Capital Conservator » Offshore Banking

STEP REPORT PROMOTES TAX HAVEN BENEFITS

Thu, 12 Nov 2009 13:51:43 +0000

While tax havens (or interational financial centres) worldwide are receiving a beating, a report compiled by Society of Trust and Estate practicioners is attempting to navigate the dialogue in another direction. “Offshore financial centers play a key role in the international financial system, improving the availability of credit and encouraging competition in domestic banking systems”. This leads to greater invesment in major economies, and consequently greater growth and more jobs, the report claims.

http://www.thenassauguardian.com/bixex/362714258586493.php

SWISS BANKS STAY IN ITALY DESPITE LIGHTNING RAIDS

Wed, 04 Nov 2009 12:55:03 +0000

Despite a mix of generous tax amnesties and lightning police raids on their offices, Swiss banks in Italy are well position to re-receive Italian clients who leave their domestic Swiss operations, say experts.

Wealthy Italians Are Being Lured Out of Swiss Havens Like Lugano

The Italian branches of Swiss banks should receive enough Italian business to offset the majority of outflows should thousands of wealthy Italians pull out of Switzerland.

The generous amnesty offered by the Italian government means that Italian citizens face no loss if they re-invest in Swiss banks with whom they have built up a trusting relationship.

http://online.wsj.com/article/BT-CO-20091029-718046.html

DELAWARE AND CITY OF LONDON IN TOP 5 SECRETIVE TAX HAVENS

Wed, 04 Nov 2009 12:28:10 +0000

Delaware, the City of London and Luxembourg have been rated among the most secretive tax havens in a report by campaigners for financial transparency. The Financial Secrecy Index, or FSI, was created to measure the secrecy of offshore financial centers by measuring how much privacy each jurisdiction offered and how willing they were to co-operate with foreign tax authorities. In a surprise to many, the number 1 tax haven in the world was a US state.

http://en.mercopress.com/2009/11/03/delaware-cayman-islands-and-london-city-among-most-secretive-tax-havens

DUTCH PAY INFORMANT FOR SECRET BANK RECORDS

Wed, 04 Nov 2009 12:19:50 +0000

The secret offshore account details of hundreds of dutch citizens have fallen into government hands, after authorities received a tip-off from an informant. The Dutch government say they will offer the informant compensation, in a situation that mirrors a similar 2008 when the German authorities paid for confidential bank account details from a Liechtenstein bank.

http://www.reuters.com/article/domesticNews/idUSTRE5A15BF20091102

US CONGRESS PRESENTS FURTHER MEASURES AGAINST TAX-DODGERS

Thu, 29 Oct 2009 19:29:26 +0000

Future measures against tax havens and offshore tax-dodgers were revealed Tuesday in US Congressional tax committees. A new bill has been dreamed up to stop US citizens from hiding their cash in secret bank accounts, and also hopes to raise USD8.5Bn over the next decade. The legislation follows attempts by US authorities to break open bank secrecy, which resulted in the promise of the names of 4,450 offshore account holders.

http://www.forbes.com/2009/10/27/tax-haven-crackdown-business-beltway-congress.html

SINGAPORE TAKES STEP CLOSER TO ABOLISHING BANK SECRECY

Wed, 21 Oct 2009 14:13:12 +0000

Singapore moved a step close to opening up its famously strict bank secrecy laws when its parliament signed a bill Monday which allowing the island to adopt the OECD standard on tax information exchange. Earlier this year, Singapore was placed on a gray list by the OECD becaused it had not signed the required number of treaties for financial transparency. This bill, which amends income tax law, will delight high-tax officials and strike fear into the hearts of wealthy denizens of offshore banking.

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200910191943dowjonesdjonline000502&title=singapore-parliament-passes-bill-to-change-bank-secrecy-laws

BRITISH TAX HAVENS SET TO INTRODUCE CORPORATE TAX CHANGES

Wed, 21 Oct 2009 14:04:12 +0000

Changes in the tax code are underway in British crown dependencies Guernsey, Jersey and the Isle of Man. The island tax havens plan to change laws for insurers, captive insurers and reinsurers to make sure that they conform with EU standards, the Guernsey press agency Guernsey finance was reported as saying.

http://www.businessinsurance.com/article/20091019/NEWS/910199996

UNPUBLISHED DOC ILLUSTRATES FURTHER BANK SECRECY PLANS

Wed, 21 Oct 2009 13:41:31 +0000

United States and EU officials have plans to give themselves greater access to each other´s secret banking databases – reports German newspaper Handelsblatt. An unpublished paper from the office of the EU President indicates that authorities aim to track terror payments more ruthlessly by sharing access to banking information, rather than through simple reveiws of international wire transfers.

http://www.reuters.com/article/companyNewsAndPR/idUSLF3427120091015

IRELAND AND LIECHTENSTEIN SIGN TIEA

Wed, 14 Oct 2009 17:13:28 +0000

Irish and Liechtenstein authorities have penned a tax information agreement that will allow greater cooperation between the two countries over tax matters. The TIEA allows Irish tax authorities to ask for information concerning Irish citizens suspected of tax evasion, such as confidential offshore bank account information or documents which indicate beneficial ownership of an account or offshore company. Whereas previously Ireland could not expect a reply to such requests, it is now likely to be granted information where it has specific evidence in individual cases.

http://www.rte.ie/business/2009/1013/liechtenstein.html

BERMUDA, FRANCE SIGN TAX INFORMATION EXCHANGE AGREEMENT

Wed, 14 Oct 2009 14:38:07 +0000

Officials from Bermuda and France have announced a bilateral TIEA that will ensure full information exchange in civil and tax matters between the two parties. The agreement follows previous statements by French President Nicolas Sarkozy that ”tax havens” which do not follow article 26 of the OECD model tax convention should face sanctions.

http://www.reuters.com/article/pressRelease/idUS131870+09-Oct-2009+BW20091009