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: tax havens
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 …
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, …
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 …
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 …
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 …
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 …
San Marino. Another One Bites the Dust
San Marino. Another One Bites the Dust! By Brian Mahany
(Tax Havens in 21st Century)
San Marino is the world’s oldest republic, having been a country for over 1700 years. It’s also one of the smallest being only a few square miles and having just 31,000 residents. For many years it was also a popular haven for …