Legal Offshore Bank Accounts That Keep Your Identity Secret
Posted by offshorebankaccounts in Asia, Europe, Switzerland, UK, US on September 16th, 2009
The offshore banking dream is persistent. When people think of offshore bank accounts they think of yachts, fast cars and perhaps a balmy tax have lifestyle to complement it.
Maybe it involves moving to another country entirely, life in a far land supported by a swiss bank account.
One of the hardest first steps is finding offshore banking that you can trust. But offshore bank accounts are made hard to find by design, and the primary stages during offshore account opening can be treacherous.
How many investors have trouble finding an offshore bank account that really keeps their information confidential?
The solution many look for is bank secrecy. What is often overlooked is that bank secrecy can change. While Switzerland or Panama may offer extreme secrecy one year, the next year their laws might change, or outside pressure could lead to relaxed secrecy. Other jurisdictions like the Cayman Islands or the Channel Islands seem safe and private, when their secrecy is actually dependent on the generosity of high tax nations like the UK and US.
Increasingly, alternatives are developing which allow private wire transfers and offshore banking irrespective of changes in bank secrecy - just how we imagined the secret Swiss bank account. If you acknowledge that bank secrecy in individual countries can change, the requirement then is a structure which holds strongg irrespective of financial privacy laws.
Trust companies can fulfill this need because they can accept client deposits without having to reveal individual identities to anyone. In this scenario the only way confidentiality can be broken is if a customer is convicted of a real, non-tax crime. Trust company confidentiality is totally independent of bank secrecy.
While not absolutely guaranteed, (trust company law can also change) opening an offshore account this way will give you greater peace of mind, and a refuge for your wealth in a secluded place. Your options from here on in are unlimited. Invest in tax-free stocks, commodities or interest-bearing term deposits. You can shield your most important assets from the threat of frivolous litigation and corrupt administrators.
Enticingly, you can buy gold offshore anonymously, as a secret store of wealth to hedge against inflation and financial crises that never seem to end. Your safe haven for wealth will let you conduct business free of foreign exchange controls, burdensome administrative procedures and heavy taxes.
While laws may change, your offshore options can continue to develop. Moving offshore is still within your reach!
Try alternative offshore banking with Capital Conservator. The most private offshore bank accounts, protected by more than bank secrecy. Accounts in over 10 different currencies with modest and sensible due diligence. Apply online today! Capital Conservator offshore banking.
Article Directory Source: http://www.articlerich.com/profile/Patrick-Winters/46429
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US v Swiss Bank Secrecy Dispute Over Offshore Accounts Remains Unresolved
Posted by offshorebankaccounts in Switzerland, US on July 30th, 2009
US Authorities have informed a federal judge presiding over the UBS tax evasion case that they haven’t yet reached a deal with the Swiss government over how many of the secret offshore bank accounts held at the bank by wealthy US citizens should be revealed.
The judge postponed a hearing earlier this month to allow time for an out-of-court settlement.
The US government is looking for up to 52′000 names, but has managed to retrieve only 250 so far from UBS. The Swiss government has so far blocked US attempts to get hold of more client records, arguing that it would be illegal under Swiss bank secrecy laws.
An estimated U$S14.8bn in secret offshore money is at stake.
Failing an agreement between the two sides, the federal court will resume the case on Monday August 3rd.
UK Confirms Dates For Second “Offshore Bank Account” Amnesty
Posted by offshorebankaccounts in Uncategorized on July 9th, 2009
The UK government has confirmed that Taxpayer money will be spent on a national campaign with newspaper advertising in the run up to the new amnesty for offshore bank accounts. The “New Disclosure Order” (NDO) will start on September the first.
HMRC permanent secretary Dave Hartnett confirmed that money had been set aside for the campaign though adding that “It isn’t colossal”.
The disclosure of offshore bank accounts online is expected to play a greater role this year with a 4 month online disclosure window open between 1st October and 31st of January.
Source: Accountancy Age
Swiss Private Banks Untroubled by US Demands Over Secrecy and “Immediate” Transfer of Information
Posted by offshorebankaccounts in Europe, Switzerland, US on July 7th, 2009
While UBS is still embroiled in its own troubles, it looks like Swiss private banks are enjoying the demise of their larger international brothers. While UBS has been strong-armed into confession and penalties because of its activities in the US, small Swiss private banks are feeling righteously confident that US authority cannot touch them.
