US v. Offshore Tax Havens, round 2
As I write this, the meeting of G20 leaders is underway in Pittsburgh. As in any gathering of international leaders, the rhetoric is already flying.
In recent years, the G20 group of nations and the Organization of Economic Cooperation and Development has focused on the few remaining countries considered to be “tax havens,” places where wealthy …