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 …
Tag Archives: offshore
When It Comes To Banking, “Don’t Ask, Don’t Tell” Is The Best Policy (offshore accounts)
Will the Tax Man Resort to Illegal Bribes to Get Information? YES!
by Brian Mahany
Last summer I discussed the how the German government bribed a Liechtenstein bank employee to obtain confidential tax information - the names and addresses of German account holders with accounts at LGT Bank. What many did not know, however, was that Germany then apparently shared that illegally obtained information with other tax authorities, …
Obama’s Financial Fraud Enforcement Task Force - Same Ole, Same Ole?
by Brian Mahany
In many ways, the United States government is more about public relations and propaganda and less about action. Take the recent press event in November announcing the creation of the Financial Fraud Enforcement Task Force.
Facing rising public and political pressure in the aftermath of the last year’s financial meltdown, President Obama signed an …
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 …
Another One Bites the Dust - Monaco is No Longer a “Tax Haven”
Monaco as a Tax Haven? No More!
The dwindling list of tax havens in the world, that is countries without tax exchange agreements with the United States, just got smaller. Deputy U.S. Treasury Secretary Neal Wolin announced that the United States has signed a tax exchange agreement with the Principality of Monaco.
Under the terms of the …
Why Asset Protection?
Why Asset Protection?
Asset protection is like insurance. It is a form of risk management. Most of us worked very hard to acquire the things we have. Asset protection helps insure those things will still be available to us when we need them or retire. For some, it means insuring that our children and grandchildren …
Is Investing Offshore Still Legal?
Is investing offshore still legal? The simple answer is “Of course.” Since the UBS mess earlier this year, many people have questioned whether offshore investment remains legal.
Investing offshore or creating offshore structures such as trusts or international business corporations is completely legal. What gets people in trouble, however, is failing to report accounts to the …