Private bankers from the Swiss bankers association have put on a unified effort to defend secrecy laws, which are still punishable by up to 3 years in jail for breaking confidentiality. In fact, they are keen to point out, its still illegal to share financial information concerning their clients with the Swiss government let alone a foreign tax authority.
But there’s a monster on the horizon.
The Swiss government has agreed to follow the OECD model on exchange of tax-related information, and to comply with this agreement at least 12 tax treaties with other nations will have to be renegotiated - the upshot being that in future Swiss banks will have to divulge the financial records of their clients if foreign authorities can provide evidence of tax evasion.
Not only that, but US authorities like the IRS are pressing for “automatic” exchange of information of suspected tax evasion, which Switzerland previously did not treat as a crime, only cooperating in cases of suspected tax fraud (e.g. willfully forging a tax return). This will not be the first time American has pressured Switzerland to change its sovereign laws. In 2004 the treasured “numbered bank account” was essentially phased out by US instigated anti-money laundering legislation.
Despite this, the secret weapon could be the Swiss themselves. Secrecy is ingrained in the Swiss psyche. And why not? It has brought them a lot of money over the years.
It’s not only the financial sector which has a stake in this, but the people who recognize that a huge flight of capital from their country isn’t going to benefit them one bit. Individual treaties could find themselves the subject of a national referendum - only 50,000 signatures required to vote. With over three
quarters of Swiss citizens believing their nation’s Secrecy laws should not be changed (according to an SBA poll), the battle is not over yet.
Source: Bloomberg.
British Tribunal Orders Offshore Bank Account Details To Be Handed Over
Posted by offshorebankaccounts in Europe, UK on May 20th, 2009
HMRC is set to claw back up to £18m in evaded taxes after a tribunal ruled that offshore bank account details must be handed over by four banks.
Their case was based on evidence garnered during the 2007 amnesty in which some of these bank’s depositors confessed to evading taxes with their offshore bank accounts. On the basis of this evidence the tribunal was persuaded that a significant number of additional clients had yet to disclose the full extent of their offshore wealth.
It is expected however that HMRC hopes to find evidence of misdemeanors in only 1 in 20 accounts since many may belong to “non-doms” who are exempt from UK taxes on their overseas income, reports the financial times.
HMRC is widening its search to smaller banks and within the next four years hopes to extend its reach to 500 banks and building societies and to raise over £500m pounds.
It is thought that only banks with foreign branches are to be affected, although the ’scare factor” may encourage many more offshore account holders to disclose voluntarily.
“Safe” offshore accounts remain those held at small foreign banks without an international presence, located in countries without tax information exchange treaties.
Offshore Bank Accounts: Obama Lays Down His Cards
Posted by offshorebankaccounts in US on May 5th, 2009
Obama has announced moves against offshore tax haven abuse by big corporations and wealthy individuals.
On the premise of ending tax breaks for companies that re-locate overseas, and therefore lose American jobs, the administration is introducing a set of measures designed to keep US companies firmly grounded to their US tax base.
The changes are aimed to pull in a total $210bn over the next 10 years, which may be used to help fund middle-income tax cuts and a permanent tax credit for corporate research and development.
The big change Obama will introduce is concerning laws which currently let companies park foreign-earned profits abroad, and defer tax until these funds are repatriated. The system, known as “deferral”, lends a lifeline to many large companies. As a result Obama is likely to face extreme resistance from corporate lobbyists and executives if he wants to pass this legislation, despite widespread popular support for the measures which are seen as taxing the “fatcats” who started the financial crisis.
BUt Obama argues that the current system penalises US companies that stay in America.
“It’s a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York,” the president said.
He says he is attempting to “level the playing field” with these measures, arguing that in reality many use the laws to kite money into offshore tax havens like the Cayman Islands, Bermuda and the British Virgin Islands.
This is unlikely to persuade company directors and executives however, who see the moves as yet further intrusive attempts at tax collection in difficult times.
Offshore Bank Account Holders Granted Limited Tax Amnesty
Posted by offshorebankaccounts in Uncategorized on April 24th, 2009
Another amnesty is being prepared by HMRC to draw in more unpaid taxes.
