American tax authorities have increased the number of criminal investigations into individuals and firms they suspect of evading tax bills. The aggressive stance on chasing tax dodgers has also led to an increase in convictions. In a report published by the Internal Revenue Service (IRS), the number of criminal investigations under way rose by 9% [...]
Prime Minister David Cameron has thrown down the gauntlet to British tax haven dependencies warning them to get their ‘house in order’ ahead of a crucial G8 summit. The leaders of the world’s richest eight nations are meeting in Northern Ireland and Mr Cameron says his ambition for greater tax transparency around the world is [...]
Sounding like a trendy financial move to help boost retirement finances with a low risk strategy, fears are growing that huge numbers of pensioners are risking a chunk of their cash in high-risk investments. Alarms bells are sounding over ‘lifestyling’, which is aimed at helping make a pension pot more secure as the saver nears [...]
Investors are still being hoodwinked by unscrupulous scammers pushing land banking schemes with another three firms being shut down after an investigation. The Insolvency Service acted after discovering the three firms had continued running a scam which had been set-up by Century Land – which had been previously closed down for misleading investors – and [...]
Despite the massive tax breaks investors can pick up from the Seed Enterprise Investment Scheme (SEIS), the government seems set on keeping the benefits quiet. SEIS slashes the risk of investing in start-ups for private backers by offering income tax and capital gain tax reliefs that far outweigh any the tax inducements on any other [...]
FATCA is damaging US interests and is too unwieldy to deliver the tax results Washington demands claims Nigel Green, CEO of deVere Group. Speaking to NewsMax TV, Green explained his forthright opinions on the Foreign Account Tax Compliance Act (FATCA). “The people haven’t thought through the consequences of FATCA,” he said. “On the surface, FATCA [...]
Below is what happened in a week in Expats Finances, as reported on iExpats and from other places across the web. From iExpats: Eurozone Braced For New Economic Crisis The looming spectre of deflation is stalking Eurozone economies as prices continue to fall, say economists Meet the Ivanovs – Russia’s Mr and Mrs Average Investors [...]
Expats living in Australia under temporary resident rules have lost their capital gains tax (CGT) discount as part of the country’s tax grabbing budget. Australians living overseas and expats in Australia benefitted from the tax break – but are now treated as foreign residents and lose the relief. Critics say snatching back CGT will affect [...]
Qualifying Recognised Overseas Pension Schemes (QROPS) continue to show they are the rising star of expat pension plans by reaching a new high for the 19th month in a row. As HM Revenue and Customs released the latest QROPS List on May 15, 22013, the key facts are: The number of QROPS pension plans worldwide [...]
Expats furious with financial discrimination in Malta have started a campaign protesting at the unfair way the government treats them. Many European expats who have moved to Malta have been stunned to realise that the country operates a system of dual pricing for utilities and bus fares. Now the petition, which has been signed by [...]
Expats living in France face financial confusion as the country’s lawmakers drag their feet over whether to tax them over the rent and pensions they earn in other countries. The issue is over whether an expat’s rental or pension income should be assessed for tax in France – but only if the expat has paid [...]
A boom in the spending on massive infrastructure projects across the Middle East is likely to continue but those running the programmes will face big demands, says a new report. The report, GCC Powers of Construction by accountancy firm Deloitte, focuses on how the mega projects can overcome the challenges facing them and be delivered [...]
Plans to increase the number of foreign companies investing in the United Arab Emirates have hit the buffers after lawmakers threw out draft legislation. Instead, members of the Federal National Council (FNC) opted to move the legislative draft to a new law set to be discussed later this year. The council’s members voiced fears over [...]
Anyone who has deferred their defined-benefit pension could unwittingly face a massive tax bill. The call has been made after pension analysts realised that the move would trigger a tax trap for thousands when the government reduced the lifetime pension limit to £1.25 million in the 2013 Budget. Essentially, anyone has saved into their pension [...]
Police are warning expats about a money transfer scam which could end in serious criminal charges because they are laundering money for organised crime gangs. The warning comes from Action Fraud, Britain’s official scam busters run by the National Fraud Authority and the National Fraud Intelligence Bureau. They say many expats are being contacted by [...]
Tax authorities across the world are targeting the wealthy and businesses shrouding their financial affairs in offshore havens after a huge amount of sensitive financial information was leaked by a whistle-blower. The data reveals the names behind secret accounts in the Cayman Islands, British Virgin Islands, Cook Islands and Singapore. In Britain alone, HM Revenue [...]
Fears that Malta could follow Cyprus into a financial abyss are unfounded, according to financial experts. The similarities between the two Mediterranean islands are uncanny but their current positions, in financial terms, are worlds apart. While both countries signed up to the European Union in 2004, joined the Euro and both have banking sectors that [...]
A clampdown on taxing US citizens living abroad is having an unintended consequence with growing numbers preferring to ditch their passport rather than face disclosing their overseas assets. The figures come from the Internal Revenue Service (IRS), which reveals that in the first quarter this year 670 Americans ripped up their passports. By doing so, [...]
The fight against controversial pension liberation fraudsters has stepped up a gear with one firm working on a legal interpretation of a pension fund’s transfer rules to help protect their clients. Legal and General is now taking a tougher stance when approached by pension liberation firms requesting that a pension pot be transferred. They now [...]
The potential impact of a controversial law aimed at unearthing the overseas financial deposits of US taxpayers has led to one US senator introducing a bill to repeal the Foreign Account Tax Compliance Act (FATCA). Despite Congress passing FATCA, several issues are causing increasing concern in the corridors of power in the US. The main [...]
FATCA Critics Fears Arrest by US Authorities : The founder of a web-based platform which, amongst other expat issues, discusses the impact of the F...
FATCA Timeline After Deadline Changes : The IRS has pushed back the start date of FATCA – the Foreign Account Compliance Tax Act – from Janu...
EBT Ruling Hits Thousands of Banking Staff : Around 2,000 British employees of the US bank JP Morgan must pay income tax and national insurance c...
Interview: James Jatras, Lawyer and Anti-FATCA Lobbyist : James Jatras, a former US Diplomat and US Senate staffer, who now runs a legal firm in Washington D....
FATCA Closes Swiss Bank After Admitting Tax Evasion : The first big banking scalp has been claimed as US authorities enforce FATCA, a clampdown on financi...
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