Posts Tagged offshore bank account

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.

bank secrecy, IRS investigation, jon doe summons, offshore bank account, swiss offshore banking, tax evasion

1 Comment

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

hmrc amnesty, new disclosure opportunity, offshore bank account, tax investigation, wealthy taxpayers

2 Comments

Missing Madoff Funds Found In Offshore Bank Accounts

Posted by offshorebankaccounts in Europe, US on March 10th, 2009

At least $50 million Madoff funds has been discovered in a Gibraltar bank. Authorities have been on the look out for any transactions bearing his name. On seeing his name on transfer documents the Gibraltar branch of Safra Bank froze the funds and informed the police.

The funds held in offshore bank accounts are likely to be the source of intense dispute between trustees looking to collect compensation for Madoff victims and investors with legitimate claims. It is unclear to date whether the transfers were part of a Madoff effort to hide assets or entirely legitimate.

These funds may be just one instance of many seizures linked to Madoff made by banks throughout Europe and the Caribbean, mostly in offshore banking centers.

Investors who liquidated before news of the Ponzi scheme became public are not 100% certain that they got out in time, or even if that matters. Trustees oerseeing the fraud case are entitled to demand that investors give back funds withdrawn earlier according to a system known as ”clawback”.

clawback, gibraltar, madoff investigation, offshore bank account, safra bank, trustee

No Comments

Swiss Whistleblower to Reveal Cayman Islands Secrets

Posted by offshorebankaccounts in Switzerland, US on March 10th, 2009

A former Swiss banker turned whistle-blower claims to be handing over a pile of secret documents to US tax authorities about worldwide tax avoidance schemes.

They record the names and transactions of hundreds of companies, trusts, funds and wealthy individuals - information jealously guarded by Cayman and Swiss Bank Secrecy Laws.

The man in question is Rudolf Elmer, a former employee of Julius Baer who was sacked by the Swiss bank in late 2002.

Files include details of both legal and potentially illegal tax avoidance structures. They are believed to contain details of 114 trusts, 80 companies, 60 funds and 1,330 individuals reports the guardian.

Credit Suisse Acts To Prevent High Profile US Investigation

Posted by offshorebankaccounts in Europe, Switzerland on March 10th, 2009

Credit Suisse, Switzerland’s second largest bank is introducing new measures to ensure that it does not suffer the same fate as UBS at the hands of the IRS.

At the moment, US clients of foreign banks do not have to disclose information unless they hold US securities, in line with the Qualified Intermediary programme.

However a new draft agreement promises much stricter regulation with regard to the taxation of US resident’s assets offshore. Not wanting to get involved in a legal tangle with the US over whether its clients are hiding money in offshore bank accounts, Credit Suisse is requesting that its clients sign the ‘W9 Form’ that essentially reveals their identity to the IRS.

UBS has already said that it will discontinue its offshore banking service for US citizens. This move by Credit Suisse shows a move towards co-operation by Swiss banks in order to stave off US investigation.

Credit Suisse, IRS investigation, offshore bank account, qualified intermediary, UBS, W9

No Comments

Instant Offshore Bank Accounts

Posts Tagged offshore bank account

US v Swiss Bank Secrecy Dispute Over Offshore Accounts Remains Unresolved

Offshore Bank Account Holders Granted Limited Tax Amnesty

Missing Madoff Funds Found In Offshore Bank Accounts

Swiss Whistleblower to Reveal Cayman Islands Secrets

Credit Suisse Acts To Prevent High Profile US Investigation

Blogroll

Free Stuff

Archives

Pages