The scheme know as the “New Disclosure Opportunity” may allow for reduced penalties for tax-dodgers who voluntarily disclose their offshore bank accounts.
The scheme follows in the footsteps of more aggressive promises from HMRC to forensically target the estates of the 4,000 richest families in Britain.
Currently, offshore account holders who wait for the government to investigate them face 70-100% penalties on top of their overdue tax. This new incentive could massively reduce these penalties, perhaps as much as a similar scheme launched in 2007, which charged a flat rate of 10% and netted 400 million pounds.
The recent budget report has taken a familiarly hard line against offshore accounts.
“Offshore accounts are being used by some to shield undeclared taxable income….Tax evasion and avoidance undermine fiscal sustainability, damage the delivery of policy objectives, impose significant costs on society and shift a greater tax burden on to ordinary taxpayers.”
Source: Telegraph
British PM Brown Gives UK Tax Havens Sanctions Warning
Posted by offshorebankaccounts in UK on April 20th, 2009
UK Tax Havens have been warned by British PM Gordon Brown that they must adopt global standards for financial regulation or face sanctions. Central will be a clause that lets high-tax nations access offshore bank account information over tax-related matters.
Gibraltar, Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Montserrat and the Turks and Caicos Islands were all placed on an OECD greylist, indicating that they have promised increased transparency but not yet followed pledges with action.
Mr Brown has set a November deadline for the jurisdictions to sign at least 12 bilateral tax information exchange agreements.
Some of these jurisdictions may feel aggrieved at their position, considering other famous tax haven dependencies such as the Jersey and Guernsey were placed on the OECD “white list”.
The call to action comes days before the publication of an interim report on the UK’s offshore tax havens, written by Michael Foot, a former Bank of England Director.
The interim report is due to be published Wednesday April 22nd.
Blacklisted Tax Havens Agree To OECD Principles
Posted by offshorebankaccounts in Uncategorized on April 15th, 2009
Four Tax Havens blacklisted by the OECD have been officially de-listed after agreeing in principle to sign up to OECD regulations governing international financial transparency.
Philippines, Uruguay, Costa Rica and Malaysia have been taken off the list according to an OECD press release.
“These four jurisdictions have now made a full commitment to exchange information according to the OECD standard…This is very important progress,” said OECD head Angel Gurria
Offshore tax havens are critized by NGO’s and anti-poverty groups for providing corrupt dictators with a place to store their ill gotten gains, and for taking tax income away from third world nations.
Not much attention is given to the OECD however, whose decadent Parisien headquarters and workforce are housed 100% tax-free.
OECD International Tax Headquarters
The OECD has divided nations into three categories: those that comply with rules on sharing tax information, those that say they will but have yet to act, and those that have not yet agreed to change banking secrecy practices.
Furthermore it distinguishes between “tax havens” and “offshore financial centres” - although it is now entirely clear how they have done this.
The formerly blacklisted jurisdictions will now be added to the grey list.
Full list as it stands:
Gray list
Costa Rica, Malaysia (Labuan), Philippines, Uruguay, Andorra, Anguilla, Antigua and Barbuda, Aruba, Bahamas, Bahrain, Belize, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Dominica, Gibraltar, Grenada, Liberia, Liechtenstein, Marshall Islands, Monaco, Montserrat, Nauru, Netherlands Antilles, Niue, Panama, St. Kitts and Nevis, St. Lucia, St. Vincent & Grenadines, Samoa, San Marino, Turks and Caicos Islands, Vanuatu.
Countries which haven’t fully applied OECD rules, butdon’t count as “tax havens” (by OECD definition): Austria, Belgium, Brunei, Chile, Guatemala, Luxembourg, Singapore and Switzerland.
White list
Argentina, Australia, Barbados, Canada, China (excluding Hong Kong and Macau), Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Japan, Jersey, Korea, Malta, Mauritius, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Russia, Seychelles, Slovak Republic, South Africa, Spain, Sweden, Turkey, United Arab Emirates, Britain, United States, and the U.S. Virgin Islands.
Liechtenstein Offshore Bank Accounts And Trusts
Posted by offshorebankaccounts in Uncategorized on April 8th, 2009
Interesting Report on how Liechtenstein’s wealthy offshore banking clients use offshore trusts to protect their identities. How long will this kind of financial privacy last?